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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. Please click here to view our Notice account rates. 

 

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.  Please click here to view our Notice account rates. 

 

20 August 2024

By: Richard Maparura, Senior Portfolio Manager, Asset Management, Butterfield

To assist financial systems to operate smoothly and to reduce the likelihood of financial crises, most modern nations have central banks, which among other things influence economies by setting interest rates and participating in open market operations to control the cost of borrowing and lending. Their main goal is to maintain stable prices, which means low inflation. In the United States, the central bank is called the Federal Reserve, often abbreviated as “the Fed”. The Fed, unlike most central banks, has a dual mandate which includes maximizing employment over and above the responsibility to maintain stable prices. The dual mandate is aimed at avoiding a condition known as stagflation, where an economy has high inflation and unemployment simultaneously.

Last year, the resilience of the U.S. consumer shocked economists who had widely expected an economic downturn to ensue as the Fed aggressively raised interest rates to curb inflation. Fast forward and there has been much talk that the Fed is closer to bringing down inflation back to target without a recession, the so called “soft landing” - a feat which has only been achieved once during the 1990s. The U.S. economy has continued to expand in the second quarter, while inflation resumed a downward trend and seems to be on track to slow further toward the Fed’s target. Gross Domestic Product (GDP) has been much stronger than economists had predicted. With the risk of stagflation fading, with not much stagnation and not much inflation, the market is overwhelmingly betting that the Fed will decide to cut rates in its September 17-18 meeting. With this optimistic view, interest rate cuts would suggest that the Fed officials feel confident that inflation is under control and returning to the 2% target. Lower rates are generally perceived as good news since they translate to lower borrowing costs on everything from mortgages, car loans and credit cards.

However, recently there has been a shift in the U.S. macro narrative from a Fed that would be able to cut policy rates due to the easing of inflation to one that is behind the economic curve and must cut imminently to prevent a recession. If rates are cut on this basis investors would have to navigate the terrain differently. It is not crystal clear if this duo of slower inflation and stronger growth will persist. There are now concerns over risks surrounding the labour market, which has long been a pillar of strength for the U.S. economy. It is highly unclear how the economy will unfold going forward as the lagging effects of monetary policy may be starting to show up in the labour market. The biggest question here would be if the job market is loosening or weakening. There seems to be more upside risk to unemployment especially if we experience a continued drop in job vacancies.

The recent increase in unemployment has triggered a famous and historically reliable recession indicator known as the “Sahm rule”. The rule states that a recession is likely underway when the three-month moving average of the national unemployment rate rises by 0.50% or more relative to its low during the previous 12 months. The rule has been a robust tool and very accurate in identifying downturns in business cycles. During a downturn in the business cycle, joblessness, delinquencies and bankruptcies could suddenly spike, quickly unwinding a market priced for a soft-landing into a hard landing. At 4.3% the unemployment rate is currently at its highest point in The recent increase in unemployment has triggered a famous and historically reliable recession indicator known as the “Sahm rule”. The rule states that a recession is likely underway when the three-month moving average of the national unemployment rate rises by 0.50% or more relative to its low during the previous 12 months. The rule has been a robust tool and very accurate in identifying downturns in business cycles. During a downturn in the business cycle, joblessness, delinquencies and bankruptcies could suddenly spike, quickly unwinding a market priced for a soft-landing into a hard landing. At 4.3% the unemployment rate is currently at its highest point in more than two years, having been as low as 3.4% less than a year ago. Critics of the Sahm rule have argued that the recent uptick in the labour participation due to a large exogeneous increase in immigration flocking into the country may have altered the use case of the rule. To the critics’ credit, distortions to economic activity and policy interventions during and after the pandemic have been so large that most stylized economic patterns underpinning cyclical gauges have broken down. The obvious examples being the inverted yield curve and the Conference Board’s Leading Economic Index, both of which erroneously flashed recession warnings last year.

Taking a further look at the business cycle, there has been a reality check on the U.S. mega-cap technology related growth companies as recent earnings underwhelmed and investors started to question whether the aggressive spending to build out Artificial Intelligence infrastructure would generate adequate returns on investment. Most recently, Intel, once the world’s most dominant chipmaker with a stronghold on PCs and Macs, slashed 15% of its staff (over 15,000 jobs) as part of plans to reduce costs. Management cited that revenue had not grown as expected and that they have yet to fully benefit from powerful trends, like Artificial Intelligence. Perhaps this could be the genesis of more layoffs from major companies or rather that Intel is an isolated case not representative of the broader U.S. companies and the economy at large. If this is indeed an isolated case, then the business cycle would not be impaired. However, a broader look at the U.S. economy has started to show some signs of stress and weakness. It has been a year since interest rates have hovered at over two decades high and this has started to weigh on the U.S. consumer. According to major retailers such as Target and Walmart, consumers are still spending but they are now hunting for bargains. The U.S. consumers are no longer splashing, with shoppers becoming much more careful with their spending.

The possibility that fears of a recession could cause an actual recession is increasing. In theory, if U.S. consumers start tapping out, this would spell more trouble for the job market. This is key, because consumer spending is the main engine, accounting for about two-thirds of U.S. economic output. If corporate managers pull back on hiring and capital investments due to fears of a coming recession, then this fear may and has historically caused or furthered a slowdown which translates into a recession. Putting these forces together, investors should buckle up for what looks to be a further turbulent ride in the near term. While easing is clearly coming, it is less clear that it will be about forestalling an imminent hard landing or rather more about ensuring the soft landing continues. Whatever the case may be, one thing is certain going into the September 17-18 Fed meeting, volatility will be elevated. It is therefore paramount to remind investors that near-term market volatility is the cost of investing. However, if investors can hold through that volatility, it is the greatest source of long-term capital appreciation.

Sources: Bloomberg Economics
Disclaimer: The views expressed are the opinions of the writer and whilst believed reliable may differ from the views of Butterfield Bank (Cayman) Limited. The Bank accepts no liability for errors or actions taken on the basis of this information.