Lloyds Bank launches £300 cash deposit rule with new app barcode feature
Lloyds Bank has rolled out a game-changing update for its customers across the UK this month.
The high street giant is now letting account holders deposit cash using nothing more than a smartphone barcode, marking a first for a major UK bank.
The move introduces a £300 per day deposit limit, with a monthly cap of £600, allowing customers to pay in both notes and coins without setting foot in a branch.
How does the new system work?
Using the Lloyds mobile app, customers can generate a barcode in the ‘Everyday’ section. This code can then be scanned at more than 30,000 PayPoint stores nationwide, with most outlets open seven days a week.
The barcode remains active for two hours, giving users a flexible window to make their deposit.
With 99.5% of the UK population living within a mile of a PayPoint, access is almost universal.
These outlets are already popular for everyday tasks such as parcel returns, bill payments, mobile top-ups, and gift card purchases; now, cash banking joins the list.
For those who prefer traditional banking, Lloyds has confirmed that deposits can still be made at branches of Lloyds, Halifax, and Bank of Scotland, as well as through Lloyds’ network of cash machines, Banking Hubs, and more than 11,500 Post Offices nationwide.
The update follows wider internal changes at the bank, including a major review of underperforming areas aimed at streamlining services and improving efficiency.
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.
With this new innovation, no other UK bank offers as many ways to manage money as Lloyds.”
Nick Wiles, CEO of PayPoint, added: “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 new Lloyds Bank £300 deposit rule reflects a growing demand for frictionless banking, where customers can handle cash quickly without the hassle of queues or limited branch hours.
It also strengthens Lloyds’ position in the competitive UK banking sector by offering more deposit options than any other high street bank.
For everyday banking on the go, this new feature could be a lifeline for those juggling busy schedules or anyone who simply wants to bank while picking up their weekly essentials.
