September has arrived, bringing about upcoming financial changes set to impact wallets in the coming month. Parents are in for a treat as a significant expansion of a free childcare scheme is on the horizon. Additionally, there is a crucial Winter Fuel Payment deadline approaching, along with the necessity to take an energy meter reading before the new Ofgem price cap comes into effect.
Simultaneously, an update on inflation and Bank of England interest rates is scheduled to be released soon. Working parents with nine-month-old children are now eligible to receive 30 hours of free childcare weekly, an increase from the previous 15-hour threshold. 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. For those preferring paper statements, adjustments can be made within the First Direct app. NatWest, Halifax, and Lloyds are among the banks closing several branches this month due to the increasing trend of online banking usage.
Individuals entitled to the Winter Fuel Payment, valued at up to £300, will receive it automatically, while some may need to apply. Applications for those needing to claim will be open by post starting September 15 or via phone from October 15. The latest inflation data from the Office for National Statistics will be released on September 17, revealing a rise to 3.8%. The Bank of England is set to announce its next interest rates on September 18, with the current base rate at 4%.
Energy bills are expected to increase on October 1, with the energy price cap rising to £1,755 a year for the average direct debit household. To avoid higher charges, it is advisable to take a meter reading around September 30 before the price cap adjustment.