9 money changes you need to know about in June including bank changes and energy deadline
9 money changes you need to know about in June including bank changes and energy deadline
From bank account changes to energy deadlines, there are a number of key money dates to note for June
There a number of dates people need to prepare for
(Image: WalesOnline/Rob Browne )
There are several crucial financial changes to be aware of in June from alterations to your bank account to a significant energy deadline. Lloyds is implementing two major modifications to certain bank accounts while households are being urged to take an energy meter reading before the month ends.
In terms of energy, another cut-off date for when RTS meters will be deactivated is rapidly approaching - and failure to upgrade your meter could result in your heating being permanently on or off.
We can also expect the latest inflation and interest rate announcements in June.
June 1 - Nationwide cuts rates
Nationwide is cutting rates on 63 of its savings accounts on June 1, from easy-access ISAs to children's accounts. The Branch Smart Limited Child account will drop from 3.05% to 2.85%, on accounts where one or no withdrawals have been made.
Customers with the same account who have made two or more withdrawals won't see their interest rate (1.80%) change. Meanwhile, bankers with a Continue to Save account will see their interest rate slashed from 2.10% to 2% from next Sunday.
The Help to Buy: ISA account is dropping 0.2 percentage points from 3.10% to 2.90%.
How much the interest rate on your account is cut may depend on how much you have saved.
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June 1 - NatWest rates fall
Interest rates on the Savings Builder account will fall from 2% to 1.75% for anyone with a balance of between £1 and £10,000 from May 30. Meanwhile, for balances over £10,000, the interest rate will fall from 1.25% to 1.15%.
A spokesperson for NatWest said: "Following the Bank of England base rate cut, we will be passing on the rate cut in full to our customers on a Standard Variable Rate (SVR) mortgage. SVR will be reduced from 7.49% to 7.24%, effective from June 1.
"SVR customers may also be able to save money by switching to one of our fixed rate mortgages. Following the Bank of England base rate cut, we have made reductions to some of our variable rate savings accounts.
"We will communicate these changes to customers in due course, giving at least 14 days' notice of any changes.
"Details of these changes are available on our website now."
June 2 - Changes to Lloyds bank accounts
From June 2, Lloyds is raising the monthly fee on its Club Lloyds package bank account from £3 to £5. Club Lloyds is a current account that offers additional benefits for a monthly fee, reports the Mirror.
The monthly fee will continue to be waived if you deposit £2,000 or more each month. Additionally, from June 2, Lloyds and Halifax customers will no longer receive interest on student bank accounts.
Lloyds' student current account offers 2% interest on balances between £1 and £5,000, while Halifax's student bank account provides 0.5% interest on all balances above 1p.
June 3 - HyperJar introducing fees
HyperJar, a free money management app and prepaid debit card, is introducing a new £3 monthly inactivity fee from June 3. This fee will be automatically deducted from your HyperJar balance if your account remains inactive for 12 months or more.
To dodge the fee, ensure you use your account - this could be for making a purchase, or sending and receiving money.
June 18 - Latest inflation update
The most recent inflation figures from the Office for National Statistics (ONS) will be unveiled on June 18. Inflation is an indicator of how prices have evolved over time.
In the ONS's latest report, inflation was disclosed to have surged to 3.5% in the wake of the dreadful April bill increases. Inflation peaked at 11.1% in October 2022.
June 19 - Bank of England interest rates announcement
The Bank of England is set to announce its next decision on interest rates on June 19. The base rate currently stands at 4.25%, following a reduction by the Bank of England at its previous meeting in May.
The base rate is the charge imposed by the Bank of England on other banks and lenders - this subsequently influences the cost of borrowing for you.
June 30 - take an energy meter reading
The Ofgem energy price cap is slated to drop by 7% from July, bringing the average annual bill down from £1,849 to £1,720. It's advisable to take a meter reading around June 30 to avoid being inadvertently charged at the higher rates.
It's also worth mentioning that there isn't actually an absolute cap on what you can pay for energy. What the Ofgem price cap does is set a limit on the charges per unit and standing charges.
June 30 - RTS switch off
There are still approximately 300,000 radio teleswitch service (RTS) meters in households - but these will be deactivated on June 30. If you possess one of these meters, it's necessary to upgrade to a smart meter or risk having your heating permanently switched off - or perpetually stuck on.
June 30 - end of the mortgage guarantee scheme
The mortgage guarantee scheme, established in 2021, enables first-time buyers to secure a mortgage with a 5% deposit, with the Government pledging to cover some costs if your lender incurs losses. This scheme will conclude on June 30.
Article continues below
Previously the scheme faced criticism for its higher rates compared to home loans requiring larger deposits.
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