The Mirror rounds up everything you need to be aware of that could affect your wallet next month – from energy bills, to bank account changes and interest rates
From changes to your bank account, to an important energy deadline, there are plenty of key money changes you should note in your diary for June.
Lloyds is making two big changes to certain bank accounts, while households are being advised to take an energy meter reading before the end of the month.
Speaking of energy, another deadline for when RTS meters will be switched off is fast approaching – and if you don’t upgrade your meter, you could end up wit your heating stuck on or off.
We’ll also have the latest inflation and interest rate announcements coming up in June.
June 2 – Lloyds bank account changes
Lloyds is increasing the monthly fee on its Club Lloyds package bank account from £3 to £5 from June 2. Club Lloyds is a current account that gives you additional perks for a monthly fee.
The monthly fee is still waived if you pay in £2,000 or more each month. Also from June 2, Lloyds and Halifax customers will no longer get interest on student bank accounts.
Lloyds student current account pays 2% interest on balances between £1 and £5,000, while Halifax student bank account pays 0.5% interest on all balances above 1p.
June 3 – HyperJar introducing fees
HyperJar, which is 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 longer.
To avoid the fee, make sure you use your account – whether this be to make a purchase, or to send and receive money.
June 18 – Latest inflation update
The latest inflation data from the Office for National Statistics (ONS) will be released on June 18. Inflation is a measure of how prices have changed over time.
In the latest update from the ONS, inflation was revealed to have risen sharply to 3.5% following the Awful April bill hikes. At its highest point, inflation reached 11.1% in October 2022.
June 19 – Bank of England interest rates announcement
The Bank of England will make its next interest rates announcement on June 19. The base rate is currently at 4.25% after the Bank of England decided to cut it at its last meeting in May.
The base rate is what the Bank of England charges other banks and lenders – this then affects how much it costs you to borrow money.
June 30 – take an energy meter reading
The Ofgem energy price cap will fall by 7% from July – taking the typical annual bill from £1,849 to £1,720. You should take a meter reading around June 30 to make sure you’re not accidentally charged for energy at the higher rates.
It is also worth noting that there isn’t actually a total cap on how much you can pay for energy. What the Ofgem price cap does is put a limit on how much you can be charged for unit rates and standing charges.
June 30 – RTS switch off
There are still around 300,000 radio teleswitch service (RTS) meters in homes – but these are being switched off on June 30. If you have one of these meters, you need to upgrade to a smart meter or your heating could end up being permanently turned off – or stuck on constantly.
June 30 – mortgage guarantee scheme ends
The mortgage guarantee scheme, which was set up in 2021 and allows first-time buyers to take out a mortgage with a 5% deposit, with the Government promising to cover some costs if your lender loses money, will come to an end on June 30.
The scheme had been previously criticised for having more expensive rates compared to higher deposit home loans.
