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TRYING to decide how best to save your money can be overwhelming these days: there are a number of savings options to choose from and complicated terminology to navigate.
With the cost of living historically high and interest rates similarly low, it has been a frustrating time.
It’s not all bad news though. With the Bank of England’s recent increases to the base rate, interest rates are going up, which means that savings accounts are starting to look a lot more favourable.
Butterfield, which is celebrating its 50th year in the Channel Islands, has recently expanded its local offerings to include a wide array of savings solutions for residents. These solutions include notice accounts, fixed-term deposits and the Island Saver Instant Access account. Clients benefit from competitive interest rates, a streamlined application process and a friendly locally-based team.
In the current economic climate, people are shopping around more to find out which rates are available to make their money work harder. Locking in your savings for a longer period of time can often result in a better interest rate. However, for others, accessibility and access to their money when they need it remains important.
‘Butterfield offers a wide spectrum of rates and account types so that our clients can find the right fit for them,’ says Richard Saunders, the bank’s managing director for the Channel Islands and UK. ‘Our most popular accounts right now are the Island Saver – which clients can access at any time – and our fixed shorter-term accounts between three and 12 months. For those who can commit their money for a longer period of time, there is a higher return on their investment.’
Butterfield has more good news for those looking to save up to put together a down payment on a property. With a wide range of residential mortgages on offer, new clients can currently benefit from the waived arrangement fee of £999 for Capital and Interest Fixed Rate, Two-Year Base Rate Tracker and Standard Base Rate Tracker mortgages. From fixed-rate mortgages (with terms ranging from two to ten years) to buy-to-let and lifestyle mortgages, there is an option for every prospective homeowner in Jersey. For existing homeowners, the bank also offers remortgaging options.
Butterfield’s friendly Island-based experts understand the intricacies of local markets and offer competitive rates on its extensive suite of products designed to meet almost every mortgage need.
A streamlined mortgage application process for Islanders, which can be completed online, sees all lending decisions made locally rather than overseas, meaning applicants will receive a response within just a few days.
To support demand for these popular new services, Butterfield has added further resources to its Jersey-based team with its dedicated relationship management Island Saver team of Rachel Lishman and Seb Poole.
Julian Woodcock, head of lending, stresses that one of the most important things that differentiates Butterfield from its competitors is the accessibility of its relationship managers and their local knowledge.
‘We pride ourselves on delivering exceptional client service,’ he said, ‘ensuring our clients are receiving the attention and care they deserve. It’s important to us that our clients know they can always reach people to discuss their finances, over the telephone or face to face – and that includes the ability to arrange a home visit, where our team comes to you.’
More information on savings products, mortgages and personal banking with Butterfield can be found on the bank’s website at butterfieldgroup.com. Anyone who wants to get in touch to find out more is invited to call 843 310 or to email personal.jsy@butterfieldgroup.com.
‘Following the successful launch of residential mortgages, we are pleased to bring Butterfield’s saving solutions to clients in the Channel Islands as part of our continued commitment to becoming a full-service community bank. At Butterfield, we pride ourselves on offering a personalised and dedicated service to all of our clients, ensuring they have the best products to choose from with a friendly, on-island team who understands their individual needs and the local market’ – Richard Saunders, Butterfield’s managing director for the Channel Islands and UK
Disclaimer
Your property may be repossessed if you do not keep up with repayments on your mortgage. To apply, you must be 18+ and resident in Jersey. All mortgages are subject to status and valuation. The maximum amount you can borrow will depend on your individual financial situation, your other circumstances, the property you wish to buy and the type of mortgage you choose. Waiving of the arrangement fee is for a limited time only.
Butterfield Bank (Jersey) Limited (“BBJL”) is regulated by the Jersey Financial Services Commission to conduct deposit-taking business under the Banking Business (Jersey) Law 1991 (as amended), and investment business, fund service business and money service business pursuant to the Financial Services (Jersey) Law 1998, (as amended). BBJL is registered under the Data Protection (Jersey) Law, 2018 and is registered with the Jersey Registrar of Companies for the purpose of the Companies (Jersey) Law 1991 (as amended). Registered office address: St Paul’s Gate, New Street, St Helier, Jersey JE4 5PU. Company registration number 124784. BBJL is a participant in the Jersey Bank Depositors Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website www.gov.je/dcs, or on request. Terms and Conditions available from our website and copies of the latest audited accounts are available on request. BBJL is a wholly-owned subsidiary of The Bank of N.T. Butterfield & Son Limited.
