The first of two cost of living payments will be paid by HMRC to Tax Credit households over the next five days, with the second payment of £324 will hit bank accounts in the winter.

The payment is the first of two accumulating to £650 as part of government plans to help ease the burden of the ongoing cost of living crisis.

What time does the cost of living payment go in?

The exact time the funds will go into your bank account will depend on who you bank with.

Depending on your bank, funds will generally be available shortly after midnight on the day the payment is due.

Some bank will deposit money slightly before midnight at around 11:30pm while other will release funds later in the night between 2am and 3am, others may have to wait until 6am.

 You will see the money in your account by 9am latest in the day you are being paid between September 2 and September 7.

Many will start receiving the payments today.

Who is eligible for the cost of living payment?

People may be entitled to receive the £650 in two lump sums if they receive certain support, such as Universal Credit, income-based Jobseeker’s Allowance (JSA), income-related Employment and Support Allowance (ESA), Income Support, Pension Credit, Child Tax Credit or Working Tax Credit.

The DWP and HM Revenue and Customs (HMRC) have been identifying those eligible to receive a cost-of-living payment.

Those eligible will be paid automatically, so they do not need to apply and payments may appear in accounts as “DWP Cost of Living”.