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One off payment worth £300 is landing in millions of Brits' bank accounts today

One off payment worth £300 is landing in millions of Brits' bank accounts today

Households will be given a helping hand with rising costs in the form of a £300 payment which is landing in their bank accounts today.

A one-off payment of hundreds of pounds will land in millions of Brits' bank accounts today.

Everyone is feeling the strain in the midst of the cost of living crisis, especially with Christmas being round the corner.

Energy bills are still putting a large hole in people's pockets too - but households are set to receive a helping hand today (October 31).

I know it's Halloween, but don't worry - this is a treat, not a trick.

Millions of people who are on certain benefits will have a tidy £300 put directly into their bank accounts.

Those who fit the criteria don't have to lift a finger - except when they're withdrawing it from the cash point, obviously.

The payments, which will automatically be delivered into banks, will be flying out from today up until 19 November.

Brits should keep their eyes peeled for a specific code on their statements, which will be next to their National Insurance number.

So if you spot the word's 'DWP COL', it just means you are a recipient of the government's second Cost of Living Payment this year.

The Department of Work and Pensions (DWP) and HM Revenue and Customs (HMRC) are paying out £900 over the course of the financial year, with the first payment of £301 having been received in Spring 2023.

Eligible households will receive the £300 payment from 31 October.
Getty stock images

A third payment will then follow, which is set to come at some point early next year.

People on certain benefits will be eligible for the cash - and it might include more than you think.

The full list of benefits it applies to are:

  • Universal Credit
  • Income-based jobseekers allowance
  • Income-related employment and support allowance
  • Income support
  • Pension credit
  • Child tax credit
  • Working tax credit

If you receive the latter two, you will be paid the £300 by HMRC - but the rest will receive it from DWP.

The money will automatically land in peoples bank accounts.
Getty stock images

The only catch is that you need to have received one of the listed benefits between 18 August and 17 September to get the money.

Those who were entitled to receive welfare payments between these dates but didn't are also able to get their hands on it.

Brits who only receive tax credits will be paid out by HMRC from 10 November until 19 November.

As well as this, others will soon be receiving their winter fuel payments, which help people cover the cost of heating their home.

Last year, eligible candidates were given their payments some time between November and January, and this year will be the same.

In regards to eligibility, you can get a winter fuel payment if you were born before 25 September 1957 (the state pension age).

Featured Image Credit: Getty stock images

Topics: Money, Cost of Living, UK News