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Butterfield Bermuda review

The Bank of N.T. Butterfield & Son Limited

Our review of Butterfield Bermuda for ultra-high-net-worth families. We researched the legal entity that holds the licence and books the account, not just the brand.

Booking centreBermuda
RegulatorBermuda Monetary Authority (BMA)
Legal formLicence holder
GroupButterfield Group
Websitebutterfieldgroup.com
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PPLI.com
Private Bank Rating
Rating in preparation

We are still preparing the rating for this bank. What we have on file so far is below.

About the rating
The group

Butterfield in 4 booking centres

The headline rating of Butterfield is the rating of its parent licence holder shown above. Each booking centre is rated separately: the licence holder's record is shared by its branches, while protection, services and costs depend on where the account is booked.

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The rating

What the PPLI.com rating of Butterfield considers

This is our editorial assessment of Butterfield. We look at the areas below, which matter to a family deciding where to keep its assets, and weigh them together with what clients tell us and the service they get. Retail products, branches and apps play no part. The public sources we used are listed at the foot of the page.

Conduct and enforcement

What regulators, prosecutors and courts have concluded about this licence holder in recent years.

Protection of client assets

Whether custody assets are ring-fenced by law in the booking centre, whether deposits are protected, and whether the custody terms can be read before signing.

Service for complex families

The breadth of private banking services the bank publishes for this booking unit, including work with external managers and family offices.

Cost transparency

Whether a prospective client can see the tariff and the bank's policy on third party payments before asking.

Ownership and control

Whether the bank's owners are public, how official assessments rate the anti-money-laundering regime of any owner's home jurisdiction, and whether a politically exposed person holds a significant stake. The same test applies to every bank.

Client opinions and service

What clients of Butterfield and their advisers tell us in confidence, and the service the bank gives to families. We never publish names. Tell us about yours

PPLI.comPrivate Bank RatingRating in preparation

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. Read about the rating.

The record

Regulatory and legal record

What regulators, prosecutors and courts have decided, recorded against the legal entity they named, with the status, the amounts as published and a link to the original document. 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.

US Department of Justice, US Attorney's Office SDNY (with IRS-CI) · Resolution with admission · Total payment USD 5.6 million; Forfeiture USD 4.9 million; Restitution USD 0.7 million · Admission of the facts · Primary source
The bank at a glance

Identity, protection and services

Legal identity

Legal nameThe Bank of N.T. Butterfield & Son Limited
LEI549300V8RVM0EMTDPF28
LicenceBanking licence: 'is licensed to conduct banking business by the Bermuda Monetary Authority' (bank's legal page)  Source
RegulatorBermuda Monetary Authority (BMA)
Legal formLicence holder
OwnerPublicly listed company (NYSE: NTB; BSX: NTB.BH).  Source

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.

Financial strength, as reported

Credit ratingsMoody's A2 long-term senior, not sta; S&P BBB+ long-term senior, not sta; KBRA A+ long-term senior, not sta
CET1 ratio29.4% (total regulatory capital ratio 29.6%) (2026-09-30)  Source
total assetsUSD 14.3 bn (deposits USD 12.7 bn at 2025-12-31; AUM USD 6.8 bn; trust AUA USD 155.2 bn; custody AUA USD 30.9 bn) (2026-09-30)  Source

Services published for this booking unit

Private clients
Discretionary management
Advisory mandates
Custody only (execution and safekeeping)
Lombard lending
Mortgage lending
Multi currency accounts
Trust and fiduciary services
Family office services
Wealth planning
Consolidated reporting
External asset manager desk

Offered at this booking centreOffered by the group, not confirmed hereNot located, which does not mean unavailable
Checked on the bank's own pages, 2 November 2026.

Access and costs

Minimum relationshipNot published
US personsNot published
Fee schedulePublished  Source
Third party paymentsNot published
Transfer out termsPublished  Source

Protection of client assets

Deposit protectionBermuda 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.
Custody lawNot published
Custody termsPublished  Source
Your experience

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Our commitment to confidentiality

Your name, email and telephone number are seen only by the PPLI.com editor. They are never published, never passed to Butterfield or any other bank, and never used for marketing. We may contact you once to clarify your assessment. Once verified by our editors, your assessment can lead to a disclosed adjustment of this bank's PPLI.com rating. It is never published with your name.

Sources

  1. US Department of Justice, US Attorney's Office SDNY (with IRS-CI): justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-agreement-bermudian-bank-resolve-

For Butterfield

Before we publish a significant negative finding, we give the bank the facts and time to comment, on the same timetable for every bank. Corrections we verify are published with the date of the change. Write to [email protected] quoting reference BK-BM-BUTTERFIELD-C2FD8D.

About this file

Researched by the PPLI.com research desk from the public sources listed. The rating is our editorial opinion; read how we rate.

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 2 November 2026Methodology 2.3Reference BK-BM-BUTTERFIELD-C2FD8D
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