PROVEN Bank Pauses Interest Rates Hikes Until 2023
PROVEN Bank provides financial help for customers with interest rate pause for the holidays.
8 Dec. 2022, George Town, Cayman Islands – PROVEN Bank today announced that it is pausing interest rate increases on variable rate loans until 2023 to alleviate financial strain for customers around the holiday season.
The announcement comes as a proactive move ahead of the anticipated interest rate increases by the US Federal Reserve Bank that will likely take place in the coming days.
“We want our customers to enjoy a break this holiday given the compounding effect that inflation and rising interest rates have on gift giving associated with the season,” said Ben Freeman, PROVEN Bank CEO. “We are not passing the increased costs on to customers during this time as we want to help keep holiday cheer for customers and our community, while minimising the impact of unexpected expenditures.”
PROVEN Bank will resume the normal course of business in early January in accordance with US Federal Reserve Bank. For further information regarding rates and payment terms, customers can call PROVEN Bank at (345) 949-7822.