Lloyds Bank Introduces Innovative Cash Deposit Feature for All Customers

Lloyds Bank's Game-Changing Cash Deposit Feature

Lloyds has taken a significant step in the banking world by becoming the first major UK bank to allow customers to deposit cash directly into their accounts without stepping foot in a branch or Post Office. The new feature, known as 'barcode cash deposit', enables users of the Lloyds banking app to create a barcode that can be scanned at nearby PayPoint locations. Customers can deposit up to £300 per day in cash and coins, making it easier than ever to manage their finances in an increasingly cashless society.

Convenience at Your Fingertips

With many retailers opting for card-only transactions, the ability to easily deposit cash is becoming more crucial. This app feature, introduced on August 26, allows customers to generate a unique one-time barcode in the 'Everyday' section of the app. But don’t dilly-dally! The barcode expires two hours after it’s generated, so it’s wise to do this on your way to a PayPoint. Once there, just have a staff member scan your barcode and deposit your cash. Simple as pie!

Extensive PayPoint Network

PayPoint locations include convenience stores like Londis, Best One, Nisa, and Morrisons Daily, with over 30,000 sites across the UK. Lloyds claims that 99.5% of Brits live within a mile of a PayPoint, making access to cash deposits incredibly convenient. Simply enter your postcode in the Lloyds app or on the PayPoint website to find your nearest location. Plus, 94% of these PayPoints are open seven days a week, eliminating the hassle of coordinating with your local bank's hours.

More Choices for Customers

Gabby Collins, Lloyds payments director, stated, ‘We’re always looking for smart ways to make banking more flexible and give customers more choice.’ This feature allows customers to quickly pay in cash while running errands—ideal for those impromptu milk runs!

For Those Who Prefer Traditional Methods

Not everyone is on board with app-based banking; in fact, 8% of UK individuals aged 16 and over don’t own a smartphone, according to Ofcom. For those who prefer more traditional methods, cash deposits can still be made at Lloyds, Halifax, and Bank of Scotland branches, or at Post Offices. So, whether you're tech-savvy or a little more old school, Lloyds has got you covered.