New Cost of Living Payments: What You Need to Know

The much-anticipated second installment of the £900 cost of living payment is set to begin landing in accounts from Tuesday, October 31, with the rollout expected to be completed by November 19. This payment is aimed at assisting low-income families across the UK. While some individuals reported seeing the £300 pending payment as early as October 30 through mobile banking apps, others who use Monzo’s Get Paid Early feature could access the funds from 4pm the day before.

However, many people have been wondering about the order in which these payments are being made. Speculations suggest it could be done alphabetically, based on geographic location, National Insurance numbers, benefit types, or even in the same order as the first installment in April/May. But a spokesperson for the Department for Work and Pensions (DWP) has clarified that there is no particular order, although efforts are being made to pay everyone eligible as quickly as possible. Furthermore, the spokesperson confirmed that payments are generally staggered over the two-week rollout period.

It’s important to note that the £300 cost of living payment is separate from people’s regular benefits and will not be listed on their usual DWP online statement. Instead, it will appear in the same bank account with the identifier “DWP COL” next to it, allowing recipients to easily identify the payment.

To be eligible for the cost of living payment, individuals must receive at least one of the following benefits: Universal Credit, Income-based Jobseeker’s Allowance, Income-related Employment and Support Allowance, Income Support, Working Tax Credit, Child Tax Credit, or Pension Credit. Those who receive tax credits from HMRC along with an eligible DWP benefit will only receive one cost of living payment, typically from the DWP.

It is crucial to remember that the qualifying period for this payment is from August 18 to September 17. If you have recently changed the account where your benefits are paid into, or if you were only awarded one of the eligible benefits which is backdated to cover the qualifying period, your payment may be delayed.

FAQ: Answering Your Questions

Q: What time should the cost of living payment go in?
A: The exact timing may vary depending on your bank. In most cases, funds are deposited into accounts sometime after midnight on the day they are due. Some banks may release the funds the afternoon or evening before, allowing for early withdrawal. Here is a list of typical paying-in times for various banks:

– Santander: 9.30pm-10pm the night before (by midnight at the latest)
– RBS: 2am-3am
– Lloyds: midnight to 1am
– Monzo: 1am, but funds can be requested from 4pm the day before with its Paid Early option
– Barclays: midnight-2am
– Clydesdale: 11.30pm the night before to 12.30am
– Yorkshire: 11.30pm the night before to 12.30am
– Metro Bank: midnight to 2am
– Co-op: 1am to 2am
– Bank of Scotland: 1am
– Natwest: 2am to 3am
– Nationwide: shortly after midnight
– Halifax: 3am to 4am
– HSBC: 6am to 9am

Please note that while the funds may show as pending, they may not be available for withdrawal until at least 6am-7am with some accounts.

(Source: [Banking Times](

Q: Is there a guarantee of receiving the £300 sum if I received a DWP text message with payment dates?
A: No, the DWP text message simply provides general information about payment dates. It does not serve as a guarantee of receiving the £300 cost of living payment.

Q: Will the cost of living payment be listed on my usual DWP online statement?
A: No, the £300 payment will not be shown on your regular DWP online statement. Instead, it will appear in your bank account with the identifier “DWP COL” next to it.

Q: Can I receive multiple cost of living payments if I am on a joint benefit claim?
A: No, individuals on a joint benefit claim will receive only one payment, not one for each person on the claim.

Q: What if I changed the account where my benefits are paid into or have just been awarded an eligible benefit that is backdated to cover the qualifying period?
A: In such cases, your payment may be delayed and could come after the announced dates.