Major financial changes are on the horizon in August, impacting a wide range of individuals from eBay sellers to homeowners. eBay is set to roll out faster payment options for sellers, while the Bank of England is gearing up for its upcoming interest rates announcement. Additionally, university tuition fees in England will see an increase from £9,250 to £9,535 starting August 1, marking the first hike since 2017.
Furthermore, Santander is discontinuing its popular 123 Lite current account on August 21, a move that will affect customers who enjoy its 3% cashback on household bills. On August 25, a bank holiday may alter benefit payment schedules, potentially resulting in earlier payouts for claimants. Additionally, parents are reminded to renew their Child Benefit claims by August 31 if their child is pursuing education or training beyond the age of 16.
For those in the eBay seller community, a new policy change will bring faster payment processing starting August 6, benefiting sellers who meet specific criteria for quicker fund disbursement. The Bank of England is scheduled to make its interest rate announcement on August 7, with the current base rate standing at 4.25%.
Moreover, inflation data from the Office for National Statistics is expected on August 20, shedding light on price fluctuations. Notably, Santander customers should be aware of the closure of the 123 Lite current account on August 21, prompting a shift for those utilizing its cashback benefits.
Lastly, individuals claiming benefits should anticipate altered payment dates due to the bank holiday on August 25, potentially resulting in earlier payments. Parents are encouraged to secure funding for 30 hours of free childcare by August 31 to ensure coverage from September 2025 onwards.
