Lloyds makes huge £300 update affecting 30,000 UK locations

Lloyds Bank has become the first lender in the UK to roll out a so-called "£300-rule". The banking giant's move allows customers to make cash deposits using a mobile barcode at over 28,000 nationwide locations.

Customers can deposit amounts up to £300 in a single day and no more than £600 per month at PayPoint outlets taking part in the scheme. The mobile barcode remains active active for two hours, which the scheme's backers believe will allow enough time to get to the nearest PayPoint.

A majority of Paypoint stores offer extended opening hours and welcome customers seven days a week.

Lloyds said money should show up in an account within minutes and always inside of two hours.

Customers can find their nearest PayPoint using the Lloyds app or by visiting the PayPoint website, according to the Manchester Evening News.

They can still use Lloyds, Halifax and Bank of Scotland branches to make cash deposits, with no limits as to how much you can hand over at the counter.

It is also possible to make single deposits of up to £2,995 at a Post Office, according to Lloyds.

Gabby Collins, Payments Director at Lloyds, said the bank is always looking for smart ways to make banking more flexible and give customers more choice.

She added: "Our latest app feature now allows customers to pay in cash at their local PayPoint in just a few minutes - ideal if they are popping in for milk or dropping off a parcel.

"With this new innovation, no other UK bank offers as many ways to manage money as Lloyds."

Nick Wiles, CEO of PayPoint, said the company's retail network provides a vast range of essential services at the heart of communities across the UK.

He said this includes everything from banking, utility, parcel, cash and government services.