The bank estimates that £23bn worth of Government cash goes unclaimed each year by about eight million households.
Lloyds’ Benefit Calculator is available to Lloyds customers in the bank’s mobile banking app. It helps customers to find support they may be eligible for and shows them how to make a claim.
The bank said the Benefit Calculator could help a wide range of people to access support, such as young professionals who may be missing out on council tax discounts, and homeowners who could claim for help with home improvements and sustainability initiatives.
Where is the Benefit Calculator?
Lloyds customers can find the tool 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 ‘Cost of Living Support’ page.
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Lloyds said that 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.
How does the Benefit Calculator work?
The Benefit Calculator asks customers six short initial questions about themselves, including household income, number of children and their living situation. Based on the responses, the calculator provides an initial estimate of the amount of benefits the customer may be eligible for.
Customers will then be able to use an in-depth calculator, which takes around five minutes to complete. A final summary is provided, listing the different benefits and the estimated amount of financial support the customer could potentially receive, while providing clear links for making a claim.
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.”
