Lloyds Bank 'more money' update as people could be owed thousands of pounds

Lloyds Bank has told its customers they could be owed thousands of pounds each, as huge pots of cash sit unclaimed in the UK. The banking giant said it has developed a tool to help people discover what they are entitled to - and how to claim it.

In a recent alert, Lloyds said some eight million households in the UK are missing out on a total of £23bn each year - an average of £2,875 per eligible household. This includes cash in the form of Department for Work and Pensions (DWP) benefits such as Child Benefit and Universal Credit, but other examples given by Lloyds include young professionals who might be missing out on Council Tax discounts, and homeowners who may not know they can apply for assistance with home improvements and sustainability initiatives.

The bank's new Benefit Calculator is accessible to Lloyds customers via the mobile banking app. Lloyds' website further explains: "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 ‘Cost of Living Support’ page."

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Lloyds said 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."