45 children and their parents are now more knowledgeable about money management thanks to valuable tips provided by Butterfield during a special Open Day at the bank’s Broad Street branch.

The children were participants in the 2011 Magical Island Safari and each received a Butterfield Smart Start savings account valued at BB$100. In addition to the new account, each child also received one of Butterfield’s attractive piggy banks to allow them to save. Butterfield is also offering a special prize to the child who saves the most money by the end of the year; a perfect incentive for the children and their parents to employ the tips they were given during the Open Day.

Butterfield’s Officer-in-Charge at the Broad Street branch, Dionne Knight, outlined the benefits of the Smart Start account and advised parents to view the $100 opening balance as the start to a strong financial foundation for their children:

“Time is one of the most important factors when it comes to saving. The sooner you start to save, the greater the financial return to your child in the future. Consistency is also very important, so contribute regularly and watch the money grow.”

With the Butterfield Smart Start account children benefit from a special interest rate above the regular savings rate, with interest calculated daily and paid quarterly. At age 18, the account can be converted to a regular savings account or a Super Saver account, which also offers a higher interest rate.