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 credits.

It was recently reported that 8 million households across the UK are missing out on thousands of pounds.

The banking giant has launched a new tool to help its customers determine if they are eligible for any cash, as well as how to claim it.

The bank's new Benefit Calculator is accessible to Lloyds customers via the mobile banking app.

As well as people being owed certain benefits, Lloyds said that some young professionals might be missing out on Council Tax discounts, while homeowners may not know they can apply for assistance with home improvements and sustainability initiatives.

The bank's website further explains: "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."

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.

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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."