**Key Financial Changes to Watch Out For in June: From Banking Updates to Energy Meter Deadlines**
As June gets underway, households across the UK face a range of significant financial updates and deadlines. These latest changes affect everything from your bank accounts and savings to how you manage your home energy usage, with some critical cut-off points that could impact the cost of living and household budgets.
In the banking world, major institutions such as Nationwide, NatWest, Lloyds and Halifax are all making adjustments this month, affecting savings rates and the terms of some popular current accounts. As these updates come into force, it is vital that customers check how they might be affected and consider taking action to protect their savings and minimise additional charges.
From the first of the month, Nationwide is modifying interest rates on a substantial 63 of its savings accounts. Notably, the Branch Smart Limited Child account will experience a small but notable decrease in interest, dropping from 3.05% to 2.85% for account holders with minimal withdrawals. The Help to Buy: ISA, a particularly popular savings vehicle for first-time buyers, will also see its rate dip from 3.10% to 2.90%. For those who rely on their savings interest, even modest reductions can make a tangible difference over time, underscoring the need for customers to review their options and stay informed about better rates elsewhere.
Similarly, NatWest is lowering the rates on its Savings Builder accounts as of 1 June. Savers with between £1 and £10,000 will see rates trimmed from 2% to 1.75%. Those holding larger sums will also be affected, with a change from 1.25% to 1.15% on balances over £10,000. In addition, NatWest’s Standard Variable Rate (SVR) mortgage customers will benefit from a rate reduction, with SVR dropping from 7.49% to 7.24%. This offers some welcome relief for homeowners hit by high mortgage repayments but means savers must remain vigilant to ensure they get the best deal.
On 2 June, Lloyds Bank is updating its Club Lloyds package, increasing the monthly fee from £3 to £5. However, customers who can pay in at least £2,000 per month will still have the charge waived. At the same time, both Lloyds and Halifax will be removing interest on their student bank accounts — a blow for many young people already feeling the squeeze from rising costs at university.
June also brings new charges for users of the money management app HyperJar. From 3 June, accounts that remain inactive for a 12-month period will be charged a £3 monthly fee. The solution for app users is straightforward: simply ensure you use the account at least occasionally to avoid unnecessary charges, whether by making a purchase or transferring funds.
Further afield, some crucial updates come later in the month. The Office for National Statistics will issue its latest inflation figures on 18 June, giving an updated picture of how everyday prices are evolving. This is particularly important in a period of economic uncertainty, with inflation last reported at 3.5% following the April bill hikes — down from a high of 11.1% in late 2022.
Just a day later, on 19 June, markets and consumers will tune in for the Bank of England’s latest decision on interest rates. The base rate currently stands at 4.25% after a cut in May. Whatever the outcome, the decision will ripple through the economy, influencing the cost of mortgages, loans, and savings rates for millions.
Energy users are also on notice for two vital deadlines. With Ofgem’s energy price cap set to fall by 7% from July, it is strongly recommended that households submit meter readings on or around 30 June. This ensures customers are billed at the new, lower rates rather than lingering on outdated, more expensive tariffs. Households with older Radio Teleswitch Service (RTS) meters also face a critical cut-off as these will be turned off from the end of June. Without upgrading to a smart meter, some could find their heating becomes either permanently stuck on or off.
Lastly, the government’s mortgage guarantee scheme, designed to help first-time buyers secure a home with just a 5% deposit, concludes on 30 June. While it has offered a lifeline to those struggling to get on the housing ladder, its closure means prospective buyers will need to consider alternative routes or act quickly to meet the deadline.
In summary, with numerous changes taking place across banking, mortgages, energy and government support, June demands careful attention for consumers keen to protect their finances and take advantage of new opportunities. Staying updated and acting where necessary could help households make the most of the shifting economic landscape.