Clarien Bank is increasing its Bermuda dollar base lending rate by 25 basis points.

For personal mortgages this will mean an increase from 4 per cent to 4.25 per cent, while commercial mortgages will rise from 4.25 per cent to 4.5 per cent.

The bank is also increasing its deposit and savings rates. The Bermuda and US dollar board rates will go up by increments depending on term date and the amount in the account.

The bank has released a table to illustrate its rates.

Clarien is also introducing a three-year “double your interest” CD. With a minimum balance of $2,500, the CD, opened before the end of this month, will earn a 0.5 per cent bonus in the first year and the rate will double each year for up to three years.

The bank will offer a four-year CD in February at 2.6 per cent.

Last month, in the wake of the US Federal Reserve increasing its rates, Butterfield Bank announced it was raising its lending rates and fixed-term deposit rates for savers.

See Related Media for press release containing table of board rates.