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
- Vern Plushie
- Smart money management tips educational booklet
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
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Monitor account activity through Butterfield Online and our Card Alerts app
How to Apply:
Carefully complete the Young Savers Application Form and bring it to any Butterfield Banking Centre with your child and full application documents listed under the Identification and Deposit Requirements section of the application form.
- Child’s identification (passport and birth certificate)
- Parent/Guardian’s photo identification
- Proof of address (utility bill)**
- A minimum of $20 deposit would be required upon the opening of the account.
*Young Savers Applications must be completed and delivered in person. Online applications are only available for our Savings, Chequing and Fixed-Term Deposit accounts.
**If you are an existing client, proof of address may not be required unless your details have recently changed.
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 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.