Key money dates for February

The January drag is over and February brings lots of key money dates you won’t want to miss.  

Make sure you’ve got these marked in your diary.  

1 February – alcohol duty rise   

Ready to celebrate the end of ‘Dry January’ and head to the pub this weekend? Just a heads-up – you may have to pay more for your drink.  

Starting 1 February, alcohol duty is going up and there’ll be a tax hike on wines and spirits with a higher alcohol content.  

It’s not all bad news though. Draught duty is being cut by 1.7%, which means a pint in the pub will cost 1p less. 

That’s the first time duty on a pint of beer has been cut in 10 years. 

1 February – HMRC fines  

Did you miss the 31 January deadline for your self-assessment tax return for 2023-24? If so, you’ll be sent a £100 penalty. 

And that’s just the start – late payments could rack up additional fines and interest, even if you don’t owe any tax. 

4 February – eBay fee change  

If you’re an eBay user, be aware of a change that’s coming in on 4 February. From then, you’ll have to pay a buyer protection fee on every private seller item – 75p plus a percentage of the cost.  

And if you’re a seller, payments won’t hit your account until after delivery’s been confirmed. 

6 February – interest rate decision   

The Bank of England (BoE) will announce its decision on interest rates on 6 February. This affects how much you’ll pay to borrow money or earn on savings.  

If you're borrowing, you might be in luck, as the likelihood of a rate cut is high, which can mean lower repayments.  

14 February – Sky Mobile price rise  

Love Sky Mobile? You might not love this. If you’re out of contract, your bill will rise by £1.50 a month (£18 annually).  

And that's not all. Sky is also hiking the cost of calls to the EU and EEA by 4p a minute to 25p. Calls outside Europe will soar from £1 to £3.50 per minute. The cost of sending a text outside of Europe will also rise by 20p to 95p.  

19 February – ONS inflation update  

Expect the latest inflation figures from the Office for National Statistics (ONS) on 19 February. Last time, inflation dropped to 2.5%, but it’s still higher than the Bank of England’s target of 2%. 

19 February - Chase savings rate drop 

If you’re saving with Chase, brace yourself. As of 19 February, their savings rates are dropping by 0.25%. That means your interest rate will fall to 3.25%.  

25 February – Ofgem price cap announcement  

On 25 February, the energy regulator Ofgem will announce a new energy price cap, which will affect your bills from 1 April. The cap is expected to rise by 3% – an extra £47 a year for the average dual fuel household paying by direct debit. 

The new rate will run for three months until 30 June.  

February 28 - Warm home discount deadline 

If you’re eligible for the warm home discount scheme, get your application in by 28 February. The scheme provides a £150 discount on your electricity bill if you’re on a low income or receive certain benefits.  

If you haven’t received a letter yet, call the warm home discount helpline on 0800 030 9322 to check if you can apply.  

Throughout February – new cold weather payments  

Cold weather payments are available for eligible households if the temperature drops below 0°C (32°F) for seven consecutive days between 1 November and 31 March.  

Take a look at other ways you can get help with your bills when the weather turns cold.  

And to help you stay ahead and avoid any surprises, here’s a list of key money-related dates for the whole of 2025.