September has arrived, bringing with it upcoming financial adjustments that will impact your finances in the coming month. Parents can look forward to an extension of the free childcare scheme, while deadlines for the Winter Fuel Payment and Ofgem price cap loom on the horizon.
For working parents with nine-month-old children, the availability of 30 hours of free childcare weekly has expanded, doubling the previous allocation. To qualify for this benefit, individuals must earn at least the national minimum wage for 16 hours per week on average, with an annual income below £100,000.
Additionally, all parents of three and four-year-olds are entitled to 15 free childcare hours weekly, regardless of employment status. However, working parents of children in this age group can claim the full 30 hours if they meet the income requirements.
First Direct customers will transition to online savings account statements starting September 1, discontinuing paper statements. Customers wishing to receive paper statements can adjust their settings within the First Direct app under “my details” and “statement preferences.”
In other news, NatWest is set to close 26 branches, Halifax 13 branches, and Lloyds one branch in September, reflecting a trend of bank closures due to increased online banking adoption. Eligible individuals for the Winter Fuel Payment will receive automatic payments, although some may need to apply starting in mid-September by post or phone.
Further updates include the release of inflation data by the Office for National Statistics on September 17, showing a rise to 3.8%. The Bank of England will announce its next interest rates decision on September 18, with the current base rate at 4%, impacting borrowing costs.
Looking ahead, energy bills are slated to increase on October 1, with the energy price cap rising to £1,755 annually. It is advisable to take a meter reading around September 30 to avoid overpayment for energy usage pre-update.
