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Daily Record
Daily Record
Lifestyle
Levi Winchester & Nicola Roy

Seven money changes happening in June - from Clubcard updates to £150 payment

During the month of June, people in the UK will be faced with several different changes happening in terms of money.

These range from a couple of major Tesco Clubcard shake-ups, to an update on the rate of inflation and interest rates, as well as a few payments being sent out to those who are eligible.

One of these is the £150 disability cost of living payment, which will be distributed to around six million people all over the country.

And it's good news for Nationwide customers, as the building society will dish out £100 one-off payments 3.4 million of its customers.

Here's a rounded-up list of all the money changes you should be aware of for June, as reported by the Mirror.

June 13 - £100 to Nationwide customers

Nationwide is paying out £100 to around 3.4million of its customers between June 13 to June 30.

This will happen automatically, so there's no need to apply. It'll show up on your statement as 'Nationwide Fairer Share Payment'.

To be eligible, you need to have a qualifying current account, plus a savings account or mortgage product with Nationwide.

Current accounts must have been opened on or before March 31, 2023, and still be open in June to receive the cash payment.

June 14 - Tesco Clubcard changes

Clubcard users are facing two changes to the way it works (Bloomberg via Getty Images)

Two changes are coming for Tesco shoppers with Clubcards on June 14.

The first shake-up will see the value of Clubcard points when redeemed against a "Rewards Partner" reduced.

Clubcard points are currently worth triple their value when used with a "Rewards Partner" but they will soon only be worth double their value.

Tesco currently has over 100 “Reward Partners” including Disney+, Thorpe Park, Pizza Express, Legoland and Zizzi.

The second change affects Clubcard holders who purchase fuel at Tesco forecourts.

Drivers currently get one point for every £2 they spend on fuel - but this will switch to one point for every two litres of fuel purchased.

June 15 - HMRC renewal packs

HMRC is currently in the process of sending out renewal packs to 1.5million Tax Credit households. It is expected the last renewal packs will be issued by June 15.

Tax Credit claimants must renew their claim every year - or risk their benefit being stopped.

You can do it online through your GOV.UK account or you can use the HMRC app.

You can also call the HMRC Tax Credit helpline on 0345 300 3900 or post back the renewal pack you are sent by HMRC. You have until July 31 to renew your Tax Credit claim.

June 20 - £150 disability payment

Six million people who get disability benefits will receive a £150 cost of living payment between June 20 and July 4.

In order to get the £150 payment, you need to have been claiming a qualifying benefit on April 1, or are subsequently paid for that date.

Your payment might come later if you start claiming benefits at a later date and backdate your claim.

The benefits that will qualify you for the £150 payment are:

  • Attendance Allowance

  • Constant Attendance Allowance

  • Disability Living Allowance for adults

  • Disability Living Allowance for children

  • Personal Independence Payment

  • Adult Disability Payment (in Scotland)

  • Child Disability Payment (in Scotland)

  • Armed Forces Independence Payment

  • War Pension Mobility Supplement

The money will be paid automatically into your bank account, is not taxable and will not affect any benefits or tax credits you get.

June 21 - Inflation announcement

The Office for National Statistics (ONS) will release the inflation rate for the 12 months to May on June 21.

Consumer Price Index (CPI) inflation is a figure used to explain how much the prices of goods and services have increased over time.

When inflation is high, it means prices have risen more sharply and you aren't getting as much for your money as you once did.

CPI inflation was 8.7% in the 12 months to April - this is down from 10.1% in March, and down from the 41-year high of 11.1% recorded in October last year.

June 22 - Interest rates decision

The Bank of England will announce whether interest rates will be raised again on June 22.

The central bank increased the base rate on May 11 to 4.5%

The base rate is what the Bank of England charges other banks and lenders - this in turn then influences the rates you are charged as a customer when you borrow money.

If interest rates are higher, you'll pay more to borrow on products like variable rate mortgages - but the flip side is, savings rates should go up.

June 30 - Take a meter reading

The majority of households are currently covered by the Energy Price Guarantee (EPG) when it comes to their gas and electricity bills.

But this comes to an end on June 30, as the new Ofgem price cap will kick in on July 1.

This figure will be £2,074 a year for the typical household - down from £2,500 a year under the EPG, meaning the average household will see their energy bill fall by £426 a year from this summer.

If you don't have a smart meter, it is worth taking a meter reading before the new price cap begins so your supplier doesn't estimate your usage and assume you've used more energy at the higher rate.

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.

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