A number of key money changes will affect Welsh wallets and bank accounts within days. The major changes include bank closures, help with childcare, and several important announcements to look out for. This could mean potential losses or gains for bank account holders, grocery shoppers, homeowners, savers, and benefits claimants among others.
The changes come ahead of the budget in October from UK Labour chancellor Rachel Reeves. Below we’ve set out the main changes you should be aware of to help you stay in control of your finances and plan ahead. For money-saving tips sign up to our Money newsletter here.
Free childcare made available – September 1
Eligible parents with children aged nine months to four years can avail of 30 hours of free childcare from the beginning of September.
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To be eligible for the Childcare Offer Wales:
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each parent’s gross income must be £100,000 or less per year
For those eligible applications need to be submitted for the term you wish to use the funding with the general rule being to apply before the term starts. For example if a term starts on September 1 you must apply by August 31. You can apply here.
Some bank branches to close – September 1
Below is a list of closures happening in Wales:
NatWest
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Llangefni – September 4
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Llanishen, Cardiff – September 11
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Canton, Cardiff – September 16
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Prestatyn – September 29
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Abergele – September 29
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Welshpool – September 29
Halifax
First Direct customers no longer sent paper savings account statements – September 1
The digital bank with more than 1.9m UK customers is set to make a significant change to its savings accounts. From September 1 First Direct account holders will no longer receive paper savings account statements in the post.
Savers will be switched to digital statements, ending the delivery of postal correspondence.
Instead they will be able to access, download, and print their statements via the bank’s mobile app or online banking platform.
This change will only affect those who have a savings account with the bank.
Wage figures – September 16
The ONS will publish its wage figures for September on the 16th of the month.
These are used as part of the triple lock for next April’s state pension.
Latest inflation figures released – September 17
In mid-September we will hear the latest inflation figures for August. It is expected to continue rising according to Bank of England forecasts. A 4% peak is expected in September.
Base rate announcement – September 18
The Bank of England will announce its latest review of the interest rate in mid-September.
This will guide a number of interest rates used by banks and lenders.
A higher base rate could result in increased payments on mortgages and loans.
Previously the bank agreed to reduce the base rate from 4.25% to 4%.
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