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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. 

 

27 September 2024
Market Watch September 2024: Navigating the Diversifiers' Dilemma

By Nicholas Rilley, CFA, Investment Manager and Strategy Analyst

One of the most significant developments in financial markets since the pandemic has been the shift in the correlation between bonds and equities from negative to positive. This followed a 20-year period during which the correlation was consistently negative. In simple terms, bonds lost their diversification benefits as they moved in tandem with equities.

The primary reason for this was the return of inflation. The drivers of which were: the pandemic disrupting the supply of goods and services, government spending increasing substantially to support households and businesses, the Federal Reserve facilitating this spending by expanding their balance sheet and holding interest rates at low levels.

Around the time of the bursting of the Dot-Com bubble in 2000, the correlation between bonds and equities turned decisively negative. While equity weakness made bonds more attractive as a safe haven, two other factors played an important role. Firstly, a shift in monetary policy towards price stability and inflation targeting, with a target around 2%. This helped reduce the tail risk of very high inflation and this anchoring boosted the appeal of bonds as a diversifier.

Secondly, China joining the World Trade Organisation led to hundreds of millions of low wage and productive workers entering the global labour force. This integration heralded a period of accelerated integration and was a profoundly disinflationary force on the global economy. This again increased the attractiveness of bonds in investment portfolios.

In the period prior to the pandemic, the primary risk to economies and equities was deflation. This backdrop was conducive to a negative bond-equity correlation, which made for a golden age of portfolios comprising of 60% equities and 40% bonds.

This was a different world to the period between the mid-1960s and late 1990s, where bonds and equities were on average positively correlated. This was a time when the main risk to business cycles and equities was inflation.

The 60s saw the Great Society initiatives in the US such as the introduction of Medicare, Medicaid, and increased welfare spending. This, along with the spending on the Vietnam war, increased the budget deficit, which proved inflationary. The 1970s then saw two major oil price shocks and the end of the Bretton Woods monetary system, which compounded inflationary pressure. The inflation rate then fell in the 1980s, but strong growth and the memories of the 70s meant investors didn’t trust the bond market to offset equity risk.

Understanding past cycles highlights the importance of understanding different investment regimes, as this helps determine the most attractive asset allocation. The past four years contains some similarities with the late 60s and the 70s.

However, bonds did perform very well in the recent equity sell-off in early August. This raises the important question of whether we have reverted to the pre-pandemic regime where bonds again have attractive diversification benefits.

The reason bonds rallied as equities fell was the shift in focus from inflation to economic growth. More specifically, whether the US labour market was about to crack and tip the economy into recession.

Oil prices remain an important factor. Commodities worked especially well to offset equity risk in 2022 when the Russia-Ukraine war broke out. Manufacturing companies are large consumers of energy and saw input costs go up which hit profitability. This is why commodities can work well as diversifiers. Although, when the risks are on the demand side rather than supply, oil and industrials commodities tend to move in tandem with equities.

Gold has been a good diversifier as the negative relation with real yields has broken down. Geopolitics and more specifically the sanctions placed on Russia’s foreign exchange reserves help explain why. While US investors have less incentive to own gold in a higher real rate environment, foreign central banks have different economic priorities. This has increased the attractiveness of gold as a reserve asset and it has been incredibly strong.

Recently, commodities have been mixed as diversifiers. Middle East tensions have been hanging over the oil price, but strong US production and weak growth in China have seen the oil price fall. Lower gas/petrol prices help to support the consumer, so in the event of another oil price shock, commodity exposure would help offset equity weakness. Speculative positioning in gold looks a little stretched, but it is structurally very well supported.

The economic outlook is finely balanced. The key question is whether interest rate cuts have come in time to stop a negative feedback loop taking hold in the US labour market. While recession concerns suggest bonds will work as a hedge, the market is already pricing in an aggressive rate cut cycle, which limits the ability for further capital gains unless growth weakens substantially.

The pandemic heralded a regime change in markets due to the return of inflation, but in the short-term, recession risks dominate the outlook. These contrasting forces present a dilemma for investors. Rather than try to forecast short term correlations, it’s better to focus on the medium term and build a diversified portfolio that is resilient to different types of risk.

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.