Lloyds Bank has launched a new feature in its app to help customers identify benefits and other financial support they may be eligible to claim, such as Council Tax discounts, energy grants, Winter Fuel Payments and Pension Credit. The bank said the calculator has already helped thousands of people to apply for support they may be entitled to, since it started testing the tool a few weeks ago.
The calculator asks customers some initial questions about themselves, including their household income, number of children and their living situation. Based on the responses, it then gives an initial estimate of the amount of benefits the customer may potentially be eligible for.
Customers can then use an in-depth calculator and a final summary is provided, with links for making a claim to relevant sites, such as dedicated pages on Government websites.
Lloyds said that so far, the most common benefits and discounts identified by the tool include Universal Credit, Council Tax discounts and Child Benefit.
The calculator is also available to customers of Halifax and Bank of Scotland, which are part of the same banking group.
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.”
The bank said the information provided by customers when using the benefit calculator is only used to calculate the benefits customers are eligible for and is not used or shared elsewhere.
Online calculators
Many people mistakenly believe there is a stigma attached to claiming benefits, but it’s worth noting an estimated £19 billion state support from the Department for Work and Pensions (DWP) went unclaimed over the last year.
Most benefits need to be claimed from the DWP or Social Security Scotland and while the end-to-end application journey time can take up to 16 weeks for disability payments, others have a much quicker turnaround.
An online benefits calculator isn’t a magic wand to wave away money worries, but it can give you a fairly accurate estimate of how much you could be eligible to claim – but it’s up to you to actually make the application.
Who should check for unclaimed benefits or discounts?
There is a wide range of benefits and payments available you should check for.
You should check if:
- you are temporarily unable to work, including because of ill health
- you are of working age on a low income
- You are over State Pension age on a low income
- you have been made redundant
- you are looking for work
- you are raising a family
- you have a child who is disabled or has a health condition
- you are disabled or have a health condition
- you’re caring for someone
- you have lost a loved one
What is an online benefits calculator?
Online benefit calculators quickly work out if you are missing out on any benefits and best of all, they are completely free, independent and confidential to use – so there’s nothing to lose.
In just a few minutes you could find out how much you may be able to claim in extra support, just by entering details about yourself, your residential status, your working status and any savings you have.
You can use an independent benefits calculator to find out:
- What benefits you could get
- How to claim
- How your benefits will be affected if you start work
Where to find help
Advice Direct Scotland
- This online tool is the first to fully integrate devolved benefits including Scottish Child Payment and Adult or Child Disability Payment. It provides a free and impartial assessment of entitlement to a range of benefits such as Universal Credit, crisis grants and support payments. Find out more here.
The benefits calculators below provide information on income-related benefits, Council Tax Reduction, Carer’s Allowance, Universal Credit and how your benefits will be affected if you start work or change your working hours.
What you will need before you start
Gather the following information before you start and the whole process should just take about 10 minutes:
- Savings
- Income, including your partner’s
- Existing benefits and pensions – including anyone living with you
- Outgoings – such as rent, mortgage, childcare payments
- Your latest Council Tax bill