As September approaches, several significant social welfare and banking changes are set to impact households across the board. Here’s a comprehensive breakdown of the upcoming money-related developments that you should be aware of:
- Fuel Allowance Returns
Commencing September 25th, the Fuel Allowance program will resume its yearly run, lasting until the first week of April. This initiative provides essential financial support to individuals for heating expenses during the colder months. Recipients can expect either 28 weekly installments of €33 or two lump sum payments of €462. - Back-to-School Clothing and Footwear Allowance Deadline
Families seeking the Back to School Clothing and Footwear Allowance, augmented by €100 per child this year, must act swiftly. Eligible children aged 4 to 11 can receive €260, while those aged 12 to 22 can claim up to €385. The application window closes on September 30, 2023. Keep in mind that some families automatically qualify and may have already received their payment. - Bank of Ireland’s Deposit Rate Adjustments
Starting September 8th, the Bank of Ireland will implement changes to its deposit rates across several accounts. Notably, the SuperSaver account’s interest rate will rise from 2% to 3% for the initial 12 months, followed by a sustained rate of 2%. Mortgage Saver accounts will see their rates increase from 1% to 2% on balances up to €15,000, with a 0.5% rate on higher balances. Regular Saver accounts will experience a bump from 1% to 2% on balances up to €12,000, similarly with a 0.5% rate on higher balances. - Permanent TSB’s Interest Rate Adjustments
On September 26th, Permanent TSB will be implementing interest rate adjustments on selected savings products. The three-year fixed-term deposit rate will rise from 2% to 3%, and interest rates on Regular Saver products will increase from 1% to 2.5%. This applies to both the Online Regular Saver and the 21-Day Regular Saver accounts for balances up to €50,000. Furthermore, the 18-month fixed-term deposit product will increase from 2% to 2.5%, and the 12-month fixed-term offering will rise from 1.75% to 2%.
These impending changes underscore the importance of staying informed and taking proactive steps to manage your finances effectively. Whether you’re a recipient of social welfare benefits or a banking customer, these developments in September will likely have a notable impact on your financial situation. Be sure to mark these dates on your calendar and assess how they may affect your personal financial planning.