When will I get the £650 cost of living payment if I bank with Lloyds, HSBC and RBS? | The Sun
HALF of the £650 cost of living payment has started landing in bank accounts from July 14.
The £326 is the first of two instalments – but not everyone is getting it at the same time.
Former Chancellor Rishi Sunak announced the extra cash would be dished out as part of a £15billion emergency package for low income households.
More than eight million households will receive the help, including those on Universal Credit and certain benefits.
But payments are arriving at a staggered rate.
The Department of Work and Pension (DWP) said the payment will hit some bank accounts later, meaning many will need to wait a couple of extra weeks.
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It's led to some confusion among those still waiting for payment over when they will get it – and wondering if it's to do with the bank they're with.
Many have posted to a cost of living help page on Facebook asking others who they bank with, and if they have received it.
One person asked: "Anyone with HSBC? Not had mine yet."
Another said: "Anyone with RBS had theirs yet? I’m still waiting."
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One more put: "Haven’t received mine yet and with Lloyds."
When will I get the £650 cost of living payment?
Unfortunately who you bank with has nothing to do with when you get the payment.
Just because someone else with the same bank as you has seen the cash land in their account doesn't mean you will get it at the same time.
Also, your bank might just process general payments at a later time to another – so you might get yours an hour after somebody else, for example.
The DWP say some payments will take longer than others as there are millions of payments that need to go out.
They can't all be processed on a single day, but it's aiming to get all but the most complicated sent before July 31.
People on tax credits are among those who WON'T be getting the first payment until months later though.
If you're on tax credits, your payment will arrive in autumn and the remaining cash in winter – the exact date has not yet been announced.
People may be receiving tax credits alongside other benefits that qualify for the cost of living payment.
So the £650 payment to those on tax credits only will be dished out at a later date to avoid any double payments being made.
HMRC has told The Sun that 1.1million people on tax credits will wait for the first payment, and a similar number will have a longer wait again for their second payment.
The payment is automatic for those who are eligible, though you won't be alerted to if you qualify or not beforehand – you'll just see the cash land in your account.
Who is eligible for the £650 cost of living payment?
Other than tax credits, in order to make you eligible for the payment you'll need to be getting one of the following benefits:
- Pension credit
- Income support
- Income-based Jobseeker’s Allowance
- Income-related Employment and Support Allowance
If you're on Universal Credit you could also be eligible.
There's no confirmation of whether or not you'll get the payment before it arrives, but if you're receiving any of these benefits, you should be down to receive it.
To get the first half of the payment, you needed to be on eligible benefits or have begun a claim which goes on to be successful, as of May 25 this year.
If you miss that date and claim Universal Credit after this then you could still be eligible for the second half of the payment later in the Autumn.
Crucially, the payment is one per household – so if more than one person at your address receives one of these benefits, it does not mean you'll get more cash.
The payments will be tax-free and won't affect any benefits you're getting.
More funding available now
If you're not getting the £650 cost of living payment, there are more schemes which can tide you over for a while.
For example, some households on low incomes could be eligible for a discount on their council tax bill.
You could get your bill reduced to zero, and with the average bill for a band D home at £1,898, that could be a significant saving.
Find out what you could get in our guide.
There's also an option to claim up to £150 if you can't get council tax rebate, which you can read about here.
Also, if you're struggling to pay your energy bills, there are a whole load of schemes available. You could grab £750 to help pay your bills, and you don't need to pay it back either.
Some schemes include:
- The British Gas scheme where you can claim up to £1,500 helps struggling customers
- A one-off fuel voucher from your energy supplier if you're on a prepayment metre
Contact your supplier directly to see what they offer, what the eligibility requirements are, and how much you can get.
If you don't know who your supplier is, you can find out here.
In terms of council funds, the Household Support Fund helps families with the rising cost of living, has been extended.
This help could include cash grants to pay bills or cover food costs – the help will depend on where you live.
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For example, in Derby, families can get help during the school term break and pensioners receiving council tax support can also claim.
To find out what support is available in your area, contact your local council.
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
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