In August, significant financial changes are on the horizon that could impact various individuals, from eBay sellers to homeowners.
eBay is set to roll out faster payment options for sellers, while the Bank of England is gearing up for its upcoming interest rates announcement in the next month.
Moreover, university tuition fees in England will see an increase from £9,250 per year to £9,535 starting on August 1, marking the first rise since 2017. This adjustment will affect students commencing their university journey in September 2025 and those already enrolled. Additionally, maintenance loans for university students living away from their parents, both outside and in London, will also witness an increase.
For eBay sellers, a new payment system will be implemented from August 6, allowing quicker access to funds for those who meet specific criteria. Meanwhile, the Bank of England is scheduled to reveal its decision on interest rates on August 7, with the current base rate standing at 4.25%.
Furthermore, the latest inflation data by the Office for National Statistics is expected to be disclosed on August 20, shedding light on price fluctuations. Santander will be closing its 123 Lite current account on August 21, affecting customers who benefit from its cashback feature.
Benefit claimants should take note of the bank holiday on August 25, as payments may arrive earlier on August 22 instead. Child Benefit renewals are due by August 31 for children pursuing education or training post-16, with specific guidelines on eligible courses. Parents seeking 30 hours of free childcare funding for September 2025 must apply by the same deadline and obtain a unique code for their childcare provider.
It is essential to stay informed about these financial updates to manage your finances effectively.