Each 'Young Saver' will benefit from:
- A dedicated savings account
- Interest payments on the money you keep in your account (now 1.5%!)
- A Platinum Debit MasterCard® (for Young Savers aged 9-17)
- Access to view your account through Butterfield Online (for Young Savers aged 9-17)
- No coin-counting fees
- A Butterfield piggy bank and/or Vern Plushie.
Security Features, so parents/guardians can rest easy:
- Debit card daily limits: $50 ATM withdrawals and $300 purchases
- Parental consent required for online banking at age 9 (and we contact you, not your child if something goes wrong)
- Immediate reporting for lost/stolen cards
How to Apply:
Carefully complete the Young Savers Application Form with your child and bring it to any Butterfield Banking Centre along with your child and the following supporting documents:
- Child’s identification (passport or birth certificate)
- Parent/Guardian’s photo identification
- Proof of address (telephone or utility bill)*
*If you are an existing client, proof of address may not be required unless your details have recently changed.
**Young Savers Applications must be completed and delivered in person. Online applications are only available for our Strata Savings and Fixed-Term Deposit accounts.*
Educational Advantages:
- Hands-on money management experience
- Regular account statements for tracking
- Supervised banking environment
- Smooth transition to adult banking at 18
When your child reaches 18, their Young Savers account will transition to a full-featured Butterfield Strata Savings Account, offering:
- Removal of daily withdrawal limits
- Full access to online banking services
- Access to additional banking services
- Option to manage account independently
- Opportunity to explore other financial products like credit cards and investments
Visit any Banking Centre before their 18th birthday to ensure a smooth transition to adult banking services.
Terms & Conditions:
- Account holders must be under 18 years of age at the time of account opening
- Parent/Guardian must maintain joint account ownership until the child reaches 18
- Interest rates are subject to change without notice
- Lost or stolen cards must be reported immediately. Fees may apply for card replacement.
- The bank reserves the right to close accounts that do not comply with the terms.