Lloyds to be the first UK bank to launch £300 rule from Tuesday

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 accounts whilst making a trip to their local shops.

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 these barcodes will remain valid for two hours. The bank has stated that this groundbreaking change will simplify the process of managing money for households.

It eliminates the necessity of visiting branches to deposit cash into accounts, reported Birmingham Live.

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."