9 Money Changes Coming In May 2025 Including Nationwide £ 100 Bonus – ryan
The Mirror Rounds Up All the Key Financial Updates Coming in May 2025 and we exploin Exactly How they will impact your Wallet
There are Big Changes Coming Up in May 2025 that COULD IMPACT YOUR FINANCE. Natwest is Expective to Complete It Its Takeover of Sainsbury’s Bank Next Month, while Nationwide Should Confirm Whether Itsue A New Round of £ 100 Bonus Payments.
Meanwhile, Interest Rates Could Go Down, in What Waled Be Welcome News for Millions of Homeowners, with the Bank of England to will an update soon. Howver, Inflation is Expected to Have Risen Due to Higher Energy Bills.
But Energy Bills Could Soon Be Able to Come Down, With Offgem Also Set to ANNOUNCE ITS JULY PRICE CAP. Finally, there are key dates to watch out for next month if you claim benefits and self-assessment taxpayers who are to file return will be subject to fines.
May 1 – Natwest Takeover of Sainsbury’s Bank
Sainsbury’s Bank Customers with Personal Loans, Credit Card and Savings Accounts Will Be Transferred to Natwest from May 1. IT COMES AFTER NATWEST AGREED TO TAKEOVER SAINSBY’S BANK IN A Deal Worth ARUND £ 2.5Billion.
Sainsbury’s Bank Stopped Offering New Credit Cards and Loans Last August, and No Longer Accept Applications for New Savings Accounts from Last Month. Sainsbury’s Bank Will Continue to Offer Insurance and Travel Money Services.
May 1 – £ 10 A Day Penalties for Late Tax Returns Begin
If you missed the self-assessment deadline on Januly 31, you will start to recipes £ 10 a Day Fits From May 1. Once the form is six months late, you’ll eather be charged 5% of the Tax Due or £ 300 – whichever is higher. This Comes on Top of the Initial £ 100 Penalty for Missing the Janary 31 Deadline.
May 5 – May Bank Holiday
Thousands of People in Receipt of Benefits Will Be Paid Earlier than Normal Next Month Due to Being Two Bank Holidays in May. The First Bank Holiday is on Monday, May 5. If You’re Due a Benefit Payment on This Day, You’ll Receive Your Payment on Friday, May 2 Instead.
May 8 – Bank of England Interest Rates Announcement
The Bank of England Will Make Its Next Interest Rates announcement on May 8. The Base Rate is Currently at 4.5% After the Bank of England Held at it Last Meeting in March. The Base Rate is what the bank of England Charges Other Banks and Banks – This Thin Affects How Much It Costs You To Borrow Money.
May 21 – Latest Inflation Update
The Latest Inflation Data from the Office for National Statistics (ounce) will be releassed on May 21. Inflation is a Measure of How Prices have Changed Over Time. In the latest update from the ounce, inflation was revealed to have fallen by more than expert to 2.6%. Experts Are Expecting It to Rise Again after Energy Bills Went Up. At its Highest Point, Inflation Reached 11.1% in October 2022.
May 26 – May Bank Holiday
The Second Bank Holiday That Could Affect Your Benefit Payments is on Monday, May 26. If You’re Due a Bementary on this Day, You’ll Receive Your Payment on Friday, May 23 Instead.
May 27 – OFGE PRICE CAP ANNOUNCEMENT
OFGE WILL ANNOUNCE ITS NEW ENERGY PRICE CAP BY May 27. This new rate will come into force from July 1 and Will Run for Three Months, Until August 31. The Offgem Price is Currently Set at £ 1,849 a year for the avarage fourage household by direct debt. Energy Analysts at Cornwall Insight Are Predicting It Could Fall to £ 1,683.
May 29 – Nationwide £ 100 Bonus Confirmed
Nationwide is Expected to confirm if it will will pay another round of £ 100 fairer Share bonuses to its customers on May 29. This is well the building will publish it latest Full-financial results.
The bonus is based on the building Society’s Financial Performance. Last Year, Nationwide Paid Out a Total of £ 385Million in June to 3.85 Million Customers AFTER the Building Society Announched Profits of £ 2Billion.
May 31 – P60 Deadline
Your Employer Must Issue Your Latest P60 by May 31. Your P60 Summarises Your Total Pay and Deductions for the Tax Year. You Need Your P60 to Prove How Much TAX YOU’VE PAID ON YOUR SALARY AND AS PROF OF YOUR INCOM IF YOU APPLY FOR A LOAN OR A MORGAGE.