Financial Changes ahead for February
Table of Contents
- 1. Financial Changes ahead for February
- 2. Prepare for a Price Hike at the Pub
- 3. Electricity Credits Provide a Welcome boost
- 4. Social Welfare Payment Dates Shift Due to Bank Holiday
- 5. Banking changes Offer Cashback and Lower Minimums
- 6. Revolut Introduces Flexible Credit Card Payment Plans
- 7. What impact might inflation have on spending habits in Ireland in the coming months?
- 8. Financial Changes Ahead for February: An Interview with Aoife Walsh
- 9. Prepare for a Price Hike at the Pub
- 10. Electricity Credits: A Welcome Boost?
- 11. Banking Changes: Lower Minimums and Cashback
- 12. Revolut’s New Flexible Payment Plans
- 13. Looking Ahead
February promises to be a month of financial shifts for Irish residents, bringing both challenges and opportunities. While a pint at the pub will cost a bit more, welcome relief arrives in the form of electricity credits and banking incentives. Social welfare recipients, meanwhile, will experience a slight adjustment to their payment schedule.
Prepare for a Price Hike at the Pub
Dry January might potentially be over, but beer lovers might want to brace themselves. Starting February 3rd, Diageo will raise the price of several popular beverages, including Guinness, Harp, Smithwicks, and Hophouse 13, by 6% excluding VAT. This increase will undoubtedly push the price of a pint in Dublin pubs beyond €7.
Electricity Credits Provide a Welcome boost
A bright spot on the horizon is the continuation of electricity credits announced as part of Budget 2025. Every household in Ireland will receive two lump sums of €250 applied directly to their energy bills. The first payment was issued in late 2024, and the second installment is scheduled for disbursement before the end of February.
Due to the upcoming February bank holiday, Social Welfare recipients will see a change in their payment schedule.payments, normally processed on Monday, February 3rd, will be advanced to Friday, January 31st.
Banking changes Offer Cashback and Lower Minimums
Several banking changes implemented in late January are beginning to take effect throughout February. Notably, AIB reduced the rates on two fixed-term deposit accounts by 0.25%, and lowered the minimum opening deposit requirement for these accounts to €5,000, down from €15,000.
PTSB has also entered the fray, offering 2% cashback on monthly mortgage repayments to existing mortgage customers. This cashback, possibly amounting to €30 per month on a €1,500 repayment, will be available until 2030.
Revolut Introduces Flexible Credit Card Payment Plans
Irish consumers using Revolut credit cards will benefit from a new installment payment feature. Customers can now choose repayment plans spanning three, six, nine, or twelve months, all at a lower rate than Revolut’s standard annual percentage rate. These flexible payment options can be easily managed through the Revolut app,and there are no additional charges associated with utilizing this feature.
What impact might inflation have on spending habits in Ireland in the coming months?
Financial Changes Ahead for February: An Interview with Aoife Walsh
February looks set to bring a mix of financial changes for Irish residents. We spoke with Aoife Walsh, a financial analyst at leading Irish firm Emerald Finance, about what these changes might mean for consumers.
Prepare for a Price Hike at the Pub
Aoife:
A price increase on popular drinks like Guinness and harp is on the horizon. Starting February 3rd, Diageo will be raising prices by 6% excluding VAT. Regrettably, this means a pint in Dublin pubs will likely exceed €7.
Electricity Credits: A Welcome Boost?
Archyde:
On the positive side, electricity credits are continuing. Can you tell us more about their impact?
aoife:
Absolutely. The €250 lump-sum credits announced in Budget 2025 are a welcome relief for households dealing with the high cost of living. every household will receive two installments; the first was issued late last year, and the second is due before the end of february.This should help to offset some of the energy bill increases.
Banking Changes: Lower Minimums and Cashback
Archyde:
We’re also seeing some engaging changes in the banking sector. What are your thoughts?
Aoife:
Several banks are offering attractive incentives. AIB has lowered the minimum opening deposit for two of its fixed-term accounts and reduced the interest rates. PTSB, simultaneously occurring, is offering an enticing 2% cashback on monthly mortgage repayments for existing customers until 2030. These changes coudl lead to more competition and perhaps better deals for consumers.
Revolut’s New Flexible Payment Plans
Archyde:
And Revolut has introduced new flexible credit card payment plans. How might this benefit consumers?
Aoife:
This feature is certainly a welcome addition. Being able to choose a repayment plan that spans three to twelve months and offering a lower interest rate than Revolut’s standard APR can make managing credit card debt more manageable.
Looking Ahead
Archyde:
What major financial trends do you anticipate for Ireland in the coming months?,
Aoife:
That’s a great question. It’s tough to predict the future with certainty, but I believe inflation will remain a key concern, potentially impacting spending habits and influencing further price increases across various sectors. We’ll likely see further adjustments in interest rates as the Central Bank attempts to manage inflation. For consumers, it’s more crucial than ever to carefully manage their finances, shop around for the best deals, and be aware of potential changes in prices and regulations.
