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

Previously available for children ages 10 to 17, this instant-access savings account 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 can benefit from a more competitive interest rate, use of a Platinum Debit Mastercard, access to online banking for those aged 9-years-old 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 have 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.

For those opening an account before the end of March, Butterfield will match the initial deposit, up to $50.

“That means, for example, that if you open an account with the minimum required deposit of $20, we will contribute the same amount, putting a total of $40 in your account,” Mr Feldman said. “If you deposit $50, we will contribute the maximum matching amount of $50, putting a total of $100 in your child’s new Butterfield Young Savers account.”

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 expressed his desire to start saving money with an account that gave him the best possible interest rate, noting it is 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.