September has arrived, signaling upcoming financial adjustments that will impact your finances in the coming month as the weather changes. Parents can look forward to an extension of the free childcare scheme, with working parents of nine-month-olds now eligible for 30 hours of free childcare, doubling the previous allowance. To qualify for free childcare, individuals must earn the national minimum wage equivalent for at least 16 hours weekly but earn below £100,000 annually.
In other news, First Direct customers will transition to online savings account statements from September 1, eliminating paper statements. However, customers desiring paper statements can adjust their settings through the First Direct app. Additionally, NatWest, Halifax, and Lloyds will close several bank branches this month, citing the increasing trend towards online banking.
As for the Winter Fuel Payment, most eligible recipients will automatically receive up to £300, while others may need to apply by post starting September 15 or via phone from October 15. The Office for National Statistics will release the latest inflation data on September 17, showing a recent increase to 3.8%. Furthermore, the Bank of England is set to announce its next interest rates decision on September 18, with the current base rate standing at 4%.
Energy bills are also expected to rise on October 1, with the energy price cap increasing to £1,755 per year for the average direct debit household. It is advisable to take a meter reading by the end of September to avoid being charged higher rates for energy consumption before the price cap adjustment.