In April 2024, the new financial year will begin. For those on child benefits, but not only, it brings with it a whole variety of payment changes. The changes will come into effect in April after the Department for Work and Pensions (DWP) confirmed that State Pensions will increase by 8.5% and other DWP-provided benefits will increase by 6.7 %.
The 6.7% increase to benefits payments covers Universal Credit, Personal Independence Payment (PIP), Disability Living Allowance (DLA), Employment and Support Allowance (ESA), Housing Benefit, and Child Benefits.
Who can Claim Child Benefit?
In the UK, as of 2024, there are around 7.7m families claiming Child Benefit payments, which when received can help to significantly boost household income.
You can usually qualify for Child Benefit if you’re responsible for a child under the age of 16, or under the age of 20 if they choose to stay in approved education or training and live in the UK and earn less than £50,000 a year. Additionally, there is no limit to the number of children you can claim for.
Breakdown of Child Benefit Payment Rates for 2024/2025
With Child Benefit payments, you’re paid every four weeks either on a Monday or Tuesday. Currently, there are two Child Benefit rates to be aware of. For the eldest or only child, claimants will receive £25.60 a week and £16.95 a week for any additional children.
Payments for the 2024/2025 financial year will increase from £24 a week for the oldest or only child and £15.90 per week for additional children. This is an increase of £1.60p and £1.05p for the different payment rates. Monthly, this will mean you’ll receive £109.70 for the eldest child and £72.64 per child thereafter.
Likewise, if you claim Guardian’s Allowance, this will increase by £1.35p from £20.40 per week to £21.75.
DWP To Check Bank Accounts?
The main reason DWP check bank accounts is check information provided by claimants and those receiving benefits payments. This process helps make sure that people are receiving the correct amount of benefits based on their financial circumstances.
Albeit this is not yet a new law, DWP says it will monitor accounts from the UK’s top 15 banks which covers 97% of benefit claimant’s bank accounts and includes the Bank of Scotland, Barclays, Monzo, Halifax, HSBC, NatWest, Santander and TSB.
Suits Me is not included in the above list and many of our customers use our accounts for benefits payments.
Add more to your Payment.
Suits Me offer unlimited cashback with lots of Retailers, simply using your Suits Me debit card for everyday shopping. Some of our cashback partners offer up to 15% cashback which can add up to a good additional amount in your account every month.
Not only that, Suits Me offer top brand discounts to all our customers. Huge savings can be made with lots of brands including Just Eat, Lebara and more.
Effortlessly Receive Your Child Benefit Payments with Suits Me
Many of our customers use our accounts to keep their child benefit payments separately. Opening a Suits Me account takes less than 3 minutes, we don’t run credit checks or ask for proof of address and you can have an instant account with cashback rewards.
At Suits Me, we believe in financial inclusion and that everyone should have access to a payment solution in order to manage their money, regardless of their background, personal circumstances, or financial history.
Our accounts are personal accounts work similarly to a traditional bank account, without the overdraft facility. You’ll gain access to a contactless Mastercard® debit card, online account and our mobile app, where you’ll be able to manage your money on the go, 24/7.
- We also offer a whole variety of banking-like features including:
- The ability to set up standing orders and manage direct debits,
- Send money within the UK via a transfer, international transfers are available via a partner in the Suits Me® app,
- Gain access to our exclusive cashback reward programme where you’ll automatically get a percentage of your money back when you use your Suits Me debit card with our retail partners,
