The Mirror rounds up all the big money changes and deadlines to be aware of in February 2026 – including Nationwide savings cuts and smart meter compensation
There are several big money changes coming in February 2026(Image: Getty Images)
January is finally over and wallets are feeling refreshed after payday.
But there are plenty of money changes to be aware of in February, including an alcohol price rise and a cut to your savings rates if you’re a Nationwide customer.
If you’re a self-assessment taxpayer and you missed the January 31 deadline, then you should be aware that instant £100 fines are being issued from today.
February will also see the usual inflation and interest rate announcements.
February 1 – alcohol duty rises
Alcohol duty will rise by 3.66% from February 1, in line with RPI inflation. This will add 11p on a bottle of Prosecco with 11% alcohol by volume (ABV), 14p on a bottle of red wine with 14.5% ABV and 38p on a bottle of gin with 37.5%, according to the Wine and Spirit Trade Association (WSTA).
February 1 – self-assessment fine
If you’re a self-assessment taxpayer and you missed the January 31 deadline, you will face a £100 fine from February 1. The penalty increases to fines of £10 a day, up to a maximum of £900, if you still haven’t filed after three months – then after six months, you’re charged 5% of tax owed or £300, whichever is greater. This is then repeated again after 12 months. You must also pay any tax due by 31 January, or you accrue interest on any late tax payments.
February 5 – first Bank of England meeting of the year
The first Bank of England meeting of 2026 where it will decide what happens next to interest rates will take place on February 5. The base rate – which influences how much you’re charged to borrow money and how much interest you make from your savings – is currently at 3.75%. The Bank of England meets every six weeks to set the base rate.
February 10 – Nationwide savings rates cut
Nationwide will cut the rates on 36 of its savings accounts from February 10. The building society said the decision was in response to the Bank of England cutting its base rate to 3.75%. A range of products will be hit, including easy-access accounts, ISAs and children’s savings accounts.
February 14 – Sky Mobil
Sky Mobile is increasing its prices from February 14. The majority of people will see their bill go up by £1.50 a month, which equates to an annual rise of £18. Some people will see their bill rise by more or less than this amount.
February 18 – inflation
The latest inflation data from the Office for National Statistics (ONS) will be released on February 18. Inflation is a measure of how prices have changed over time. Inflation is currently at 3.4% and the Bank of England has a target of 2% inflation.
February 23 – smart meter compensation
Smart meter customers facing delays or failed installations could receive £40 compensation from February 23. You will get compensation if you have to wait more than six weeks for a smart meter appointment, an installation appointment fails due to a fault within the supplier’s control, or when a supplier does not provide a resolution plan for a reported issue within five working days.