Lloyds Bank to introduce UK-first £300 rule from tomorrow | Personal Finance | Finance
Lloyds Bank is introducing a new £300 rule that could change the way people put cash into their accounts. It will be the first bank to allow customers to pay cash into their accounts while out and about.
The popular bank’s new feature will be available from August 26 for its customers. It will enable them to deposit cash into their accounts when visiting their local shops. Users can generate a barcode in the Lloyds mobile app, which can be scanned at over 30,000 PayPoint stores to deposit notes or coins. Lloyds customers will be able to make daily deposits of up to £300, with a £600 monthly limit, while barcodes will be valid for two hours.
The bank stated that this innovative change would simplify money management for households by eliminating the need to visit branches to pay cash into accounts, the Daily Star reports. 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.”, reports Birmingham Live.
“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.”
The news comes after we reported how Lloyds Bank has set out particular payment criteria that customers must follow to be eligible for one of its current accounts. Account holders might wish to explore the Lloyds Premier Account, which provides perks including boosted savings rates and mortgage rate discounts.
Nevertheless, there are specific requirements you will need to fulfil with this account.
To be eligible, you must pay in £5,000 or more each month, or hold £100,000 in qualifying savings or investments with the bank. These savings and investments could include pre-packaged investment options, share trading, or digital retail investments via Lloyds.
A potential customer contacted Lloyds through social media about the £5,000 deposit stipulation.
They enquired whether they could simply move £1,000 between Lloyds Bank and another savings institution five times to meet the conditions.
Lloyds replied: “To qualify for the Lloyds Premier Account, you’ll need to either pay in £5,000 each month or hold £100,000 in eligible savings/investments with Lloyds. Transferring £1,000 back and forth won’t meet the funding requirement the £5,000 must be a genuine deposit.”, reports Lancs Live.
The account carries a £15 monthly fee, although this is waived each month you meet either the £5,000 deposit or £100,000 savings requirement.
