Clarien Bank Ltd will increase term deposit rates for savers after the US central bank raised its key interest rate by quarter of a percentage point today.

However, the bank said its base lending rate would remain unchanged meaning borrowers will not have to pay more.

The increase in board rates for term deposits, for both Bermuda dollar and US dollar savings, take effect today.

Ian Truran, CEO of Clarien Bank Ltd, said: “We increased our base lending rate by 0.25 per cent in January so we do not feel an additional increase to our clients is warranted at this time.

“However we are pleased to announce that we have increased our board rates for term deposits and savings accounts.

“This follows increases we made in January and is positive news for our clients and a move that we hope will continue to help stimulate Bermuda’s economic recovery and growth.”