Lloyds Banking Group have partnered with Assurant, a global insurtech, to offer mobile and device trade-in services to their Lloyds Bank, Halifax and Bank of Scotland customers via dedicated websites.

It can be hard for consumers to keep up with all of the new tech available on the market. Many customers are unaware of how to dispose of old tech.

Assurant and Lloyds Banking Group have teamed up to solve this problem, giving customers a secure, environmentally friendly way of recycling unused devices. There is also a cash payment for doing so.

Customers of Lloyds Bank, Halifax and Bank of Scotland will have access to dedicated websites* where they can sell old and unwanted mobile phones and gadgets. By answering a few quick questions about their device customers will be given a valuation and, if they’re happy with the offer, Assurant will arrange for the device to be sent to them, free of charge. Following receipt and verification, the payment for the device will be made within 48 hours.

Lloyds partnership to provide more trust in the service

Assurant’s European trade-in programs paid out more than £8m to customers for their old devices in 2023, at an average of £125 for each device. Admittedly, this is not a new premise and often some customers will be offered a very small sum for their old phone, most of which will be looking to be sold with good reason.

But beginning the process alongside a company that has partnered with your trusted bank, could instill a new layer of faith in these occasionally suspicious offers.

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Tech trade-in also plays a role in a more sustainable future, significantly reducing the number of mobile phones and electrical devices needlessly going to landfill. Assurant reconditions devices received from customers, keeping as many in circulation as possible.

Lloyds Banking Group spokesperson said: “We’re pleased to be the first bank to offer a device trade-in service as, by introducing this option, we’re putting money back in people’s pockets and helping them make a more sustainable choice when clearing out their old devices.”