Butterfield Bank customers can now start saving from the cradle thanks to a revamped Young Savers Account programme.

The instant-access savings account previously available for children aged 10 to 17, can now be opened from birth with a minimum deposit of $20.

Until the end of March, Butterfield will match the initial deposit up to the value of $50.

A spokesman for the bank said children and teenagers could benefit from a more competitive interest rate, use of a Platinum Debit Mastercard, access to online banking for those aged 9 and above, and free online educational resources as part of Butterfield’s wider commitment to financial wellbeing.

Butterfield’s managing director in Bermuda, Jody Feldman, was delighted to be providing the community with banking options for every stage of life.

He said the new accounts had a competitive interest rate, no account fees and free educational information designed to encourage smart money habits.

“Parents also have the ability to monitor account activity via Butterfield Online and with our card alerts app,” Mr Feldman said.

One of the first to open an updated Young Savers Account was 10-year-old Cooper Laing, who wrote a letter to Butterfield about its savings offer.

Cooper wanted to start saving money with an account that gave him the best possible interest rate and noted that it was never too early to start saving.

“Cooper’s letter was certainly inspiring and gave added impetus to our product review,” Mr Feldman said. “I was impressed that he took the time to review what was available and I’m pleased to have been able to respond with our enhanced offer.”

The moves comes four months after competitor HSBC Bermuda ended its MySavings Youth Account programme.