One-off payment worth £300 landing in millions of bank accounts from TOMORROW – exact code to spot if you’re getting it

MILLIONS of households are set to receive a £300 free cash from tomorrow – and they should look out for a specific code.

Households on certain benefits will receive the second cost of living payment directly into their bank accounts from October 31.

The cash is being dished out from Tuesday until November 19.

Those in line for the tax-free payment don’t have to do anything as it is being made automatically.

But they should look out for a specific code which will tell them it is the cost of living payment.

Anyone receiving a payment from the DWP will see “DWP COL” show up in their statement, preceded by their National Insurance number.

Meanwhile, anyone being paid by HMRC will see “HMRC COLS” instead.

As an example, if your NI number is JT 83 42 97B your payment will show up as “JT 83 42 97B DWP COL” or “JT 83 42 97B HMRC COLS”.

The full list of benefits that qualify people for the payment is:

• Universal Credit
• Income-based jobseekers allowance
• Income-related employment and support allowance
• Income support
• Working tax credit
• Child tax credit
• Pension credit

Those on just working tax credits or child tax credits will receive their payment from HMRC. Everyone else will be paid by the DWP.

Crucially, you will need to have been paid one of the above benefits between August 18 and September 17 to be eligible for the £300 payment.

If you were later found to be entitled to any of the above benefits between the same dates, don’t worry, as you will still be eligible.

Households on tax credits only will receive their payment from HMRC between November 10 and 19.

This is to ensure those receiving other qualifying benefits on top of tax credits will not get the payment twice.

The £300 payment comes as the second instalment of three being issued by the Government.

The first, worth £301, was paid out to over eight million households in April and May.

The third, worth £299, will land in eligible people’s bank accounts in spring 2024, although a specific date has not yet been confirmed.

It follows the first £650 payment made to over eight million people last year.

What other help is available?

If you aren’t set to receive the second instalment of the cost of living cash don’t worry because there is more help available to you.

A separate £300 pensioner Cost of Living payment will follow from November, but an exact date is yet to be announced.

If you are entitled to a Winter Fuel Payment (WFP) for Winter 2023 to 2024, you will get the extra cash paid with your normal WFP money.

The WFP is worth up to £300 on its own, so if you’re eligible you could be in-line to get £600 in total.

Plus the £150 Warm Home Discount started being applied from October 16.

Households can get £150 off their electricity bill for winter 2023 to 2024 through the Warm Home Discount scheme.

The money is not paid to you but is a one-off discount applied to your electricity bill between now and March every year.

Hard-up households across the country can get £25 a week in support when temperatures drop.

Those eligible for a cold weather payment get £25 for each seven-day period of incredibly cold weather between November 1 and March 31.

Those on Universal Credit and other benefits could be eligible for an additional boost as Christmas quickly approaches.

The Department for Work and Pensions usually pays up during the first full week of December, and this year it’s expected households will receive £10.

The best part is, you don’t have to do anything – if you’re eligible, it will be paid into the account where you normally get benefit payments.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

You can also join our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.