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National Heroes Day Banking Hours

Butterfield will be closed on Monday, 20 June, 2022 for National Heroes Day. To access your accounts, please use our Butterfield Online, ATM and mobile banking services.



Our Banking Centres will re-open on Tuesday, 21 June, 2022 from 9:00 a.m. – 4:00 p.m.

We have moved! Our new address is: PO Box 250, IFC6, IFC Jersey, St Helier, Jersey, JE4 5PU.

 

Please be advised our EUR & USD Notice account rates have been updated. To view our rates please click here.

Butterfield will be closed on Monday, 13 November, for the Remembrance Day public holiday. Our Banking Centres will reopen on Tuesday, 14 November, at 9 a.m. To access your accounts, please use Butterfield Online and our ATM network.

Old Sterling Banknotes – removed from circulation on 1 October 2022.

Please be advised that as of Saturday, 1 October 2022, Butterfield will not accept old paper sterling notes for banking deposits or transactions as they will no longer be legal tender. The official last day of use is Friday, 30 September 2022.

Butterfield clients are encouraged to deposit old notes or swap them out for the new polymer ones at any Butterfield Banking Centre before Saturday, 1 October 2022. From this date, only polymer sterling banknotes will be accepted.

We will be closed on Monday, 23 January 2023 for National Heroes Day. Our Midtown Plaza Banking Centre will be this Saturday from 9:00 a.m. until 12:00 p.m. and otherwise all Banking Centres will reopen on Tuesday, 24 January 2023, with normal operating hours of 9:00 a.m. - 4:00 p.m. You can continue to access your accounts during the public holiday by using our Butterfield Online, ATM and mobile banking devices.

Please be advised our General Terms and Conditions have been updated in reference to a new clause 11.3.  Please click here to view the full document.

Holiday Banking Hours:

Butterfield will be closed from 2 p.m. on Friday 23 December and will reopen 9 a.m. Wednesday 28 December, 2022.

We will close again from 4 p.m. on Friday 30 December, 2022 and will reopen 9 a.m. Tuesday 3 January, 2023.

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Update on Saturday Banking: Saturday Banking will be temporarily suspended as we allow time for annual training and infrastructure investment initiatives. To access your accounts, please use our Butterfield Online, ATM and mobile banking services. Saturday Banking hours will resume as normal on March 4th.

Please be aware that we will be carrying out work on our technology systems from 6 pm on Friday, 6 October. Butterfield Online and Saturday Banking will be unavailable this weekend. All services are expected to resume as normal on Monday, 9 October. 

Butterfield will be closed on Monday, 2 September 2024, for the Labour Day public holiday. To access your accounts, please use Butterfield Online and our ATM network.

Our Banking Centres will re-open on Tuesday, 3 September 2024, from 9:00 a.m. - 4:00 p.m.

Butterfield will be closed on Monday, 17 June 2024 for the King’s Birthday public holiday. To access your accounts, please use Butterfield Online and our ATM network.

Our Banking Centres will re-open on Tuesday, 18 May 2024 from 9:00 a.m. - 4:00 p.m.

Update on Saturday Banking: We are pleased to announce the return of Saturday Banking. Our Front Street Banking Centre will be open from 10:00 a.m. to 3:00 p.m. every Saturday for you to take care of your personal banking needs.

Update on Saturday Banking: Saturday Banking will be temporarily suspended effective 15 July 2023, as we allow time for annual training and infrastructure investment initiatives. We will advise when Saturday Banking services have resumed. To access your accounts, please use Butterfield Online and our ATM network. We apologise for any inconvenience caused.

Hurricane Lee Advisory: Please be advised that our offices and Banking Centres in Bermuda will be open for business from 12:00 p.m. to 4:00 p.m. today.

The ATMs at Collector’s Hill, Modern Mart, Somerset MarketPlace and Somerset Banking Centre are back in service and Saturday banking will be available tomorrow at Front Street from 10:00 a.m. to 3 p.m. 

We are pleased to report the issue with debit card settlements has been fixed for the vast majority of accounts impacted, and we are working to correct the few outstanding. If you still see an issue with your account and you require access to blocked funds immediately, please contact the call centre.

Please be advised that our Banking Centres will be closing at 2:00 p.m. on Friday, 6 October. Butterfield Online will also be unavailable this weekend from 4:00 p.m. on Friday, 6 October until Monday, 9 October at 9:00 a.m. as part of a scheduled systems update.

Our Island Saver Instant Access account now has a reduced minimum of £10,000. Click here for more details

Our Fee Schedule has been updated, effective Friday, 1 March 2024. For full details, please review the Fee Schedule here

 

Butterfield will be closed on Monday, 17 June 2024 for the National Heroes Day public holiday. To access your accounts, please use Butterfield Online and our ATM network.
All Banking Centres will reopen on Tuesday, 18 June 2024, with our normal operating hours of 9:00 a.m. - 4:00 p.m.

Our Schedule of Charges for Personal and Corporate Banking services have been updated, effective Tuesday, 2 January 2024. For full details, please review the Schedule of Charges documents in our website footer below. 

Our Schedule of Charges for Personal and Corporate Banking services have been updated, effective Tuesday, 2 January 2024. For full details, please review the Schedule of Charges documents in our website footer below. 

Please be advised our EUR & USD Notice account rates have been updated. To view our rates please click here.

By: Alpa Bhakta, CEO, Butterfield Mortgages Limited

The holiday is nearly over – what next for Stamp Duty Land Tax?

The UK’s property industry has been a rare––and welcome––example of an industry afforded new opportunities to thrive under pandemic condition, and it is fair to say this has been capitalised upon.

The Stamp Duty Land Tax (SDLT) holiday, introduced in July of 2020, has had an immediate and substantive impact in stimulating a spike in activity within the property market. Naturally, a potential savings of £15,000 on a popular ‘safe haven’ asset class will cause a flurry of activity.

For instance, house prices have skyrocketed since the introduction of the SDLT. According to Nationwide, UK house prices rose by 13.4% in the year to June 2021, reaching a record high of £245,432. This is the fastest annual rate of growth recorded in more than 17 years.

This was mirrored by a significant increase in the volume of transactional activity. HMRC figures suggest that in June 2021 more property changed hands than in any other month since records had begun.

However, we now find ourselves at an interesting crossroads. For one, the stamp duty holiday, which is already tapering down, comes to an end on 30 September. Further, with state borrowing at record levels to cover the costs of Covid-related financial support schemes, there is a broader question surrounding property taxation and how to rebuild the UK economy.

We must, therefore, scrutinise the efficacy of SDLT, how the UK’s enforced creativity in the temporary holiday may influence its future implementation, and of course the property taxation system as a whole.

History of the stamp duty

Stamp duty feels like it has been an ever-present topic in the property industry for many, many decades. Yet it is important to note that this is not the case––in fact, in its current implementation, the tax is younger than the people who pay it.

The SDLT as we recognise it today (a simple tax on land transactions paid by the buyer), came into effect through the Finance Act 2003. In the subsequent two decades, this tax has faced constant reform.

The most significant of these changes was the system for calculating the tax. Formerly, it had been a percentage based on the total cost, changing in December 2014 to a banded system with a top threshold of 15% for all properties exchanging for more than £500,000, and a nil rate of up to £125,000.

SDLT has also been selectively trimmed and bolstered in recent years to stimulate activity in certain areas. First-time buyers, for example, can access reduced rates, including a nil rate of up to £300,000. Meanwhile, purchases of second homes and residential purchases by non-UK residents are subject to surcharges of 3% and 2% respectively.

Accordingly, the SDLT can be considered a relatively fluid tax; one that is subject to constant evolution in its bands, base rates, surcharges and eligibility. Because of this, it is fair to conclude that we are likely to soon hear speculation of further reforms.

Potential for further change

The most straightforward reform would be more adjustments to the bands and rates payable within each. As house prices shift, therefore changing the number of available residential properties within each band, where to place those bands will remain of significant importance. And it will be intriguing to see if any such shifts will be applied universally, or if we move towards an even more complex system wherein further charges and reliefs are targeted at specific demographics.

There are a range of more creative ideas for reform that are frequently thrown around. Some have called for the tax to be levied onto the selling party, rather than the buyer. Others consider alternative systems used abroad to be more favourable and equitable. For example, introducing an annual tax based on land value, which could stimulate developers and speed the pace of regeneration in the UK’s under-invested provinces.

A credible case can be made for both timid and radical reform of the SDLT––indeed, so varied are the stakeholders and their interests in the property market that any change will be met with a wide range of predictably strong responses.

What is certain, however, is that there will be some change on the horizon. Set against the backdrop of the post-pandemic recovery and the need for the UK government to bring public debt under control, it will be important to monitor SDLT discussions closely in the months to come.

Alpa Bhakta is the CEO of Butterfield Mortgages Limited. Part of the Butterfield Group and a subsidiary of The Bank of N.T. Butterfield & Son Limited. Butterfield Mortgages Limited is a London-based prime property mortgage provider with a particular focus on the needs of UK and international HNWIs.