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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 May 2024

By Nicholas Rilley, CFA, Investment Manager and Strategy Analyst

A central theme of the last two years has been how the US economy has outperformed the rest of the world. Both cyclical and structural factors help explain the resilient performance in the face of higher inflation and interest rates.

Year-over-year growth in the US is 3.0% versus only 0.5% in the eurozone. Germany and the UK have experienced mild technical recessions, while China’s recovery from the pandemic has been anaemic.

The market expects this gap in the growth rate to continue, with forecasts of 2.4% in the US this year, versus 0.6% in the Eurozone. However, it has historically been difficult for the US to maintain such a wide margin. It is quite possible that we are now at peak divergence for this cycle.

When considering whether this divergence will continue, it is helpful to think about what has driven the gap in the growth rate. The global manufacturing cycle has been in a downturn for the past couple of years as a pronounced inventory cycle has been a drag on growth. The US is more of a services-oriented economy and this has helped insulate the region. Exports account for 18.9% of GDP in the Eurozone compared to 10.4% in the US, while the industrial sector accounts for 15.0% of gross valued in Europe compared to 10.3% in the US.

Economic support from government spending (fiscal policy) has also helped support US growth. The IMF estimates that the change in government spending subtracted 0.4% from growth in the eurozone in 2023, while contributing 1.6% to growth in the US. After adjusting for the accounting treatment of student loans, this support was even greater in the US than generally acknowledged.

Another supportive factor for the US has been the willingness of consumers to run down the savings they built up during the pandemic. US households have also benefitted from the structure of their balance sheets, with a higher percentage of long-term fixed rate mortgages versus many other countries.

Finally, the Energy shock from the Russia-Ukraine war and the associated economic sanctions hit Europe harder than the US. This was both a headwind for manufacturing and for consumers to varying degrees. The US has benefited from a vibrant energy sector. According to the Energy Information Administration, the US has produced more crude oil than any other nation for the past six years in a row and US production averaged 12.9 million barrels per day in 2023, breaking the previous US and global record of 12.3 million set in 2019.

However, the global manufacturing cycle is now improving which should help to boost the growth rate in the rest of the world. Furthermore, the IMF estimates that support from the (change in) government spending will go from a tailwind to a headwind of around 2.1% this year. This compares with a headwind of 1.0% in the eurozone.

According to calculations by BCA Research, US consumers have now depleted excess savings, whereas Eurozone consumers still hold excess savings equal to 12% of GDP. It is true that consumers outside the US have a lower propensity to spend, but this tailwind for the US has now largely played out. There are some tentative signs of weakness in the US labour market, so this is something to watch now that growth is more reliant on incomes.

Energy prices have been relatively well behaved which will help importers such as Europe, Japan and India. Geopolitical risk will continue to hang over energy prices, but the UK has benefitted from falling energy inflation and growth has picked up. The Bank of England has said the recession last year was the mildest it has seen on record.

The dollar remains the world’s reserve currency, so divergent monetary policy can cause challenges. We have seen this in Japan and a number of Emerging Markets. Higher US interest rates and US dollar strength causing problems for other countries is by no means a new phenomenon. Back in 1971 when the US abandoned the gold standard and allowed the US dollar to float freely against other currencies, then Treasury Secretary John Connally famously said at a meeting of G-10 countries “the dollar is our currency, but it's your problem”.

Gold is back in the headlines as the relationship between US real yields and gold broke down after the sanctions placed on Russia’s foreign exchange reserves. This made gold more attractive. This has helped to weaken the negative feedback loop where higher US interest rates lead to a stronger US dollar, which tightens financial conditions in the rest of the world, which leads to further dollar strength as investors look for safety.

A convergence of growth, where the US slows a little but avoids recession and the rest of the world picks up, is therefore a very favourable backdrop for global markets.

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.