September is nearly upon us and with the shift in weather, a new wave of financial changes that will impact your wallet next month are on the horizon.
Parents have reason to celebrate as a significant free childcare scheme is set to expand next month.
There’s also an important Winter Fuel Payment deadline approaching, and you’ll need to remember to take an energy meter reading ahead of the new Ofgem price cap.
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In addition, there will be the latest inflation and Bank of England interest rates update to mark in your calendar.
Many cost of living changes will take effect from September 1 -Credit:sturti via Getty Images
With seven major dates to keep in mind for your personal finances, September is set to be a busy month. Below is a list of events that could affect your bank balance, or help your money go further.
September 1 – Childcare
From September 1, working parents of nine-month-olds will be eligible for 30 hours of free childcare a week, an increase from the current 15 hours.
To qualify, you must earn the equivalent of the national minimum wage for 16 hours a week on average, but less than £100,000 a year, reports the Mirror.
All parents of three and four year olds are entitled to 15 hours of free childcare a week as standard, regardless of their employment status. Working parents with children of these ages can claim the full 30 hours if they meet the earnings criteria.
September 1 – First Direct
Also, from September 1, First Direct will stop sending paper savings account statements. This means savers will transition to online statements instead.
Customers who prefer to receive paper statements can still opt in via the First Direct app. To make this change, simply log into your online banking, select “my details” and then navigate to “statement preferences”.
September 1 – High street bank closures.
A wave of high street bank closures is set to hit next month, with NatWest planning to shut down 26 branches from September 1. Halifax will also be closing 13 branches, and Lloyds will see one branch closure.
The trend of high street banks reducing their physical presence continues as more customers move towards online banking services. A full list of the affected locations can be found here.
September 15 – Winter Fuel Payment claim date
Most eligible recipients of the Winter Fuel Payment, which can be worth up to £300, will get it automatically. However, some individuals will need to apply for it.
Those who need to make a claim can do so by post starting on September 15, or over the phone from October 15. Eligibility for the payment is determined by age during the qualifying week.
September 17 – Inflation latest data
The Office for National Statistics (ONS) is set to release the latest inflation figures on September 17. Inflation tracks the changes in price levels over time.
According to the most recent ONS update, inflation had climbed to 3.8 per cent. The peak was recorded at 11.1 per cent in October 2022.
September 18 – Bank of England interest rates announcement
The Bank of England is set to announce its next interest rates decision on 18 September. The base rate currently stands at 4%, following a cut by the Bank of England at its previous meeting in August.
This base rate is what the Bank of England charges other banks and lenders, which in turn affects the cost of borrowing for consumers.
September 30 – Meter reading
On this date, it’s advisable to take an energy meter reading. This is because the Ofgem energy price cap is due for another update on 1 October.
Taking a meter reading around this date ensures you’re not charged at higher rates for energy consumed prior to the price cap adjustment.
At present, the price cap is set at £1,720 per annum for the average direct debit household. However, experts at Cornwall Insight predict this could increase to £1,744 per year from October.
Ofgem will make its next price cap announcement on 27 August.
