Letter from the Editor: The September money check-ins that could save you £100s

September has a way of reminding us to get organised. The schools are back, the summer holidays are over and routines are returning. But have you considered, with the Autumn Budget just around the corner and rule changes to Cash ISAs just months away, now is also a great time to check your financial organisation?

If that sounds time-consuming and potentially painful, be reassured that it doesn’t need to be. Choose what to look at wisely, and you could reap timely benefits, without needing to dig out every piece of paperwork you’ve ever been sent.

What to focus on

• 1. Is your savings rate still competitive?

We’ve all done it: opened a savings account, put some money in, and then forgotten about it. It’s safe, it’s earning interest and when you need it, it’ll be there, so why do I suggest making this check your top priority?

Interest rates can change, what was once a competitive rate can quickly become a poor return if the economic landscape changes and inflation rises. Leaving your money in an account that pays a poor rate could mean you’re potentially losing out on hundreds of pounds in interest over time.

This week we discovered that more than £1.1 trillion is currently sitting in UK bank and building society accounts earning an average of around 1.2%. £350 billion of that £1.1 trillion is earning zero interest! With inflation at 2.9% for the year to the end of July, that money is losing purchase power, fast.

So, when did you last check what your savings account is paying?

Use our free Savings Rate Checker Tool to find out whether your money is still earning a competitive rate, or whether a simple move elsewhere could see it earn extra interest amounting to hundreds of pounds per year. All for just a few minutes spent comparing rates.

For example, if you have £10,000 currently earning 1.2% interest, you will receive around £120 over a year, before tax. Making a move to an account that pays 3.75% annually – the Bank of England’s current base rate – you would receive £375. That’s a difference of £255 in one year. And just as importantly, it’s kept up with the rate at which prices are rising.

The other bit of good news is that switching is becoming far simpler and far quicker to do. It can now be as easy as a few clicks online, although it is very important to establish whether there are any exit charges or penalties associated with your existing account before making the move. These are relatively rare, but you don’t want a nasty surprise.

• 2. Are you making the most of your ISA allowance?

You can currently put up to £20,000 into ISAs (both Cash ISAs and Stocks and Shares ISAs) during the 2026/27 tax year, and you won’t have to pay any tax on interest or investment returns earned within an ISA, making them a no-brainer option for most people who want to get started with savings or investing.

However, there’s a change coming that could make this upcoming April 2027 end-of-tax-year deadline more significant than normal for those who use Cash ISAs.

From 6 April 2027, if you’re under 65, you’ll no longer be able to put your full £20,000 annual ISA allowance into a Cash ISA. Under the new rules, you’ll only be able to put £12,000 a year into a Cash ISA. The overall ISA allowance will remain £20,000, so you’ll still be able to put the remaining £8,000 into other types of ISA, such as a Stocks & Shares ISA, if that’s appropriate for you. And if you’re 65 or over, the £20,000 Cash ISA limit will remain. But if you usually put most or all of your annual ISA allowance into cash, it’s worth understanding what the changes could mean for you.

It could mean you choose to max out your annual ISA allowance in your Cash ISA this year if holding cash savings forms an important part of your plans. Alternatively, it could mean that now is a really good time to learn more about how Stocks and Shares ISAs work, what their pros and cons are, and who they are most suited to. Whatever approach you choose to preserve and grow your money, it’s a great time to make sure you are using a strategy that gives you the best chance of achieving your life and financial goals.

• 3. Check if your portfolio still right for you

If you already invest, September is also a good time to take a step back and ask a simple question: is your portfolio still working for you?

That’s a particularly valuable question to ask if your financial or life circumstances have changed since you set up your portfolio. Perhaps you’re getting closer to needing the money, your attitude to risk has changed, or your financial goals are different from when you first invested.

That doesn’t necessarily mean you should start buying new assets or selling your investments. In fact, constantly changing your investments can do more harm than good.

But it is worth checking that the investments you’ve chosen still match what you’re trying to achieve and the amount of risk you’re comfortable taking.

A final thought

None of these checks should take hours, and you don’t need to be an investing expert to do them.

But spending a little time looking at where your money is, what it’s earning and whether your investments still make sense could help you avoid the financial equivalent of leaving things on autopilot and finding you’ve ended up somewhere you never intended to go.