6 major money changes hitting UK bank accounts from June

June brings a fresh round of money changes that could affect millions across the UK. After a tough April, when hit a year-long high due to price hikes and tax changes from Chancellor Autumn Budget, there's a mix of relief and key deadlines ahead.

Some households will see a boost, with a Universal Credit uprating and a 7% drop in the energy price cap on the horizon. But others may need to take action, with important changes like the end of the radio teleswitch service and the need to submit energy meter readings. Here are five key money updates to watch out for this month.

June 12 - Universal Credit payment boost

If you're on , you could see a payment increase this month. Benefit rates were raised by 1.7% in April, in line with inflation, but most people haven't felt the difference yet due to how payments are scheduled.

Because Universal Credit is paid monthly based on your personal "assessment period," the date your increase kicks in depends on when your latest period began. Those whose assessment periods started after April 7 may have already seen higher payments in May. Others may have to wait until around June 12 for the boost to hit their accounts.

June 18 - Inflation update

The Office for National Statistics (ONS) will release the latest figures on June 18, the . Inflation affects the price of everything from the food shop to energy bills, and the new data will show whether prices are continuing to climb or finally starting to ease.

In the last update, inflation rose sharply to 3.5%, driven in part by "Awful April's" bill and price hikes. While that's far below the 11.1% peak seen in 2022, it still puts pressure on household budgets. The Government has set the Bank of England a target to lower inflation to 2%, which it helps to achieve through increasing or sustaining central interest rates to deter spending.

June 19 - Bank of England interest rate decision

The will announce its next move on interest rates on Thursday, June 19. The current base rate sits at 4.25% after its second cut of the year in May.

The base rate influences everything from mortgage costs to credit card and savings account interest. A further cut could bring relief for borrowers, but savers might see lower returns.

June 30 - Radio Teleswitch Service (RTS) switch-off

Around 300,000 homes still use Radio Teleswitch Service (RTS) meters to control heating, especially those with older electric heating systems. But these meters are being switched off on June 30. Speaking on the move, Alistair Carmichael, the Scottish Liberal Democrat MP for Orkney and Shetland, said: "A number of extensions have been made to the deadline, but that switch-off can be delayed no longer. The outdated technology is quite literally falling apart."

If you have an RTS meter and don't upgrade to a smart meter, your heating system could stop working properly, either staying off or stuck on all the time. Energy suppliers are urging affected households to act quickly.

Look for a "Teleswitch" or "radio telemeter" label next to their electricity meter to check if you have an RTS meter. If you do, contact your energy supplier to upgrade.

June 30 - Mortgage Guarantee Scheme ends

The Government's mortgage guarantee scheme, launched in 2021 to help first-time buyers get on the property ladder with just a 5% deposit, will officially end on June 30.

The scheme offered lenders Government backing, but it's been criticised for higher interest rates compared to traditional mortgages. With its closure, low-deposit buyers may find fewer options available, though some lenders are expected to continue offering similar products without the Government guarantee.

June 30 - Energy meter reading day

With set to drop by 7% in July, households are being urged to submit their meter readings before the new price cap kicks in.

From July 1, Ofgem's new energy price cap will lower the average annual bill from £1,849 to £1,720, saving typical households around £129 a year. The change will affect over 22 million homes on standard variable tariffs.

To ensure you benefit from the lower rates immediately, it's important to submit your meter reading by June 30, especially if you don't have a smart meter. This ensures you're billed accurately and not charged higher rates for usage after the cap falls.

If you have a smart meter, you don't need to do anything - your readings are sent automatically.