Encouraging youngsters to save money for their future and tips and advice on savings - that was what was on offer courtesy of Butterfield Bank at Hamilton Rotary Club's latest meeting.

Donnamay Evans, assistant vice-president of the consumer credit department at Butterfield Bank, talked about practical money management and was on hand to answer questions on the topic at the event held at the Royal Hamilton Amateur Dinghy Club.

She opened her address by outling the aims of the bank's student services and how it is geared towards providing parents and/or students with information on how to go about getting an educational loan and preparing students financially during their years in study and beyond.

"Pursuing further education abroad has neither been more expensive, nor more necessary to the future success of Bermudians both young and old," she said.

"I say 'young and old', because it is not just young people who come to see us at the bank for education loans today; but mature students who have decided to change their careers or further their education by going back to school."

Ms. Evans said that during her 10 years at Butterfield Bank she had seen many people come to the bank needing help to send their children, or indeed, themselves, through college or university.

"Believe me; you'd be surprised about how many people leave it until the last minute, or the day before they are due to fly out to university before they come to see us," he said.

"Often they are panicking because if the tuition is not paid on time they cannot enroll and that would literally mean postponing their plans for the next semester or the following year."

She claimed there are a number of ways in which students and their parents can avoid last minute disappointment or cause undue pressure and stress, namely by applying in principal three months in advance of starting their studies and to supply several details to allow for a successful process and approval, including:

• Salary confirmation.

• Rental receipts or receipts of mortgage payments.

• A copy of their passport.

• A utility bill, or any other recent document that reflects a home address.

• An acceptance letter and schedule of fees from the college or university.

Ms. Evans explained the bank's interest rates for unsecured educational loans are base and spread of 3.75 percent, while loans with security in place are base and spread of 2.25 percent and may be based on the financial position of the applicant.

Students and parents are also given the option to pay the interest amount during the time frame when they are at school and one year after graduation or until they are gainfully employed, but may be subject to extension depending on circumstances, according to Ms. Evans. They are then required to pay the principal and interest payments.

"Our 'Hook up' program for students from ages 18-years and older is designed to teach young people credit management and budgeting techniques designed to give them the practical money management skills they will need to support their lifestyle at college and beyond."

Alternatives for parents putting their children through further education, said Ms. Evans, include a home equity product which allows home-owners to tap into the equity of their homes.

She then turned to the importance of saving money, stressing the importance of starting to put something away for later life from an early age.

"Good and bad habits are often learned early in life," she said.

"So, since Butterfield Bank prides itself on being a community bank, it is committed to teaching Bermuda's youth the importance of saving from an early age."

Among the products the bank offers young savers are its Super Saver Plus plan - a disciplined approach to saving money to also assist with the future of your children's education, the Young Savers programme - for young people aged 10-18-years-old, designed to teach them savings strategies.