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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. 

 

29 July 2024
Market Watch July 2024: Midyear Economic Insights

By: Reece Jarvis, VP, Group Head of Fixed Income, Asset Management, Butterfield

Reaching the midpoint of the year is a good time to take stock of current inflation and macro trends which have the greatest impact on investment portfolios. We have also reached a milestone. It has now been a full twelve months since the Federal Reserve paused raising interest rates after embarking on one of the fastest paces of monetary policy tightening in living memory.

Whilst bond portfolios have been severely impacted by this rise in interest rates and equity markets experienced significant volatility, the broader real US economy has largely maintained above trend growth rates. Transmission effects were muted in the US as consumers and corporates termed out debt at ultra low interest rates – a prudent move which largely insulated the economy. However, US monetary policy has had a significant impact on the rest of the world with most major economies, apart from China and Japan, forced to follow the path of US interest rates in fear of currency weakness which would further stoke imported inflation – as witnessed in Japan with the yen depreciating by 40% against the US dollar during this time.

In an example of the globalisation of financial markets, the US exported its inflation problem and the heavy lifting that was required (lower demand) to the rest of the world whilst expanding fiscal deficits to wartime spending levels that further supported the US economy. In short, the traditional monetary policy effects such as lower demand and falling asset prices which we would have normally seen by now have been postponed in the US. The ‘lags’ in the transmission of policy have been exceptionally long during this cycle.

As risk assets continue to relentlessly rise, the market is growing confident that the US economy is heading towards a soft landing or that the Federal Reserve will lower interest rates rapidly in order to stave off a recession. I have some sympathy for this view given the fact that current real interest rates are high and there is plenty of easing available if needed. However, in a cautionary tale, other major economies such as Canada and the UK, which have much greater leverage and significantly lower demand pressures, remain very cautious in lowering base rates fearing a pent-up demand rebound in inflation.

Having said that, the US employment market is clearly weakening. Jobless claims are at their highest level in two and a half years, the overall unemployment rate has broken through 4% and the Sahm rule has been triggered in almost 40% of US states. The US real estate market, which has been extremely resilient to higher borrowing costs, is finally displaying signs of stress with inventory levels now rising rapidly. Although, this is good news for the shelter component of US inflation which is now finally slowing. Worryingly, US delinquency rates for auto loans and credit cards are also rising rapidly – with student loan repayments expected to also resume fully later this year.

As a result, the US will likely lower interest rates soon. The futures market is 90% sure a 25bps cut will arrive in September, but the size and pace of these cuts may disappoint if animal spirits rebound. Starting a cutting cycle with equity markets at all-time highs is a gamble.

If deciphering where we are in the global macroeconomic cycle was not hard enough, as we enter the second half of 2024 the winds of change continue to blow. The Cayman Islands not only looks set to experience one of the most active storm seasons in decades but the US election in November has the potential for major changes in US domestic and foreign policy that will significantly impact the entire world.

Based on current polls and economic activity the probability that the Republicans retake the White House and possibly also a clean sweep of the House and Senate is high – a supermajority. As we have recently seen in the UK a large majority brings stability to government, the recent positive performance of the pound sterling is testament to that, so an outcome of this magnitude in an economy the size of the US could well bring positive benefits to the world.

Whoever wins the White House will continue to run sizable fiscal deficits but it’s likely that the deficit will be lower in 2025 than this year which will provide a further drag on US growth. The good news? Barring any major new US tariffs on imports inflation will also likely fall to the Federal Reserve’s target allowing base rates to be cut by a meaningful degree. Energy prices could also fall as the global economy slows and US energy resources are tapped to their full potential. A negotiated end to the war in Ukraine will not only prevent further bloodshed but also bring much needed relief to global food prices being one of the world’s leading exporters.

How does this impact the Cayman Islands directly? A slowing US economy will lead to weaker tourism but this impact will likely be mitigated by lower costs. With a large amount of debt tied to US interest rates any lowering of borrowing costs will immediately provide relief to homeowners. Development projects which have been paused will likely resume activity and electricity and food prices will fall.

From a market perspective the remainder of 2024 is likely to be volatile with much uncertainty and the potential for major moves in risk assets. The US economy still needs to work off the imbalances of the excessive stimulus provided in 2020-21 and fiscal spending needs to be lowered. But monetary policy stands ready to provide support if needed, although a return to ZIRP (zero interest rate policy) must be avoided in order to prevent asset bubbles from reforming. Bond managers such as myself have a bias toward negative macro news, with weak growth equating to capital gains, but I am optimistic that the outlook will be brighter for consumers and companies in 2025. Navigating this turn in the economic cycle that is likely upon us is the challenge for investors.

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.