Lloyds has issued a new update to customers. (Image: Getty)
Lloyds has issued an alert to customers as millions of people in the UK could be owed thousands of pounds each. The banking giant said it has launched a new tool to help people firstly work out if they are entitled to any cash and, secondly, how to make a claim.
said some eight million households across the UK are missing out on £23bn in government benefits each year, such as Child Benefit and – that’s an average of £2,875 per eligible household. Lloyds’ new Benefit Calculator, it said, is available to Lloyds customers in the mobile banking app.
As well as benefits, Lloyds said, young professionals could be missing out on Council Tax discounts, while homeowners can claim for help with home improvements and sustainability initiatives. Guidance on the bank’s website continues: “Benefit Calculator can be found in the new ‘More Money in Your Pocket’ hub in the Lloyds mobile banking app, available from the ‘Everyday’ page on iOS devices.
“For Android users, the tool can be found by visiting the ‘ Support’ page.” Lloyds said that its Benefit Calculator has already helped thousands of its customers to identify support they may be eligible for, since it began testing the tool a few weeks ago.
Tamara van den Ban, customer propositions director at Lloyds, said: “Billions of pounds of support is provided for those who need it through benefits, but many customers don’t know how to navigate the system or how to make a claim.
“That’s why we’ve launched Benefit Calculator, helping customers to identify the benefits they may be eligible for, and providing clear guidance on making a claim. Benefit Calculator checks whether customers qualify for a wide range of support, including grants for home improvements and energy efficiency schemes.”
“Benefit Calculator is the first of a number of features we’re introducing in our app over the coming months, all designed to help put more money in our customers’ pockets. This is alongside all the existing ways we help people keep close to their financial lives – including our subscription management service, our credit score checker, card controls and more.”