Nationwide customers can make over £250 free cash, finance experts have said.
It’s the amount account holders would accumulate if they saved the average amount in one of the building society’s top savings accounts.
Finance experts are advising households to be smarter with their savings and make their money grow faster.
They can do this by choosing savings accounts with the best interest rates, rather than sticking with one which yields hardly any benefits.
Another increase is then expected in January, piling more pressure on households at the height of winter when they will be most reliant on their heating.
The hike also comes when Christmas will be around the corner and many families will be worrying about their finances.
Low-income pensioners who don’t receive Pension Credit or benefits will also lose Winter Fuel Payments, worth up to £300, this winter, sparking predictions of a hugely challenging winter for many.
It’s important people keep on top of their bank balances and know what their payments will be over the next few weeks and months amid changes to bills and less support from the Government compared to previous years.
Andy Kerr, founder of BOXT, said: “The Ofgem Price Cap has been confirmed as increasing from £1,568 to £1,717 for the average household from October 1, leaving more people vulnerable to high energy costs.
“This means people across the country will be worried about how they will deal with higher bills in the colder months.
“Despite energy costs being a major concern since the cost of living crisis began, Pension Credit has a worryingly low uptake, with just 63% of those eligible claiming the benefit.
“Any vulnerable consumers must check their eligibility for the Winter Fuel Payments, as well as other funds and schemes that are available.”
