Cost of living: £300 payments in bank accounts from today

The UK Government said almost 700,000 households are eligible for the payment.

The money will appear in bank accounts from today until Sunday, November 19. It is the second of three cost-of-living payments adding up to £900 in 2023/24.

People who qualify do not need to apply or do anything to get the money.

Payments made during this window will be staggered over the next couple of weeks meaning not everyone entitled to receive a payment will receive it today.

Jeremy Hunt, Chancellor of the Exchequer, said: “It's good news that inflation is falling, and wages are growing, but prices are still too high.

“Our plan to halve inflation this year is the best thing we can do to help people, with this £300 payment offering a timely boost before Christmas."

John Lamont, UK Government Minister for Scotland, said: "This vital £300 payment will benefit almost 700,000 households across Scotland and comes on top of the first £301 that landed in people's accounts in the spring and the £150 paid to those eligible with disabilities in the summer.

“More will follow for pensioner households later this year ahead of the third cost of living payment paid by Spring 2024."

The Department for Work and Pensions (DWP) will send payments automatically and directly to recipients’ accounts, with a reference of their National Insurance number followed by ‘DWP COL’. 

Tax credits-only customers will receive the payment from HM Revenue and Customs (HMRC) between November 10 and 19, 2023 with the reference ‘HMRC COLS’

To be eligible for the Cost of Living Payment from DWP, you need to have been entitled to a payment for a qualifying benefit between August 18, 2023 and September 17,  2023, or payment for an assessment period, ending between these dates. The eligible benefits are:  Universal Credit;  Pension Credit;  Income-based Jobseekers Allowance;  Income-related Employment and Support Allowance;  Income Support;  Working Tax Credit;  Child Tax Credit.