More than eight million Brits are eligible to receive a £650 cash boost from the Department of Work and Pensions.

Some might have noticed the first instalment of the payment (£326) arriving in their bank accounts.

Others may still be waiting as the DWP said the first instalment will be sent out between July 14 and July 31 “for most people”.

Some eligible Brits might be wondering if the time that they receive the money depends on which bank they have an account with.

Gazette & Herald: The first DWP payment should arrive before July 31 (PA)The first DWP payment should arrive before July 31 (PA) (Image: PA)

Does my bank company affect when I get the cost-of-living payment?

The exact time that you receive the payments will depend on which company you bank with including Santander, Lloyds, NatWest and other main banks.

Funds will generally become available shortly after midnight on the payment’s due date but it does depend on your bank.

Some Brits may receive their payments slightly before midnight at around 11.30pm but others might have to wait until after midnight between 2am and 3am.

Others might not receive their payment until around 6am.

The money will appear in your account no later than 9am on the day you are due to be paid between July 14 and July 31 .

Your Money Matters is a campaign launched by us and our sister titles across Newsquest to help you overcome the surge in the cost of living. This year has seen a whole host of household price increases — from the energy price cap rise to surging inflation and food prices — costing your family hundreds or even thousands of pounds extra per year.

We’re making it our mission to look out for your cash, offering money-saving deals, competitions, giveaways and insightful stories from your community on the impact this cost-of-living crisis is having on our readers.

The worldwide energy crisis exacerbated by the Ukraine invasion, the financial impact of the Covid pandemic, record inflation figures and a surge in the cost of goods, fuel and travel means we will all feel the pinch. Through our newspaper, we want to do what we can to help make your cash go further because we know your money matters.