ALL CHANGE
Ten money changes coming in June including new bank notes and benefit uplifts – will you be better off?
Some people could see extra cash in their wallet this month
MILLIONS of people will see their household budget and personal finances impacted as a raft of changes come through this month.
From providers closing to rising fees and interest rate changes, there are a few important events to look out for over the next few weeks.
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Make a note of any that affect you personally, or if there are any changes you need to make.
Here are the changes to look out for in June...
Plusnet Mobile closes - from June 1
Plusnet, which is part of the BT Group and provides broadband services to over a million UK customers, is shutting its mobile arm this month.
The mobile network stopped selling its own-brand sim-only mobile plans to new customers at the end of March 2023.
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And it started communicating to customers about the closure in May last year.
The majority of customers have already taken action and moved provider.
But those who haven’t yet moved will see their service end on their bill date throughout June.
If you are affected, you can still port their number to a new provider for a further 40 days after this closing date.
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Housing benefit migration to UC - from early June
Thousands of households claiming housing benefits will be asked to make a big change from the start of the month.
Housing benefit is extra money to help you with your housing costs if you are on a low income.
However, the benefit is being replaced by Universal Credit.
From June, the Department for Work and Pensions (DWP) will begin contacting only those claiming housing benefits, asking them to make the switch.
It's vital that households apply for Universal Credit within three months of receiving their managed migration letter.
Failing to do this can result in your benefits being stopped.
New bank notes, June 5
Bank notes featuring King Charles are to be launched into circulation on June 5.
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The public will start to see both £5 and £10 notes featuring the monarch begin appearing in circulation.
But it will be a gradual process as new notes are only being printed to replace worn out ones.
The reverse side portraits will stay the same with Sir Winston Churchill on the £5 note and Jane Austen on the £10 note.
Charles’s portrait will feature on the front of the banknotes and can also be seen through the security window.
Existing notes featuring the late Queen will remain legal tender and circulate alongside the new ones.
Tesco Clubcard reward vouchers expire – June 13
Tesco shoppers need to use or lose their Clubcard voucher codes - collectively worth millions - before they expire on June 13.
Purchases made in store or online at Tesco can earn Clubcard points which can be used to get money off future shops.
And you can also increase the value of the points by redeeming them with one of Tesco's partners.
First, you need to turn the points into vouchers and then into partner reward codes, which usually need to be redeemed within six months.
Tesco says there are £20million worth of codes which have been requested and not cashed in.
Universal Credit uplift payments made
Universal Credit payment rates grew by 6.7% on April 8, in line with the consumer price index (CPI) level of inflation for September 2023.
The new rates became immediately effective but claimants didn’t start seeing their payments rise until May and some won’t see the change until this month.
The exact date you receive the pay boost depends on when your last assessment period was.
Those with assessment periods started before April 8 saw the benefits begin to rise from Tuesday, May 14.
However, those whose assessment period started after this date might not see their boosted payments until June 13.
The standard allowance will rise as follow on a monthly basis:
- For those single and aged under 25, the standard allowance will rise from £292.11 to £311.68
- For those single and aged 25 or over, the standard allowance will rise from £368.74 to £393.45
- For joint claimants both under 25, the standard allowance will rise from £458.51 to £489.23
- For joint claimants where one or both are 25 or over, the standard allowance will rise from £578.82 to £617.6
Are you missing out on benefits?
YOU can use a benefits calculator to help check that you are not missing out on money you are entitled to
Charity works out what you could get.
Entitledto's determines whether you qualify for various benefits, tax credit and Universal Credit.
MoneySavingExpert.com and charity StepChange both have benefits tools powered by Entitledto's data.
You can use to determine which benefits you could receive and how much cash you'll have left over each month after paying for housing costs.
Your exact entitlement will only be clear when you make a claim, but calculators can indicate what you might be eligible for.
Nationwide payment starts – June 13
Millions of Nationwide customers are in line for a nice little cash boost paid directly into their accounts this month.
Around 3.4million people will get a £100 payment in June as part of the Nationwide Fairer Share – a reward for members who meet certain eligibility criteria.
Members simply need to hold a qualifying current account, plus either a qualifying saving or mortgage product.
You will need to have held the account on March 31 to be eligible and still have the account open in June.
All eligible members will get the £100 payment between June 13 and June 28.
Register to vote - by June 18
You have until June 18 to register to vote in the upcoming General Election on July 4.
If you live in England and Northern Ireland you must be aged over 16 to register to vote, and if you live in Scotland or Wales you must be over 14 - but you cannot actually vote until you're 18.
Being on the electoral roll is one way of improving your credit score. This is what most lender look at when you apply for any form of borrowing from credit cards to mortgages.
Your score also impacts taking out a mobile phone contract and other financial agreements.
Lenders also use the electoral roll to confirm your personal details, such as your address. If they can’t find that, they may ask for more details which can delay applications.
Registering to vote also means you can have your say on issues affecting your budget.
Bank of England interest rate decision - June 20
The Bank of England base rate currently sits at 5.25% but monetary policymakers will meet in June to decide if it should be altered.
The review will be announced on June 20 and impacts the rates lenders charge on products including mortgages and loans.
The base rate also affects savings rates offered by providers.
If you are on a tracker mortgage and there is a change to the base rate you will see the interest rate you pay quickly change.
Experts have been expecting the base rate to fall in 2024 but it remains to be seen if this will happen as early as this month.
NatWest account fee rise - June 28
NatWest is upping the fees on some of its packaged bank accounts this month.
The Reward Black account is going from £31 to £36 per month, and the Reward Platinum £20 to £22 per month.
The change will take affect from June 28.
NatWest said that the main drivers of the fee increases are the insurance associated with these accounts and the claim rate experienced by its third-party providers, particularly for travel, car breakdown and mobile phone claims.
It has also seen increased costs driven by inflation for other benefits, such as concierge and airport lounge access.
A NatWest spokesperson said: "We're making some changes to the monthly fee with some of our packaged accounts.
"The cost of providing the benefits associated with these accounts has risen considerably in recent years, and we have frozen our prices for the last five years."
Customers have the option of downgrading their account to an account with a reduced monthly fee or to our non-fee accounts.
NatWest says that this is easily done through a customer's mobile app or on its website.
Customers unhappy with the change can also choose to close or switch their account to another bank.
The Works points expire - June 29
High street retailer The Works announced earlier this year it is scrapping its loyalty card scheme
Shoppers have not been able to collect points on its ‘Together Rewards’ scheme since March 30.
However, time is running out to cash in rewards. Shoppers have until 23.59pm on June 29 to redeem vouchers from collected points.
The retailer said it's making an effort to make savings across the business which prompted the decision.
The Together Rewards Loyalty scheme allowed shoppers to obtain five points for every £1 spent in The Works stores.
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Each point would be worth 1p, so 50 points would equal 50p.
Every three months, Together Rewards Loyalty members would receive vouchers based on the points they earned on their cards.
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