If customers find the same deals elsewhere within 24 hours, the bank will match the price, while a price drop guarantee on flights means that the service will credit customers if prices drop in the 10 days after booking.
The move is in addition to a number of travel-related services offered by Lloyds, including the chance to use debit cards fee-free abroad for £7 per week and free foreign exchange for those with Premier and paid-for accounts.
Tamara van den Ban, managing director of customer propositions at Lloyds Bank, said: “We knew we wanted to make it easier for our customers to organise their trips from beginning to end and bringing Lloyds Travel Booking to the app is a great solution.”
A tenth of spending goes on travel
Van den Ban added that UK spending data shows that £1 in every £10 we spend goes on travel.
“It’s a big part of our customers’ lives,” she said, adding that Lloyds is the first bank to allow travel booking in its app.
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Lloyds is setting up this service in partnership with Hopper, a travel tech brand.
Dakota Smith, co-founder of Hopper, said the company helps its partners to broaden their offerings to customers and that modern financial institutions are “looking for ways to deepen engagement”.
In-app hub
Lloyds travel booking will appear in the banking app for customers over 27-30 May. It will be within a new Travel Hub in the mobile app.
As well as the price guarantees, the new service will come with a price prediction service for flights only providing data-driven recommendations on the optimal time to book – or wait.
Once booked, customers can keep track of their trips directly in the Lloyds app.
