Do Your Research and Save: Money Reset Tips for September

By the Editorial Team · Thursday, September 3, 2026

Ofgem will raise the price cap on standard variable energy tariffs by 4% starting October 1, impacting over 20 million households, with a further 9% increase expected in January. Consumers are advised to review and adjust their financial arrangements—such as switching to fixed-rate energy plans, optimizing savings accounts, and canceling unused subscriptions—to help manage rising costs and maximize potential savings before winter.

As energy prices are set to rise this autumn, millions of households are being urged to review their financial arrangements to mitigate the impact on their budgets. On October 1, the energy regulator Ofgem plans to increase the price cap on gas and electricity unit rates by 4% for customers on standard variable rate (SVR) tariffs, affecting over 20 million consumers across the country. This comes ahead of a further anticipated 9% price cap hike in January, raising concerns about affordability.

Industry experts suggest that switching to a fixed-rate energy tariff can shield consumers from these increases for at least 12 months, depending on the plan. By comparing offers through price comparison websites, households could save an estimated £334 annually by selecting the most competitive deals.

In addition to energy costs, savings account rates are another area to review. Top easy access savings accounts currently offer annual equivalent rates (AER) ranging from 4.5% to 5%, according to recent market data. Account holders earning below these rates are advised to consider switching providers to enhance returns. Tax implications also warrant attention, as around 4.5 million individuals are projected to pay tax on their savings interest this year, a significant increase compared to 2023. Savers exceeding personal savings allowances—£1,000 for basic-rate taxpayers and £500 for higher-rate taxpayers—may benefit from transferring funds into Individual Savings Accounts (ISAs), which allow up to £20,000 in tax-free savings annually.

Monthly direct debits and subscriptions present another opportunity for financial optimization. Surveys reveal that approximately 13 million people inadvertently subscribe to or continue paying for services they no longer use. Reviewing and cancelling unnecessary subscriptions can prevent unexpected charges. Similarly, reassessing outgoings such as home insurance and car finance may uncover potential savings. For example, refinancing car loans through online tools may lower interest expenses substantially.

Beyond budgeting, some households might qualify for additional financial support, including discounts on council tax or water bills, Pension Credit, or non-means-tested benefits such as Attendance Allowance. Tools like Nationwide’s “Better Off Indicator” have reportedly helped users identify unclaimed benefits, boosting average annual income by around £555.

Bank account arrangements should also be evaluated, as loyalty often does not translate into financial perks in the banking sector. Many providers now offer incentives to attract new customers, including switching bonuses, cashback rewards, and higher interest rates on savings linked to current accounts. Recent promotions from major banks include Santander’s £240 bonus for switching to its Everyday account, HSBC’s £220 incentive plus access to a 5% interest regular saver, and NatWest’s £200 switching bonus with additional cashback opportunities.

Nationwide and HSBC offer tailored deals for higher earners, with bonuses reaching up to £500 and added benefits such as travel insurance and online healthcare services. The Current Account Switch Service (CASS) facilitates transfers by automatically moving direct debits and payments to new accounts, streamlining the process.

With the end of the year approaching and increased expenses anticipated, financial experts recommend a comprehensive review of household finances in September. While switching providers and accounts may require some effort, the potential savings and added benefits could provide valuable relief through the colder months and holiday season.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.