Effective 1 July 2019: Base Rate and Fee changes impacting Retail customers

Base Rate increase

The Bank will increase it's base lending rate by 0.25% effective 1 July 2019. This will be the Bank’s first base rate lending increase since 2010. The base rate for Bermuda dollar residential mortgages and consumer loans will increase by 0.25% to 3.75%. The Bank’s Commercial Bermuda dollar base rate will not increase at this time. The Bank will be sending letter notifications to impacted clients outlining their new payment amount in advance of the change.

Unsecured personal loans

Personal loans - variable unsecured rates
Product name Maximum term Repayment Total rate
Premier 5 years Principal and interest
7.25%
Advance 5 years Principal and interest
7.75%
Personal 5 years Principal and interest
8%
Personal loans - variable unsecured rates
Product name Premier
Maximum term 5 years
Repayment Principal and interest
Total rate 7.25%
Product name Advance
Maximum term 5 years
Repayment Principal and interest
Total rate 7.75%
Product name Personal
Maximum term 5 years
Repayment Principal and interest
Total rate 8%

Secured personal loans

Personal Loans - variable secured rates
Product name1 Maximum term Repayment Total rate
Premier 5 years Principal and interest
6.50%
Advance 5 years Principal and interest
7%
Personal 5 years Principal and interest
7.25%
Personal Loans - variable secured rates
Product name1 Premier
Maximum term 5 years
Repayment Principal and interest
Total rate 6.50%
Product name1 Advance
Maximum term 5 years
Repayment Principal and interest
Total rate 7%
Product name1 Personal
Maximum term 5 years
Repayment Principal and interest
Total rate 7.25%

1Acceptable security can be in the form of fixed deposits or savings account proceeds on deposit at HSBC Bermuda.

Education loans

Education Loans variable rates
Loan type Maximum term Repayment Total rate
Secured1 5 years Principal and interest
From 5.75%
Unsecured 5 years Principal and interest
From 6.75%
Education Loans variable rates
Loan type Secured1
Maximum term 5 years
Repayment Principal and interest
Total rate From 5.75%
Loan type Unsecured
Maximum term 5 years
Repayment Principal and interest
Total rate From 6.75%

1Acceptable security can be in the form of fixed deposits or savings account proceeds on deposit at HSBC Bermuda.

Note: Principal payments can be deferred and interest only payments allowed for a maximum of 2 years. The maximum term for this is 7 years.

Solar loans

Solar loans variable rates
Loan type Maximum term Repayment Total rate
Unsecured 7 years Principal and interest 6.25%
Solar loans variable rates
Loan type Unsecured
Maximum term 7 years
Repayment Principal and interest
Total rate 6.25%

Personal Line of Credit

Personal Line of Credit variable rates
Product name Maximum term Repayment Total rate
Premier N/A Principal and interest
8.25%
Advance N/A Principal and interest
9.25%
Personal N/A Principal and interest
10.25%
Personal Line of Credit variable rates
Product name Premier
Maximum term N/A
Repayment Principal and interest
Total rate 8.25%
Product name Advance
Maximum term N/A
Repayment Principal and interest
Total rate 9.25%
Product name Personal
Maximum term N/A
Repayment Principal and interest
Total rate 10.25%

Overdraft

Variable overdraft rates
Overdraft term Total rate
3 months minimum
7.25%
3 years maximum
7.25%
Variable overdraft rates
Overdraft term 3 months minimum
Total rate 7.25%
Overdraft term 3 years maximum
Total rate 7.25%

What you should know before you apply

  • HSBC Bermuda's current BMD base rate for personal banking customers is 3.75%
  • All rates are subject to change without notice
  • Preferential mortgage and loan rates may apply - come and see us

Related products

 

We offer quick access to your loan to help make that dream a reality.

 

An Education Loan could help fund your dream education.

Disclaimer

Issued by HSBC Bank Bermuda Limited, of 37 Front Street, Hamilton Bermuda, which is licensed to conduct Banking and Investment Business by the Bermuda Monetary Authority. The Site is primarily intended for those who access it from within Bermuda. Because of this, we cannot guarantee that the Site or the information thereon complies with law or regulation of other countries, or is appropriate for use, in other places. You are wholly responsible for use of the Site by any person using your computer and you must ensure that any such person complies with these Terms. The information provided on this Site is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to law or regulation. This Site should not be considered as communicating any invitation or inducement to engage in banking of investment activity or any offer to buy or sell any securities or other instruments outside Bermuda.