Lloyds Bank UK: new online mobile banking app feature lets you deposit cash at local shops - how does it work?
Bank customers can now top up accounts in minutes at local shops 🏪
- Lloyds Bank customers can soon deposit cash while shopping or sending parcels
- The new feature works at over 30,000 PayPoint locations nationwide
- Deposits use a two-hour valid barcode generated in the mobile app
- Customers can pay in up to £300 per day, £600 per month, with funds appearing within minutes
- The move offers convenience amid branch closures and complements post office services
Lloyds Bank customers will soon be able to pay cash into their account while picking up a loaf of bread or sending a parcel, with no trip to the branch required.
From Tuesday, August 26, a new feature in the Lloyds mobile app will let customers deposit coins and banknotes at more than 30,000 PayPoint locations nationwide.
That includes convenience stores, supermarkets and newsagents, many of which are open late or seven days a week.
The move means you could combine your weekly shop with banking, avoiding the need to find a branch or queue at the post office.
How it works
Using the “everyday” section in the Lloyds, Halifax or Bank of Scotland mobile app, customers can generate a two-hour valid barcode. This is scanned in-store, before you hand over your notes and coins.
You can deposit up to £300 per day, with a maximum of £600 a month. Once scanned and accepted, Lloyds says the money should appear in your account within minutes.
Why is Lloyds doing this?
Bank branches have been closing rapidly in recent years, and while Lloyds says customers can still use its own branches and over 11,500 post offices for deposits, the PayPoint tie-up adds thousands of extra locations, particularly in areas where bank branches are scarce.
Gabby Collins, payments director at Lloyds, said the new feature is “ideal if you are popping in for milk or dropping off a parcel”, while Nick Wiles, chief executive of PayPoint, described it as another example of their stores offering “essential services at the heart of communities”.
What it means for your money
This update won’t change interest rates or account terms, but it could save you time and make cash deposits more convenient, especially if you live far from a branch or work unsociable hours.
It’s also part of a wider trend of banks teaming up with retail networks to keep cash services accessible despite the decline of in-person banking.
With this change, your local corner shop might now be your quickest route to getting cash safely into your account.
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