As September arrives, a wave of financial changes is on the horizon that will impact your finances in the upcoming month.
Parents can look forward to an expansion of a significant free childcare program starting this month. Additionally, a deadline for the Winter Fuel Payment is looming, along with the necessity to record an energy meter reading before the new Ofgem price cap takes effect.
Furthermore, be sure to mark your calendar for the upcoming updates on inflation and Bank of England interest rates.
For working parents with nine-month-olds, the availability of 30 hours of free childcare per week has commenced from September 1, doubling the previous allocation of 15 hours. Eligibility criteria include earning the national minimum wage for at least 16 hours weekly, with an income below £100,000 annually.
All parents of three and four-year-olds are entitled to 15 hours of free childcare weekly, regardless of employment status. Those who meet income requirements can access the full 30 hours for children in this age group.
Starting September 1, First Direct customers will no longer receive paper savings account statements. Instead, they will transition to online statements. Customers can adjust their preferences within the First Direct app to continue receiving paper statements.
In a separate move, NatWest will close 26 branches, Halifax will shut 13 branches, and Lloyds will close one branch this month due to the increasing trend of online banking usage. A full list of branch closures is available for reference.
As the Winter Fuel Payment period approaches, most eligible recipients will receive up to £300 automatically, while some individuals will need to apply for it. Application options include postal submissions starting from September 15 or phone applications from October 15, based on age eligibility.
Stay informed about the latest inflation data from the Office for National Statistics, scheduled for release on September 17. Recent reports show inflation has surged to 3.8%, with previous peaks hitting 11.1% in October 2022.
On September 18, the Bank of England will announce its next interest rates decision. The current base rate stands at 4% following a reduction in the previous meeting in August, impacting borrowing costs for banks and consumers.
Prepare for another increase in energy bills on October 1, with the average annual energy price cap rising from £1,720 to £1,755. To avoid higher charges, ensure to take a meter reading around September 30 before the price cap adjustment.
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