Cost of living: Martin Lewis predicts when £900 cost of living payments will hit bank accounts in 2023
Money saving expert Martin Lewis updated his 2.1 million followers on when he thinks the lifeline payments will land in bank accounts amid the cost of living crisis.
Consumer champion Martin Lewis has predicted exactly when the £900 cost of living payment will land in bank accounts in 2023. The Department of Work and Pensions (DWP) announced that eligible claimants on means-tested benefits will receive the cash boost this year, split into three instalments of £301, £300 and £299.
The DWP is yet to confirm exactly when these will be paid, but confirmed the first two payments will be made in Spring and Autumn 2023, with the final lump due in Spring 2024. But taking to his Twitter account to update his 2.1 million followers, Mr Lewis gave claimants a rough idea of when to expect them amid the cost of living crisis.
The Money Saving Expert founder said he believed the first “Spring” payment of £301 wouldn’t be paid until after April 6, as it’s for the next tax year. Mr Lewis thinks the “Autumn” payment of £300 will hit bank accounts in October or November 2023.
The next payment of £299 won’t hit bank accounts until “Spring 2024, before the tax year ends on April 6. Mr Lewis added that the reason the payments are in different amounts instead of being split evenly is so that it is easier to pinpoint any problems with payments.
Eligible claimants don’t need to apply for the cost of living payment as payments will be made automatically - if you receive a text message, email or phone call asking you to apply, it’s a scam.
The payments will not count towards the benefit cap, be tax-free and not have any impact on existing benefit awards. To check your eligibility, visit the Department of Work and Pensions website.