September has arrived, bringing with it changes in the weather and upcoming financial adjustments that will impact your finances in the coming month.
Parents can look forward to an expansion of the free childcare scheme, allowing working parents of nine-month-olds to access 30 hours of free childcare per week, a significant increase from the previous 15-hour threshold. To qualify for this benefit, individuals must earn at least the national minimum wage for 16 hours per week on average and have an annual income below £100,000.
Additionally, all parents of three and four-year-olds are entitled to 15 hours of free childcare weekly, regardless of their employment status. Working parents meeting the earnings criteria can claim up to 30 hours of free childcare for children in this age group.
Starting from September 1, First Direct customers will no longer receive paper savings account statements, as they will be switched to online statements. Customers who prefer paper statements can adjust their settings within the First Direct app by accessing the “my details” section and selecting “statement preferences.”
In banking news, NatWest is set to close 26 branches this month, followed by Halifax shutting down 13 branches and Lloyds closing one branch. This trend reflects the shift towards digital banking services.
For those eligible for Winter Fuel Payment, most will receive the payment automatically, but some may need to apply. Applications can be submitted by post from September 15 or by phone from October 15, with eligibility determined based on age at the end of the qualifying week.
On September 17, the Office for National Statistics will release the latest inflation data, highlighting how prices have changed over time. In the most recent update, inflation rose to 3.8%, with a previous peak of 11.1% in October 2022.
The Bank of England will announce its next interest rates decision on September 18, with the current base rate standing at 4% following a recent cut. This rate influences borrowing costs for consumers.
Energy bills are set to increase on October 1, with the energy price cap rising to £1,755 annually for the average direct debit household from the current £1,720. To avoid overpaying, it’s recommended to take a meter reading around September 30 before the price cap adjustment.
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