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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. 

 

30 October 2024

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

As we enter the final quarter of 2024, financial markets continue to brush off key risks and ignore the usual negative seasonality. We're approaching one of the most pivotal US elections in decades, with geopolitical tensions running high, yet risk assets are hitting record valuations. Why? The Fed “put” is back in play. Last month’s larger-than-expected 50bps rate cut has jump-started the easing cycle, and it seems like only a matter of time before quantitative tightening is fully phased out too. Investors know the pattern—any dip in risk sentiment is countered by massive central bank intervention, which few dare to bet against.

However, with financial conditions easing rapidly, central bankers now risk overstimulating the economy. They seem to be settling for a “close enough” approach to inflation targeting. This could mean lower rate cuts than markets currently expect or alternatively bond investors in longer maturities may demand a higher term premium. The latter represents a bigger risk as it would drive borrowing costs sharply higher, triggering a meltdown reminiscent of the Liz Truss fiasco.

After a slow start to the hurricane season, the US economy also finds itself grappling with the effects of severe storms which have impacted Florida, Georgia, and North Carolina. This year is shaping up to be one of the costliest for natural disasters, potentially pushing the insurance industry's losses past the $100 billion mark. The immediate impact is on residents and businesses who have to deal with rebuilding costs, disruptions to economic output, and the inevitable rise in insurance premiums.

In addition to hurricane-driven disruptions, recent strikes at US East Coast ports have further strained supply chains, contributing to inflationary pressures. While the strikes have now ended, wage increases granted to union workers are expected to drive up costs for consumers. The latest Consumer Price Index (CPI) for September shows an increase of 2.4%, nearing the Federal Reserve’s 2% inflation target. However, beneath the headline figure, there are signs that inflation may reaccelerate.

Despite these developments, the US economy remains resilient, with growth forecasts exceeding 3% for the fourth quarter – significantly above trend. As the market anticipates an additional 200 basis points in rate cuts over the next year, the Fed faces the challenge of declaring victory on inflation too soon. If growth stays strong, easing too quickly could lead to a resurgence in price pressures.

Looking globally, China's economic slowdown continues to weigh on markets. While Chinese authorities have introduced stimulus measures to revive growth, it's unclear if they will be enough. As China exports deflation to countries like the US, it may temporarily ease inflationary pressures. However, Germany, heavily reliant on China as a key trading partner, is struggling with the ripple effects of China's slowdown, complicating the broader economic outlook.

With the upcoming US election, economic policies are a key focus for markets. Current polls suggest a highly competitive race, with former President Donald Trump recovering in the polls. From a market perspective, several potential policies stand out, including proposed tax cuts and the introduction of tax-deductible car loan payments—both of which could have far-reaching effects on US businesses and consumers.

Of particular interest to Cayman is the potential end to the “double taxation” of American citizens living abroad, a policy that has long been a point of contention. Should this policy change, Cayman could see a significant increase in its attractiveness as a destination for US expatriates. Middle-income Americans, who have traditionally been discouraged from relocating due to tax burdens, may find Cayman a more appealing option, boosting the local economy.

On the flip side, the potential introduction of tariffs on countries like China and Mexico brings its own set of risks. While these tariffs aim to protect US industries, they are inherently inflationary and could drive up the cost of imported goods. In the short term, we might see a surge of cheaper products as companies offload excess inventory, but over time, prices could rise, increasing the cost of living for neighbouring countries. However, if a deal is agreed this could also level the playing field for US businesses, especially as Europe imposes tariffs on American companies that many view as unfair and due for renegotiation.

Geopolitical tensions, particularly in the Middle East, also carry risks. The ongoing conflict between Israel and Iran raises the possibility of disruptions to global energy supplies, which could send oil prices soaring. In regions where energy production still depends heavily on fossil fuels, a rise in oil prices would directly push up electricity costs, putting additional pressure on households and businesses. With the US election just around the corner, it’s unlikely that tensions will escalate significantly in the short term, but after November 5th, all bets are off. That's yet another reason to keep some inflation hedges at the ready.

When looking at the broader economic picture, the US finds itself in an unusual situation: strong economic growth on one hand, but weakening employment trends on the other. This disconnect in the data can be puzzling—what’s really happening? Traditional metrics like GDP growth often miss the mark when it comes to reflecting the everyday experience of most people. The "misery index," which combines inflation and unemployment, has historically served as a barometer of economic pain, but it’s not without its flaws. In today’s more complex economic environment, a more nuanced approach is likely needed.

A more refined approach would replace the headline unemployment rate with the U-6 measure, which accounts for underemployment, and emphasize real wage growth over inflation—since rising wages can mitigate inflation’s impact. Factoring in mortgage rates also offers a clearer picture of household financial strain. By this measure, while the US economy is in a better place than during the inflation spike of 2022, it still faces significant challenges: U-6 is at 7.7%, mortgage rates hover around 7%, and although real wage growth has returned to positive territory (up 1.5%), it’s not enough to fully offset broader economic pressures. Perhaps those rate cuts are warranted after all.

For Cayman, the intersection of global economic trends presents both risks and opportunities. The US tax changes, particularly the potential end of double taxation, could make the island an even more attractive destination for US citizens. Additionally, as insurance costs rise in the wake of natural disasters and other market pressures, Cayman has an opportunity to solidify its reputation as a captive insurance hub. With rising bond yields offering strong returns for insurance capital, Cayman’s captive sector is well-positioned to offer solutions that provide both stability and profitability.

However, we must also be mindful of the potential risks posed by global supply chain disruptions and geopolitical tensions. The island’s reliance on imported goods and fossil fuels makes it vulnerable to fluctuations in global markets, whether through rising energy prices or increased costs for consumer goods.

As the US grapples with inflation, interest rates, and unemployment, the ripple effects will inevitably reach our shores. By positioning ourselves as a global leader in captive insurance and maintaining a flexible, forward-looking economic strategy, Cayman can navigate these challenges while seizing new opportunities.

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.