From individuals selling on eBay to homeowners, significant financial changes are on the horizon in August that could impact your finances.
eBay is set to roll out quicker payment options for sellers, while the Bank of England is gearing up for its upcoming interest rate announcement in the following month.
Simultaneously, university tuition fees are slated to increase for the first time since 2017, and Santander is discontinuing one of its popular accounts. Additionally, a bank holiday is approaching that might impact those receiving certain benefit payments.
In England, university tuition fees will see an uptick from £9,250 annually to £9,535 starting on August 1, affecting students beginning their studies in September 2025 and those already enrolled. Furthermore, the maintenance loans for students living away from their parents, both outside and within London, will also see an increase.
eBay sellers can expect faster payment processing starting August 6, provided they meet specific criteria regarding sales and dispute resolution, enabling them to receive sale proceeds within 24 hours post-transaction, compared to the current two-day wait.
The Bank of England is scheduled to make its interest rate announcement on August 7, with the current base rate standing at 4.25% following the decision to maintain it during the previous meeting in June. This rate influences borrowing costs for individuals and businesses.
On August 20, the Office for National Statistics will release the latest inflation data, reflecting changes in price levels. The most recent update revealed a rise in inflation to 3.6%, with a peak of 11.1% in October 2022.
Santander will be closing its 123 Lite current account on August 21, affecting customers benefiting from its cashback rewards. Moreover, due to a bank holiday on August 25, benefit payments may be disbursed earlier than usual.
Parents are reminded to renew their Child Benefit claims by August 31 for children continuing education beyond age 16, with approved programs including A-Levels and NVQs. Additionally, applications for 30 hours of free childcare must be submitted by the same date for funding availability starting September 2025.