Millions of people will be eligible for a £650 cost of living payment.

The £650 is split into two payments, with the first £325 cash sum arriving in July for most eligible households. It means that households will only have to wait a few weeks for the money.

Over the next few weeks, millions of households receiving certain benefits will begin to see the £650 cost of living payment arrive in their bank accounts.

Rishi Sunak announced the new assistance last month in order to assist struggling families in dealing with the fastest rising standard of living in 40 years.

The funds will be distributed to 8.4 million households receiving means-tested benefits such as Universal Credit and Tax Credits.

These are benefits where your income and savings are considered to determine how much you receive.

After it was revealed that energy bills could rise to £2,800 later this year, the Chancellor was under pressure to help the most vulnerable households.

In the last year, supermarket prices for the cheapest food items have risen, while the cost of gasoline and diesel has reached new highs.

When will the £650 payment be deposited into my account?

The £650 is split into two payments, with the first £325 cash sum arriving in July for most eligible households.

The second £325 payment is then expected to arrive in bank accounts in the autumn, though no specific date has been set.