The Mirror has rounded up all the key financial announcements coming up in August, from eBay changes to the next Bank of England interest rate decision
From eBay sellers to homeowners, there are major money changes coming up in August that could impact your wallet.
eBay is introducing new faster payments for sellers, while the Bank of England is expected to make its next interest rates announcement next month.
Meanwhile, university tuition fees will rise for the first time since 2017 and Santander is axing one of its popular accounts. There is also a bank holiday coming up that could affect you if you claim certain benefit payments.
August 1 – University tuition fees rise
University tuition fees in England will rise from £9,250 a year to £9,535 on August 1. It is the first time tuition fees have risen since 2017.
This will apply to students starting university in September 2025 and those continuing their courses. University maintenance loans, which are used by students to help pay for daily living costs while they study, will also increase.
The maintenance loan for students living away from their parents outside of London will rise from £10,227 a year to £10,544, and from £13,348 to £13,762 in London.
August 6 – New eBay faster payments
eBay is introducing faster payments for some sellers from August 6. If you have made at least ten sales totalling £150 or more in the previous five days, and have no more than two unresolved cases – so if there has been a dispute – in the previous 12 months, you will receive your sale money within 24 hours of a sale.
Sellers currently have to wait two days after delivery confirmation to receive their funds.
August 7 – Bank of England interest rate decision
The Bank of England will make its next interest rates announcement on August 7. The base rate is currently at 4.25% after the Bank of England decided to hold it at its last meeting in June.
The base rate is what the Bank of England charges other banks and lenders – this then affects how much it costs you to borrow money.
August 20 – Latest inflation figure
The latest inflation data from the Office for National Statistics (ONS) will be released on August 20. Inflation is a measure of how prices have changed over time.
In the latest update from the ONS, inflation was revealed to have risen to 3.6%. At its highest point, inflation reached 11.1% in October 2022.
August 21 – Santander axing popular account
Santander is closing its 123 Lite current account on August 21. This account comes with 3% cashback on household bills, capped at £15 a month. It comes with a £2 monthly fee. New customers haven’t been able to open a Santander 123 Lite account since early 2024.
August 25 – August bank holiday
If you claim benefits, then you may receive your money slightly earlier than usual in August. That’s because there is a bank holiday on Monday, August 25. If you are due a benefit payment on this date, you will likely get paid on Friday, August 22 instead.
August 31 – Child Benefit deadline
You need to renew your Child Benefit claim by August 31 if your child is continuing with education or training after the age of 16. This is because your Child Benefit will automatically stop on August 31 on or after your child’s 16th birthday.
Approved education or training can include A-Levels, NVQs or even home education, but it does not include university or BTEC qualifications.
August 31 – Free childcare deadline
Parents must apply for 30 hours free childcare by August 31 to have their funding in place from September 2025. Once you have applied, you will receive an 11-digit code to give to your childcare provider.