September has arrived, bringing along a shift in weather as well as upcoming financial adjustments that will impact your finances in the following month.
Parents can anticipate positive changes as a significant free childcare program is set to expand this month. Additionally, there is a crucial Winter Fuel Payment deadline approaching, and it is essential to take an energy meter reading before the new Ofgem price cap takes effect.
Moreover, mark your calendars for the upcoming inflation and Bank of England interest rates update. For working parents with nine-month-olds, access to 30 hours of free childcare per week started on September 1, doubling the previous threshold of 15 hours.
To qualify for free childcare, individuals must earn at least the national minimum wage for 16 hours weekly on average and have an annual income below £100,000. Meanwhile, all parents of three and four-year-olds are entitled to 15 hours of free childcare weekly, with working parents meeting earnings requirements eligible for the full 30 hours.
Starting from September 1, First Direct customers will no longer receive paper savings account statements, transitioning to online statements. Customers wanting paper statements can adjust their preferences within the First Direct app.
Branch closures are also on the horizon for NatWest, Halifax, and Lloyds this month due to the increasing trend of online banking usage. Eligible recipients of the Winter Fuel Payment will receive up to £300 automatically, while those needing to claim can do so by post from September 15 or by phone from October 15.
On September 17, the Office for National Statistics will release the latest inflation data, showcasing a rise to 3.8%. Additionally, the Bank of England is scheduled to announce its next interest rates decision on September 18, with the current base rate at 4%.
Energy bills are slated to increase on October 1, with the average direct debit household cap rising to £1,755 annually from £1,720. To avoid higher charges, it is advisable to take a meter reading around September 30 before the price cap adjustment.
Stay informed and stay ahead of these financial developments as the month progresses.