A RAFT of financial changes come in next month affecting millions of households across the UK.
From tax deadlines to a new energy price cap, it’s important to understand what changes are happening and when they will take place.
It's worth popping the ones that affect you directly into the diary, as well as making a note of any actions you need to take.
Here's all the key dates and details for July.
1. Energy price cap – July 1
On July 1 a new energy price cap comes into force, meaning lower bills for millions of families on standard variable tariffs (SVTs).
Ofgem, the energy regulator, has said that the changes will save the average dual fuel household £122 a month.
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Exactly how much you save will depend on usage though, as the cap applies to the unit price you pay.
The changes happen automatically, but you should still take a meter reading on July 1, to make sure you’re being charged the right rates for your usage.
Watch our video to understand exactly what you need to do and when.
2. UK general election – July 4
On July 4, the UK heads to the voting booth for the general election.
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Currently, the Labour Party is winning decisively in the polls, but what happens on the day could have a serious impact on your wallet.
So far, the Conservative Party has pledged a 2p National Insurance (NI) cut, to scrap self-employed NI, and to increase the child benefit threshold to £120k.
Meanwhile, Labour has pledged no tax increases for five years and a fuel duty freeze and the Lib Dems have promised to increase capital gains tax to find services.
You can read our roundup to all the money pledges in the manifestos, including what each party is saying about pensions, benefits, and first-time buyers here.
3. Metro Bank slashing savings rates – July 8
Metro Bank has announced that its limited-edition account savings rates will be slashed.
They will fall below 4% from July 8.
There are plenty of accounts paying more than 4%, so customers should shop around to see if they can get a better deal.
How you can find the best savings rates
If you are trying to find the best savings rate there are websites you can use that can show you the best rates available.
Doing some research on websites such as MoneyFacts and price comparison sites including Compare the Market and Go Compare will quickly show you what's out there.
These websites let you tailor your searches to an account type that suits you.
There are three types of savings accounts fixed, easy access, and regular saver.
A fixed-rate savings account offers some of the highest interest rates but comes at the cost of being unable to withdraw your cash within the agreed term.
This means that your money is locked in, so even if interest rates increase you are unable to move your money and switch to a better account.
Some providers give the option to withdraw but it comes with a hefty fee.
An easy-access account does what it says on the tin and usually allow unlimited cash withdrawals.
These accounts do tend to come with lower returns but are a good option if you want the freedom to move your money without being charged a penalty fee.
Lastly is a regular saver account, these accounts generate decent returns but only on the basis that you pay a set amount in each month.
4. Barclaycard min payments change - July 21
Barclays is altering the method it uses to calculate monthly minimum repayments for credit card customers from July 21.
Instead of the current tiered structure, where customers pay between 2.25% and 4.25% of their total balance, the new approach will tailor repayments based on each customer's individual circumstances.
From July 22, customers will pay the highest of the following each month:
- 1% of their main credit card balance
- 1% of the main balance plus any interest, default fees or account fees
- The customer's total outstanding balance, if this is less than £5
The majority of customers will see their APR stay the same or go down, but some could see an increase.
While many customers will feel some light relief from the changes in the short-term, experts have warned that paying less in minimum repayments means you could end up paying more long-term.
See our tips on how to avoid paying more than you need to.
5. Lloyds closes its switching offer – July 30
Lloyds is currently offering a £175 bonus to new customers who switch to its Club Lloyds, Club Silver, or Club Platinum account.
However, the offer ends on July 30, so you’ll need to act fast if you want to take advantage of the deal.
You won't qualify for the switching offer if:
- You are switching to a Lloyds Bank current account which does not qualify.
- You've received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account.
- You switch into an existing account.
- You start your switch after 30 July 2024
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up - there's a full list on CASS' website.
Under the switching service, swapping banks should take seven working days.
You don't have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
6. Second payments on account due – July 31
If you're self-employed or do your taxes through self-assessment, the second payment of the year is due on July 31.
This is the second of two payments for the 2023/2024 tax year and you can sign into your government gateway account to see how much you owe.
Make sure you leave enough time for the payment to clear or you could face a fine.
7. School holidays begin – last week in July
School holidays start in the last week of July, although the exact dates will depend on your school.
If you're looking for ways to save cash through the summer, look out for supermarket and restaurant deals where kids eat free.
For instance, at Asda cafes, kids under 16 can enjoy a hot meal for £1 and you don't even need to make an accompanying minimum adult spend to qualify.
Dishes in the deal include penne pasta with meatballs and a vegan hidden veg pasta meal, as well as fish fingers, chicken nuggets and an all-day breakfast.
8. Switch to universal credit – July
Around 90,000 benefits claimants will receive letters this month explaining how they switch from legacy benefits to Universal Credit.
If you don't act on the letter before the deadline, your benefits could stop abruptly, and you could miss out on transitional protections.
We explain exactly what's happening and when in this article.
But this month's letters are going to people who currently receive the income-related employment support allowance with child tax credits and anyone of pension age who currently receives tax credits.
9. Deadline to renew tax credits
Tax credit customers have until July 31 to check the information in their renewal pack is correct.
They'll need to notify HMRC of any changes to their circumstances which may affect their claim.
There are two types of tax credits - working tax and child tax credit.
They're given to people who are on low incomes, are registered as disabled or have children that are dependent on them.
The rates vary depending on your personal situation and there are a number of elements.
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Universal Credit has replaced tax credits for new claimants, but many have not yet made the switch over to the newer benefit.
Everyone will be transitioned over to receiving Universal Credit eventually.