The first of two cost of living payments will be made by HMRC to tax credit households over the next five days, with the second payment of £324 arriving in bank accounts in winter.
The payment is the first of two accruing to £650 under government plans to help ease the burden of the current cost of living crisis.
What time is the cost of living payment made?
Exactly when the funds will go to your bank account will depend on who you are dealing with.
Depending on your bank, funds will usually be available shortly after midnight on the day payment is due.
Some banks will deposit money a little before midnight around 11:30 p.m. while others will release funds later in the night between 2 a.m. and 3 a.m., others may have to wait until 6 a.m.
You will see the money in your account by 9:00 a.m. on the day you get paid between September 2 and September 7.
Many will start receiving payments today.
Who is entitled to the cost of living payment?
People may be eligible to receive the £650 in two lump sums if they receive certain supports, such as Universal Credit, income-based Jobseeker’s Allowance (JSA), Employment Allowance and support (ESA) linked to income, income support, pension credit, Child tax credit or tax credit for work.
The DWP and HM Revenue and Customs (HMRC) have identified those eligible to receive a cost of living payment.
Eligible individuals will be paid automatically, so they do not need to apply and payments may appear on accounts as “Cost of Living DWP”.