The band's 1973 single 'Merry Christmas Everybody' has become a firm favourite during the festive season and is set to rake in the huge sum for Noddy and Slade bassist Jim Lea who co-wrote the track.
The song has topped a poll compiled by Prezzybox.com of the top 10 highest earning festive tracks.
Other Yule Tide hits to make the top 10 include The Pogues' 1987 hit 'Fairytale of New York', which is listed in second place with earnings so far of £386,270, Mariah Carey's 'All I Want For Christmas Is You' comes third with a figure of £347,615, while 'Last Christmas', released by Wham! in 1984, is positioned at number four with royalties of £301,622 up to date.
Sir Cliff Richard's 1988 song 'Mistletoe & Wine' rounds out the top five after banking £98,408 to date.
The royalties are collected on behalf of the artists by PRS for Music (The Performing Right Society).
The organisation collects fees for songwriters from their compositions when they are played on radio, television, jukeboxes and in shops as well as from compilation album sales and downloads.
Top 10 festive single earnings, according to Prezzybox.com:
1. Slade - 'Merry Xmas Everybody' - £512,000
2. The Pogues - 'Fairytale Of New York' - £386,270
3. Mariah Carey - 'All I Want For Christmas Is You' - £347,615
4. Wham! - 'Last Christmas' - £301,622
5. Sir Cliff Richard - 'Mistletoe & Wine' - £98,408
6. Band Aid - 'Do they Know It's Christmas' - £78,030
7. Shakin' Stevens - 'Merry Christmas Everyone' - £53,834
8. Pretenders - '2000 Miles' - £45,344
9. East 17 - 'Stay Another Day' - £30,219
10. Jona Lewie - 'Stop The Calvary' - £13,258