1matter on the record across its booking centres, 2021
2.6/525 UHNW client ratings across its booking centres
The editor's opinion
Why Butterfield rates 3.7 out of 5
Butterfield rates 3.7 out of 5. The figure combines the ratings of its four rated booking centres (Bermuda, four stars; Guernsey, four stars; Jersey, four stars; the Cayman Islands, three stars), each weighted by the number of UHNW client ratings it has received, so a centre where more families bank counts for more. Bermuda, Guernsey and Jersey are the strongest at four stars; the Cayman Islands is the weakest at three stars. Its booking entities carry one matter on the record, the most recent in 2021; each is listed below with the centre it concerns. Across its booking centres, 25 UHNW client ratings average 2.6 out of 5.
Noam Cohen, Editor, Bank IntelligenceReviewed 6 November 2026, Q4 2026 edition. Each booking centre is rated on its own file, from the public record and what clients and their advisers tell us in confidence. The overall rating brings those ratings together; retail products, branches and apps play no part.
Where Butterfield stands out
Remediation of past findings has been verified by the regulator. Bermuda
Deposits are covered by a statutory protection scheme. Bermuda, Guernsey and Jersey
The custody terms are public and address most of what a family needs to know. Bermuda, Guernsey and Jersey
A full range of private banking services is published for this booking unit. Bermuda
Most fees are published. Bermuda and Guernsey
No final adverse finding against this licence holder in ten years of regulatory and court records. Guernsey, Jersey and Cayman Islands
Ownership and control are fully public. Guernsey and Cayman Islands
Custody assets are segregated by statute and sit outside the bank's own estate. Jersey
A dedicated desk serves external asset managers and family offices. Jersey
A broad range of private banking services is published for this booking unit. Cayman Islands
No politically exposed person holds a significant stake. Cayman Islands
What to weigh
A significant regulatory finding stands on the record in the last ten years. Bermuda
No public policy on third-party payments or retrocessions. Bermuda and Cayman Islands
How the law here would protect custody assets if the bank failed is not yet documented in this file. Bermuda, Guernsey and Cayman Islands
No published information on a desk for external asset managers. Bermuda and Cayman Islands
Only part of the private banking range is published for this booking unit. Guernsey
The policy on third-party payments is only partly stated. Guernsey and Jersey
Published information covers only part of the services relevant to complex family relationships at this booking centre. Jersey
Deposit protection is minimal. Cayman Islands
The custody terms are public but silent on re-use of assets and on sub-custodians. Cayman Islands
Only part of the tariff is published. Cayman Islands
Bermuda · The Bank of N.T. Butterfield & Son Limited7 client ratings · 28% of the weight
Guernsey · Butterfield Bank (Channel Islands) Limited2 client ratings · 8% of the weight
Jersey · Butterfield Bank (Channel Islands) Limited, Jersey Branch8 client ratings · 32% of the weight
Cayman Islands · Butterfield Bank (Cayman) Limited8 client ratings · 32% of the weight
PPLI.com rating, weighted across the centres3.7
Each booking centre keeps its own rating, set on its own file. The overall rating is the average of those ratings, weighted by the number of UHNW client ratings each centre has received. A centre whose rating is still in preparation is shown but not counted.
The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the bank, not a credit rating, not a forecast of failure and not investment advice.
The booking centres
Butterfield in 4 booking centres
Each booking centre is a separate legal entity, with its own licence, deposit protection, services and fees, and keeps its own PPLI.com rating. Everything on file for them is brought together on this page; open a centre for its own file.
What regulators, prosecutors and courts have decided against the booking entities of Butterfield, gathered from the files of all its booking centres, with the status, the amounts as published and a link to the original document. Each entry names the centre it concerns. Claims and investigations still under way are marked as open.
20213 August 2021
Non-prosecution agreement, assisting US taxpayers to open and maintain undeclared foreign accounts (2001-2013)
The US Attorney for the Southern District of New York announced on 3 August 2021 a non-prosecution agreement under which Butterfield admitted it knew or should have known that certain US taxpayers used its accounts, including accounts held by sham entities, to evade US taxes between 2001 and 2013. Butterfield paid USD 5.6 million (USD 4.896 million forfeiture of fees and USD 704,000 restitution to the IRS), produced about 386 client files and agreed to cooperate for at least three years. The bank's 2025 annual report states the agreement concluded in July 2024.
Butterfield admits to helping its clients conceal their ownership of foreign bank accounts.
Remedial measures implemented in 2013 to stop assisting US taxpayers with tax evasion; production of about 386 client files; cooperation for at least three years; no contest of a related civil forfeiture action.
Booking centre: Bermuda · The Bank of N.T. Butterfield & Son LimitedUS Department of Justice, US Attorney's Office SDNY (with IRS-CI)Resolution with admissionTotal payment USD 5.6 million; Forfeiture USD 4.9 million; Restitution USD 0.7 millionAdmission of the factsPrimary source
Matters concerning other entities in the group (1)
20213 August 2021
Non-prosecution agreement over legacy business with US clients
The Bank of N.T. Butterfield & Son Limited, the Bermuda parent of Butterfield Bank (Channel Islands) Limited, entered a three-year non-prosecution agreement with the US Department of Justice on 3 August 2021 and paid USD 5.6 million in forfeiture and tax restitution over legacy business with US clients. According to the parent's own release, the amount had been reserved in its 2015 and 2016 accounts, and the agreement does not name the Channel Islands bank.
Shown for context only: the decision concerns The Bank of N.T. Butterfield & Son Limited, not Butterfield Bank (Channel Islands) Limited, Jersey Branch, and does not count towards the rating of the booking centre or of the group.
What clients meet at Butterfield across its booking centres, read from complaint registers, ombudsman decisions and court records, independent reporting and what clients and their advisers tell PPLI.com in confidence. Announcements by the bank, awards and marketing material are left out.
UHNW client ratings
2.6 out of 5, based on 25 client ratings across its booking centres.
Bermuda4.1 out of 57 ratings
Guernsey1.5 out of 52 ratings
Jersey1.6 out of 58 ratings
Cayman Islands2.7 out of 58 ratings
What clients report
Bermuda. Butterfield & Son Limited. Press coverage in 2025 and 2026 reports no data breach or client-money incident naming the bank, and concerns its planned purchase of CIBC Caribbean and the effect of that deal on its ratings.
Guernsey. Neither the Channel Islands Financial Ombudsman nor any complaints register publishes figures for Butterfield Bank (Channel Islands) Limited, and no claim by a client against the bank has reached a published judgment. The Guernsey Financial Services Commission has issued no public statement naming the bank between 2009 and July 2026. The only enforcement matter in the group is the parent's non-prosecution agreement of August 2021 with the US Department of Justice over legacy business with US clients, which does not name the Channel Islands bank and concluded in July 2024.
Jersey. The one enforcement matter in the group, the parent's non-prosecution agreement of August 2021 over legacy business with US clients, does not name the Channel Islands bank.
Cayman Islands. Cayman Compass reported on 25 January 2024 that the cards of several Butterfield customers in Cayman had been misused, mostly at Amazon and an Austrian telephone company. The bank cancelled and reissued the affected cards and said no Butterfield systems were compromised.
Worth raising with the bank
Bermuda. Ask what CET1 ratio the bank expects once the CIBC Caribbean purchase closes, given S&P's negative outlook of June 2026 and its estimate of about 12 per cent at closing.
Bermuda. Ask whether the CIBC Caribbean integration will change the entity, systems or staff that serve your account before and after closing, expected in the first half of 2027.
Guernsey. Ask what support the parent's capital gives the Channel Islands bank, given that S&P moved Butterfield's BBB+ outlook to stable in April 2026 and back to negative in June 2026.
Guernsey. Ask whether the purchase of Rawlinson & Hunter Guernsey, expected to close in the first half of 2026, has closed, and whether trust administration for your structures will move to it.
Jersey. Ask whether the S&P outlook on the Butterfield group, returned to negative in June 2026, has any bearing on the capital of the Channel Islands bank or on its Moody's Baa1 deposit rating.
Cayman Islands. Ask how the CIBC Caribbean purchase, expected to close in the first half of 2027, will change the bank's systems, staff and account arrangements in Cayman.
Cayman Islands. Ask how the parent's CET1 ratio, projected to fall from 27.6% to about 12% at closing, affects the capital held at Butterfield Bank (Cayman) Limited, given the negative S&P outlook of June 2026.
Financial standing
Credit ratings published by the agencies for the companies named in the centre files, dated by the latest agency or bank document that confirms them
Butterfield shareholders approved the share issue for the CIBC Caribbean purchase, with regulatory filings made around 15 July 2026, up to USD 700 million of Tier 2 debt planned and closing expected in the first half of 2027.
S&P revised its outlook on Butterfield's BBB+ rating to negative from stable, expecting CET1 to fall from 27.6 per cent to about 12 per cent when the CIBC Caribbean deal closes and citing integration risk, unrealised securities losses and a riskier loan mix.
Butterfield agreed to buy CIBC's 91.7 per cent interest in CIBC Caribbean, valued at USD 1.794 billion, adding about 2,700 employees in 41 branches and offices across 10 jurisdictions.
The Butterfield parent agreed to buy CIBC's 91.7% interest in CIBC Caribbean for USD 1.794 billion, joining two banks with long-standing operations in Cayman.
KBRA affirmed the bank's A+ deposit and senior unsecured ratings with a stable outlook, citing liquidity, a CET1 ratio of 25.2 per cent and diversified fee income.
Several Butterfield customers in Cayman had their cards misused, and the bank cancelled and reissued the cards and said its systems were not compromised.
What it costs
What Butterfield charges, centre by centre
Fees are set by each booking entity, so they are shown centre by centre. Four of the four centres of Butterfield publish a fee schedule, read on 6 November 2026 from the documents linked under each table. To compare banks fairly we put every published fee in US dollars at the same indicative rates and apply it to the same reference amounts, then rate each fee against the average of the other banks that publish it. Five stars is the lowest fee, one star the highest. Terms a family actually negotiates are often different, and a bank can change its schedule at any time.
The published fees side by side
Fee
Bermuda
Guernsey
Jersey
Cayman Islands
Other banks
Custody and safekeepingeffective rate on USD 25 million
0.25% a year
0.19% a year
0.19% a year
Not in the schedule
0.30% a yearaverage of 38 other banks
Equity tradecommission on a USD 250,000 trade, major exchange
0.50%
0.30%
0.30%
Not in the schedule
0.81%average of 47 other banks
Bond tradecommission on a USD 500,000 trade
0.35%
0.10%
0.10%
Not in the schedule
0.96%average of 42 other banks
Third party fund subscriptionfee on a USD 250,000 subscription
0.10%
0.30%
0.30%
Not in the schedule
1.41%average of 42 other banks
Minimum annual feeper year, or fee below the asset threshold
USD 2,500 a year
Not in the schedule
Not in the schedule
USD 86 a year
USD 4,386 a yearaverage of 38 other banks
Outgoing international transferper transfer, standard
USD 40
USD 32
USD 32
USD 80
USD 57average of 61 other banks
Transfer of securities to another bankper position
USD 150
USD 130
USD 130
Not in the schedule
USD 125average of 38 other banks
Closing the accountone off
Not in the schedule
Not in the schedule
Not in the schedule
USD 30
Not compared
Each fee is rated against the average of the other banks that publish it: five stars is the lowest, one star the highest. The schedules, their dates and what each leaves out are listed centre by centre below.
Bermuda · The Bank of N.T. Butterfield & Son LimitedCentre file
Price level of the published fees7 fees compared with the other banks that publish them
Not in the published schedule: discretionary mandate, advisory mandate, currency conversion, account maintenance, closing the account, lombard loan margin.
Guernsey · Butterfield Bank (Channel Islands) LimitedCentre file
Price level of the published fees6 fees compared with the other banks that publish them
Not in the published schedule: discretionary mandate, advisory mandate, currency conversion, account maintenance, minimum annual fee, closing the account, lombard loan margin.
Jersey · Butterfield Bank (Channel Islands) Limited, Jersey BranchCentre file
Price level of the published fees6 fees compared with the other banks that publish them
Not in the published schedule: discretionary mandate, advisory mandate, currency conversion, account maintenance, minimum annual fee, closing the account, lombard loan margin.
Cayman Islands · Butterfield Bank (Cayman) LimitedCentre file
Not in the published schedule: custody and safekeeping, discretionary mandate, advisory mandate, equity trade, bond trade, third party fund subscription, currency conversion, account maintenance, transfer of securities to another bank, lombard loan margin.
How the comparison works: USD 25 million booked with the bank: half under a discretionary balanced mandate, half in custody with advice; 24 equity trades of USD 250,000 and 8 bond trades of USD 500,000 a year; 6 currency conversions of USD 1 million; 24 outgoing international transfers. Tiered fees are applied to those amounts tranche by tranche, stated minimums are applied, and amounts are converted at indicative rates of 2026-11-06. Read how we compare fees.
The bank at a glance
Identity, protection and services
Ownership
Group parentThe Bank of N.T. Butterfield & Son Limited (listed, NYSE (NTB); BSX (NTB.BH)) Source
ControlWidely held; no shareholder with 10% or more Source (31 December 2025)
Ownership is shown as published, with its date. It describes who owns the bank; it does not, by itself, suggest any wrongdoing by the bank or its owners.
Booking entities
BermudaThe Bank of N.T. Butterfield & Son LimitedBermuda Monetary Authority (BMA) · Licence holder · LEI 549300V8RVM0EMTDPF28Licence: Banking licence: 'is licensed to conduct banking business by the Bermuda Monetary Authority' (bank's legal page) Source
GuernseyButterfield Bank (Channel Islands) LimitedGuernsey Financial Services Commission (GFSC) · Locally incorporated subsidiary · LEI 2138007LUPBTFEH45U88Licence: GFSC reference 85: Banking licensee under The Banking Supervision (Bailiwick of Guernsey) Law, 2020 ('licensed under Section 6 of the above Law to take deposits'); Investment licensee (Protection of Investors Law, 2020); Credit Provider (Lending, Credit and Finance Law, 2022); registered Money Service Provider; joint fiduciary licensee with lead licensee Butterfield Trust (Guernsey) Limited (GFSC ref 101113) Source
JerseyButterfield Bank (Channel Islands) Limited, Jersey BranchJersey Financial Services Commission (JFSC) for the Jersey branch; Guernsey Financial Services Commission (GFSC) for the legal entity · Branch of Butterfield Bank (Channel Islands) Limited · LEI 2138007LUPBTFEH45U88Licence: JFSC Banking DC-9826; Investment Business IB-9828 (A dealing, B managing, C advice); Fund Services Business FSB-12357 (distributor, custodian); Money Service Business MSB-9825 (notified) Source
Cayman IslandsButterfield Bank (Cayman) LimitedCayman Islands Monetary Authority (CIMA) · Locally incorporated subsidiary · LEI 549300MTQSPU91FZ6432Licence: Category A banking licence (CIMA Category A bank list); bank's legal page: licensed to conduct banking and investment business by CIMA Source
Offered at one or more booking centresOffered by the group, not confirmed at a centreNot located, which does not mean unavailable Checked on the bank's own pages for each centre.
Access and costs
Minimum relationshipBermuda:Not published Guernsey:Not published Jersey:Not published Cayman Islands:Not published
US personsBermuda: Not published Guernsey: Not published Jersey: Not published Cayman Islands: Not published
Fee scheduleBermuda: Published, Effective 01 March 2026 SourceCompared below Guernsey: Published, Effective 1 June 2026 (reference CG0009-06-26) SourceCompared below Jersey: Published, Effective 1 June 2026 (reference CG0009-06-26) SourceCompared below Cayman Islands: Published, Last updated 1 December 2025, Rev 12/2025 (site: effective 2 January 2026) SourceCompared below
Third party paymentsBermuda: Not published Guernsey: Published Source Jersey: Published Source Cayman Islands: Not published
Transfer out termsBermuda: Published Source Guernsey: Published Source Jersey: Published Source Cayman Islands: Published Source
Protection of client assets
Deposit protectionBermuda: Bermuda Deposit Insurance Scheme: BD$25,000 per depositor per member, Bermuda dollar deposits only. Deposits in US dollars or any other currency are excluded, which matters for most international clients. Guernsey: Banks licensed in Guernsey, including branches, participate in the Guernsey Banking Deposit Compensation Scheme: GBP 50,000 per qualifying depositor per bank, with a GBP 100 million cap in any five years. Jersey: Jersey Depositors Compensation Scheme: GBP 50,000 per eligible depositor per Jersey banking group, payment aimed within seven working days; the GBP 100 million total cap was removed on 1 April 2026. Cayman Islands: A regulator statement of absence was not located.
Custody lawBermuda, Guernsey and Cayman Islands: Not published Jersey: Investment Business (Client Assets) (Jersey) Order 2001: client property must be segregated and held on trust, and art. 22 allows a firm to lend client property only with the client's written consent. It applies to banks registered for investment business.
Custody termsBermuda: Published Source Guernsey: Published Source Jersey: Published Source Cayman Islands: Published Source
Before opening an account
Moving the portfolio. Use the published transfer terms as a starting point. Ask the bank to flag positions in your portfolio that would require consent, manual handling or a sale, and to quote the charges separately. Bermuda, Guernsey and Cayman Islands
Cross-border eligibility. If a settlor, beneficiary or beneficial owner has U.S. ties, ask the named entity to confirm eligibility for your structure and which investment services it can provide. Bermuda and Cayman Islands
Exit costs. The fee comparison shows USD 150 per position for a securities transfer. Ask what rate would apply to your mandate and whether the receiving bank or a sub-custodian would charge separately. See published fees. Bermuda and Guernsey
Reporting to the family office. The bank lists a desk for external asset managers. Ask for a sample statement or data export and confirm whether it includes positions, transactions, accrued income and all currencies held. Guernsey
What third-party payments could Butterfield receive under our mandate, and how would it disclose or rebate them? Jersey
Which services for our trusts and holding companies would the Jersey bank provide directly? Jersey
Closing the account. The retail tariff shown in the review comes to USD 30 as a closure charge. Ask for a separate estimate of any sale, transfer or third-party charges that would apply to your holdings. See published fees. Cayman Islands
Your experience
Rate Butterfield
If you bank with Butterfield in any of its booking centres, or advise clients who do, your experience forms part of its PPLI.com rating. Please say which centre you deal with. Every response is read by the editor and treated in strict confidence.
Before we publish a significant negative finding that is not already public, we give the bank the facts and time to comment, on the same timetable for every bank. Decisions of regulators and courts are shown as they were published. Corrections we verify are published with the date of the change. Write to [email protected] quoting the reference of the booking centre concerned: Bermuda BK-BM-BUTTERFIELD-E20A01; Guernsey BK-GG-BUTTERFIELD-GUERNSEY-C0EDAC; Jersey BK-JE-BUTTERFIELD-JERSEY-261EF8; Cayman Islands BK-KY-BUTTERFIELD-CAYMAN-EF8454.
Reviewing this file with us
Families and their advisers read this file before they open an account. It can only be as complete as the documents we can find, and much of what sets a private bank apart, from its custody terms to the way a client team works, is rarely published.
If you represent Butterfield, one of our Bank Intelligence analysts can go through the file with you: correct anything that is out of date, add terms and documents that are not yet public, and set out what has improved since our last edition. The review is a paid engagement for the analyst's time and research.
The rating itself stays with our editor and follows what the documents show, so we cannot promise a particular result. When a review changes the file, this page notes that the bank took part, with the date and what was added.
Brought together by the PPLI.com research desk from the files of its booking centres and the public sources listed. The rating is our editorial opinion; read how the overall rating is built.
Important information. Editorial opinion of PPLI.com on the date shown, based on public information, client experience and editorial judgment. Not a statement of fact, a credit rating or investment, legal, tax or financial advice; verify with the bank and your own advisers before acting. No liability is accepted for reliance on this content. Bank names and logos are used for identification only. Ratings are updated every quarter. This is the Q4 2026 edition, and a rating can change between editions if something material happens. Full disclaimer
Rating signed by Noam Cohen, Editor, Bank IntelligenceReviewed 6 November 2026Methodology 2.4Overall rating weighted by UHNW client ratings
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