September has arrived, bringing along a wave of upcoming financial adjustments that will impact your finances in the coming month. Parents can look forward to an expansion of a significant free childcare program this month. Additionally, important deadlines include the Winter Fuel Payment and the necessity to take an energy meter reading before the Ofgem price cap adjustment.
Moreover, stay informed about the latest updates on inflation and Bank of England interest rates. Working parents of nine-month-olds are now eligible for 30 hours of free childcare weekly, an increase from the previous 15 hours. To qualify, individuals must earn at least the national minimum wage for 16 hours per week on average, with an annual income below £100,000.
First Direct customers will no longer receive paper savings account statements post-September 1, transitioning to online statements. NatWest is set to close 26 branches, Halifax 13 branches, and Lloyds one branch this month. Most high street banks are closing branches due to the increasing popularity of online banking.
Winter Fuel Payment recipients will receive up to £300 automatically, while some may need to apply for it. Inflation figures from the Office for National Statistics will be disclosed on September 17, showing a recent increase to 3.8%. The Bank of England will announce its next interest rate decision on September 18, with the current rate at 4%.
Energy bills are expected to rise on October 1, with the energy price cap increasing to £1,755 a year for the average direct debit household. Remember to take a meter reading around September 30 to avoid overpayment for energy consumed before the price cap adjustment. Stay informed and prepared for these financial changes in the upcoming month.