7 money changes in December 2024 including DWP Christmas bonus and Winter Fuel Payment deadline

We circular up each the wealth changes coming successful December 2024, including the DWP Christmas bonus, inflation, involvement rates, benefits being paid aboriginal and an important Winter Fuel Payment deadline

December tin beryllium a tricky period financially owed to the outgo of Christmas - but determination are plentifulness of large wealth changes coming up that volition interaction your wallets.

There volition beryllium a Christmas bonus outgo for immoderate households, portion successful not-so-good news, Nationwide is hiking fees for definite slope relationship holders. We'll besides get an update connected ostentation and involvement rates, portion an important deadline besides looms for the Winter Fuel Payment.

Certain wintertime assistance schemes volition besides proceed into December, including Cold Weather Payments and the Warm Home Discount. Here is everything you request to know.

DWP Christmas bonus - from December 1

The Department for Work and Pensions (DWP) volition soon nonstop retired its Christmas bonus, worthy £10. In erstwhile years, it has been paid to eligible households during the archetypal week of December. It is tax-free, does not impact immoderate different benefits you're claiming, and should travel done by January 1 astatine the latest. You person to beryllium claiming definite benefits to get the DWP Christmas bonus.

Nationwide to hike slope relationship interest - from December 1

Nationwide is expanding the interest connected its FlexPlus packaged slope relationship by £5 a period from December 1 - this means you'll wage £60 much implicit a year. You presently wage £13 a period for the FlexPlus relationship but this volition emergence to £18 a month. The FlexPlus relationship offers question and mobile telephone security positive breakdown cover.

Inflation - December 18

The latest inflation information from the Office for National Statistics (ONS) volition beryllium released connected December 18. Inflation is simply a measurement of however prices person changed implicit time. In the latest update from the ONS, ostentation was revealed to person crept backmost supra the Bank of England target, aft it roseate to 2.3%. At its highest point, ostentation reached 11.1% successful October 2022.

Bank of England involvement rates - December 19

The Bank of England volition marque its adjacent involvement rates announcement connected December 19. The basal complaint is currently astatine 4.75% aft the Bank of England announced its 2nd chopped of the twelvemonth astatine its past gathering successful November. The basal complaint is what the Bank of England charges different banks and lenders - this past increases your outgo of borrowing arsenic a customer.

Winter Fuel Payment deadline - December 21

Millions of pensioners volition nary longer person their Winter Fuel Payment this twelvemonth aft the eligibility was changed - and you present request to beryllium successful receipt of a means-tested benefit. In bid to beryllium eligible for a Winter Fuel Payment this year, you indispensable person been calved earlier September 23, 1958 and claiming a payment betwixt September 16 and September 22, 2024.

But determination is 1 payment that tin beryllium backdated. Pension Credit tin beryllium backdated by 3 months - truthful if you enactment successful a assertion for Pension Credit by December 21, you'll inactive person your Winter Fuel Payment for this year.

Benefits paid aboriginal - December 24 and December 31

Thousands of radical volition spot their benefits paid aboriginal adjacent period owed to the Christmas and New Year slope holidays. This year, Christmas Day volition autumn connected a Wednesday, and Boxing Day is connected Thursday. This means if you're owed a payment connected either of these days, you'll apt beryllium paid connected Tuesday, December 24 instead.

Similarly, if you're owed a payment outgo connected January 1, which volition autumn connected a Wednesday, you should person your payment outgo connected Tuesday, December 31.

Winter assistance schemes - passim December

There volition beryllium respective enactment schemes carrying connected passim December. The DWP volition proceed to wage retired Cold Weather Payments worthy £25 erstwhile temperatures driblet beneath zero degrees for 7 consecutive days, arsenic good arsenic its Winter Fuel Payments, worthy up to £300. Households volition besides proceed to person the Warm Home Discount, worthy £150 disconnected your energy bill.