Exclusive:
The benefits calculator, which is available within the Lloyds app, will ask you six short questions about your household, your income and your living situation
Lloyds Bank has launched a new calculator that could help millions of people discover if they’re entitled to benefits.
The calculator, which is available within the Lloyds app, starts with six short questions about your household, your income and your living situation. Based on your replies, the calculator then provides a rough estimate of the amount of benefits you may be eligible for.
You’ll then be able to use an in-depth calculator, which takes around five minutes to complete, to get a final summary of the benefits you could potentially receive. If it says you may be eligible, you’ll need to put in a claim. The calculator will share the links you need to make a claim.
Approximately eight million households across the UK are missing out on an estimated £23billion worth of benefits each year, including Universal Credit and council tax support. But as well as telling you if you could be eligible for benefits, the calculator could also highlight if you’re able to get free grants for home improvements or help to make your home more energy efficient.
The benefits 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. 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.
“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.”
Benefit calculators
If you’re not a Lloyds customer, there are other benefit calculators that could help you see if you’re entitled to support:
Again, you’ll need to share information about your living situation, your employment status, any savings you have, and if you currently already receive any benefits. If these calculators show you may be eligible for support, you can either put in a claim for the relevant benefit yourself, or get help by contacting Citizens Advice.
