Lloyds to introduce new £300 rule within days in UK bank first

Lloyds has announced it will be introducing a £300 rule next week that will allow people to pay money into their accounts at more than 30,000 locations across the country in a first for UK banks.

From August 26, customers will be able to use a new app feature to deposit coins and banknotes into their account at the same time as dropping off a parcel or buying their shopping in stores.

The feature uses a barcode, enabling people to deposit up to £300 per day in notes and coins, up to a maximum of £600 a month. People will be able to pay money in at more than 30,000 locations which have PayPoint.

Nick Wiles, chief executive of PayPoint, said the network “provides a vast range of essential services at the heart of communities across the UK, for everything from banking, utility, parc