The new feature will allow customers to pay cash into their accounts while out and about
Lloyds Bank is set to introduce a revolutionary new feature for its customers on Tuesday, 26 August.
This innovative change will enable customers to deposit cash into their bank accounts whilst doing their local shop run.
By generating a barcode in the Lloyds mobile app, users can have it scanned at over 30,000 PayPoint stores across the country to deposit notes or coins.
Lloyds customers will be able to make daily deposits of up to £300, with a monthly limit of £600, and the generated barcodes will remain valid for two hours.
The bank has stated that this groundbreaking change will simplify the process of managing money for households, eliminating the need to visit branches to deposit cash into accounts.
Gabby Collins, payments director at Lloyds, said: “We’re always looking for smart ways to make banking more flexible and give customers more choice.
“Our latest app feature now allows customers to pay in cash at their local PayPoint in just a few minutes – ideal if they are popping in for milk or dropping off a parcel.”
Nick Wiles, CEO, PayPoint, said: “Our leading retail network provides a vast range of essential services at the heart of communities across the UK, for everything from banking, utility, parcel, cash and Government services.
“The ability of Lloyds customers to make cash deposits into their accounts at over 30,000 PayPoint locations will deliver more convenience and access for customers close to where they live.”
Lloyds Bank is luring Brits with an 6.25% interest rate on its regular savings account, despite many providers cutting rates following the recent Bank of England Base Rate reduction to 4%.
Following the base rate decrease, over 20 savings account providers have passed on the change to their customers across easy access, notice, Cash ISAs, Junior ISAs and children’s savings accounts.
Not every provider has passed on the 0.25% cut, some have reduced their own rates by less while others have gone to the extreme and have taken off even more from their interest rates.
But amidst the fluctuating savings accounts, Lloyds is offering a 6.25% rate. This is specifically for its regular savings account which has a few more requirements and criteria savers need to adhere to than your typical easy access account.
For the Lloyds offering, savers need a minimum deposit of £25 and must be Club Lloyds current account holders.