Use Lloyds Bank tool to check if you're missing out on thousands of pounds in benefits

Lloyds Bank is calling on individuals to check if they are entitled to payments potentially worth thousands, as a staggering number of UK residents are not claiming what they're due.

To make life easier the banking giant, who have three branches in Devon, have unveiled a new tool designed to assist customers in determining their eligibility for any unclaimed funds and guide them through the process of claiming.

Lloyds Bank reports that approximately eight million households in the UK are not receiving £23bn worth of government benefits each year, which breaks down to an average of £2,875 per household that's eligible. This includes entitlements such as Child Benefit and Universal Credit.

For Lloyds customers, the new Benefit Calculator can be easily accessed through the mobile banking app.

The bank also highlighted that certain demographics, including young professionals, might not be aware they qualify for Council Tax reductions. Additionally, homeowners may be uninformed about available support for home improvements and eco-friendly upgrades.

Lloyds' website provides further details, stating: "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.", reports the Liverpool Echo.

Lloyds Banking Group has announced their Benefit Calculator is aiding thousands of customers in pinpointing unclaimed financial support. Tamara van den Ban, customer propositions director at Lloyds, commented: "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."