Lloyds Bank Launches £300 Deposit Feature via App This Month

Lloyds Bank has introduced a new feature in its mobile app that enables customers to deposit cash using a barcode, starting this month. This innovation positions Lloyds as the first major UK bank to offer such a service, enhancing convenience for its account holders.

Customers can generate a barcode within the ‘Everyday’ section of the Lloyds app. This barcode can be scanned at over 30,000 PayPoint locations across the UK, with approximately 94% of these sites open seven days a week. Each account holder can deposit up to £300 in cash per day, with a monthly limit of £600. The barcode remains valid for two hours, allowing users flexibility when making deposits.

The widespread availability of PayPoint locations is notable. According to Lloyds Bank, 99.5% of the UK population lives within a mile of a PayPoint outlet, which also facilitates various everyday tasks such as parcel collection and bill payments. Customers can easily locate their nearest PayPoint store using the Lloyds app or by visiting the PayPoint website.

In addition to this innovative feature, Lloyds customers still have access to traditional banking services. They can visit branches of Lloyds, Halifax, and Bank of Scotland for cash deposits. The bank also operates cash in and out machines throughout the country, providing further options for customers. Additionally, customers can utilize Banking Hubs, which offer counter services managed by the Post Office, and access any of the 11,500 Post Offices in the UK for their banking needs, including cash deposits and withdrawals.

Gabby Collins, payments director at Lloyds Bank, highlighted the company’s commitment to enhancing customer experience, stating, “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. With this new innovation, no other UK bank offers as many ways to manage money as Lloyds.”

Nick Wiles, CEO of PayPoint, also emphasized the significance of their network, commenting, “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.”

This new feature from Lloyds Bank marks a significant step towards integrating technology with everyday banking, enhancing both convenience and accessibility for customers nationwide.