September is finally here – and with the change of weather, comes a new raft of money changes that will hit your wallet next month.
There is good news for parents as a major free childcare scheme is due to expand this month. There is also an important Winter Fuel Payment deadline coming up, and you’ll need to remember to take an energy meter reading ahead of the new Ofgem price cap.
Meanwhile, there will be the latest inflation and Bank of England interest rates update to put in your diary.
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Working parents of nine-month-olds will be able to access 30 hours of free childcare a week from September 1 – up from the current threshold of 15 hours.
You must be earning the equivalent of the national minimum wage for 16 hours a week, on average, but less than £100,000 a year, to qualify for free childcare.
All parents of three and four-year-olds are entitled to 15 hours free childcare a week as standard, regardless of whether they are in work. Working parents with children of these ages can claim the full 30 hours if they meet the earnings criteria.
First Direct customers will no longer be sent paper savings account statements after September 1. The change means savers will be switched to online statements instead.
Customers who still want paper statements will still be able to change their settings within the First Direct app. To do this, log into your online banking, click on “my details” then go to “statement preferences”.
NatWest will close 26 bank branches this month, starting from September 1, while Halifax will shut 13 branches and Lloyds will close one branch.
The majority of high street banks have been closing branches due to more people using online banking. You can find the full list of locations for these closures here.
The majority of people who are due a Winter Fuel Payment will receive the cash, worth up to £300, automatically – but some people will need to apply.
If you do need to claim, you will be able to apply by post from September 15, or by phone from October 15. Your eligibility will be based on your age by the end of the qualifying week.
The latest inflation data from the Office for National Statistics (ONS) will be released on September 17. Inflation is a measure of how prices have changed over time.
In the latest update from the ONS, inflation was revealed to have risen to 3.8%. At its highest point, inflation reached 11.1% in October 2022.
The Bank of England will make its next interest rates announcement on September 18. The base rate is currently at 4% after the Bank of England decided to cut it at its last meeting in August.
The base rate is what the Bank of England charges other banks and lenders – this then affects how much it costs you to borrow money.
Energy bills will rise again on October 1. The energy price cap is currently set at £1,720 a year for the average direct debit household and will rise to £1,755 a year.
You should take a meter reading around September 30 to make sure you’re not charged higher rates for energy used before the price cap update.
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