The bank confirmed the personalised limits is part of a trial, and is the first of its kind to be offered by a UK high street bank. Customers using the Lloyds Bank mobile app can set a monthly debit card gambling limit of any amount to the nearest whole pound, when spending online, in person or over the phone.
“For several years, we’ve helped our customers ‘turn off’’ gambling spend,” said Philip Robinson, Director, Personal Current Accounts at Lloyds Bank.
“Our newest feature lets customers set a personalised gambling spend limit, helping them better manage their money and establish boundaries around certain spending behaviour.”
According to research carried out by the bank, 50% of people would like banks to take further action to help prevent gambling harm. Monthly gambling limits was one of the most supported features among respondents.
GamCare CEO Anna Hemmings commented: “As many households are having to think more carefully about their budgets, the launch by Lloyds Bank of its new in-app gambling spend limit feature will give those most vulnerable to gambling harms an important means of controlling their gambling - and preventing harms from escalating.
“This tool complements the range of existing support features that we can recommend to people reaching out for help.”
The monthly limit can be adjusted or removed at any time and will automatically roll on each month, until the limit is removed.
Lloyds Bank also allows customers to freeze gambling spend completely, a concept introduced in November 2019.