Four money changes coming in September and what they mean for you
The cost of living crisis is showing no signs of easing up anytime soon, with a number of money changes set to take place throughout September.
A series of financial changes are set to take effect this September, which could significantly impact your financial plans for the rest of the year. It's therefore crucial to stay abreast of these developments.
Your banking needs may be affected by a significant change coming from one bank, while a key decision from the Bank of England later in September could also directly affect your finances if you have a loan or mortgage.
We have put together a guide to four key money changes coming in September, and what they mean for you.
First Direct to introduce significant change - September 1
From 1st September, First Direct customers will no longer receive paper bank statements for their savings accounts. As a result, customers will need to use the company's banking app or online banking service.
However, this only affects customers with a savings account and not those with a standard current account, reports the Mirror.
Free childcare becomes available - September 1
All 3 and 4-year-olds in Northern Ireland get 12.5 hours per week of funded pre-school education during term time through the Pre-School Education Programme.
Through the Childcare Subsidy Scheme, all eligible parents or guardians in Northern Ireland automatically receive 15% off their bill from their provider up to a maximum of £184 per month. However, you only have until 31st August to submit an application and qualify for the scheme for 2025/26. To find out more, click here.
Latest inflation figures - September 17
Inflation data for August will be published in mid-September. The Bank of England currently predicts that inflation will continue to climb throughout the rest of the year, with a peak of 4% anticipated in September.
Bank of England base rate announcement - September 18
The Bank of England is scheduled to reveal its latest review of the interest rate next month. Whatever figure they settle on will act as a benchmark for a range of interest rates utilised by banks and lenders.
This suggests that a higher base rate could lead to increased payments on your mortgages and loans. Previously, the Bank had agreed to lower the base rate from 4.25% to 4%.
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