Exact code to spot when £650 cost of living direct payment lands in your bank account – and it could hit this week
MILLIONS of people will be getting the first part of the £650 cost of living payment from this week.
It's part of the government's package of support that is designed to help with spiralling bills and essentials.
Around eight million people on Universal Credit and certain benefits are set to get the cash from July 14.
And the cost of living payments will arrive in most people's bank accounts before the end of the month.
Anyone getting the payment will be able to spot when it lands as it will come with a special code.
Any transaction where money is coming in or going out of your bank account has something to identify where it's from - like a shop name.
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And it's no different with the cash from the government.
You'll be able to see when the money has landed in your bank account by looking for the words: DWP Cost of Living.
The first payment is worth £326 with a second instalment worth £324 coming at a later date, which has not yet been confirmed.
The code is similar to the Christmas Bonus, which is an extra £10 payment made to millions on benefits and usually paid in the first week of December.
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On top of a usual benefit deposit for the festive month, the government gives out the cash which can be seen on bank statements as DWP XB.
The cost of living cash will be paid in the same way as your usual benefit payment, for example into the same bank account where you get Universal Credit.
It will be a separate payment on top of to your usual benefit that you get in July.
As the government has to process a lot of payments, you could face a wait of up to two weeks for the cash.
Payments are being staggered and the government has said it aims to get them to most people by July 31.
Am I eligible for the £650 cost of living payment?
The £650 cash boost was announced by ex-Chancellor Rishi Sunak as part of a package of measures to help families on Universal Credit and other benefits through the current crisis.
Those on the following benefits will get the help, the government has said.
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
- Universal Credit
The first part of the payment is worth £326 and will be paid from July 14 and should arrive by the end of the month for most.
Those on tax credits will get the payments at a later date in Autumn and Winter with an exact date to be confirmed.
To get the first payment, you will need to be in receipt of any of these eligible benefit payments as of May 25 this year, or have started a claim by this date and later be successful.
If you're not eligible for this first payment you could still get the second if you start claiming the benefits above.
There will be a later cut-off date for the second payment, which has not yet been announced.
It's not the only cost of living payment you might get this year.
Every household in the UK will be given £400 to help cover spiralling energy bills, which are set to rise by hundreds of pounds more this winter.
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Pensioners will get an extra £300 one-off payment during the coldest months, and six million people with disabilities will receive £150 in September.
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All the cost of living payments will be tax-free and won't affect any benefits you're getting, or count towards the benefit cap.
Cost of living payments: what you need to know
- All the key dates for cost of living payments revealed
- Every household will get a £400 cost of living payment to help with energy bills
- See the full list of benefits eligible for £650 cost of living cash
- Here's free cash you can get if you DON’T qualify for the £650 cost of living payment
- Millions of pensioners will get a £300 cost of living payment this winter
- Disabled Brits will get £150 this September
- Parents can get up to £200 towards school uniform costs