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I have a habit of throwing loose change into big jar. This fills up quickly and I would ideally like to stick it into a savings account: I’m looking for ways to painlessly exchange this change into ‘solid’ cash? I’d hate to go down to the bank with a heap of brown coins. It weighs a ton! Any suggestions?
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212some bank branches now have cash sorting machines ... the ones in the supermarkets cost quite a bit to use (~10%) ... not sure whether the ones in the banks are free or not.
Posted on 08 March 2010 |
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410There is no way round the problem that you will have to move the money - what do you expect, someone to call at your house and take it away????
If you have small children (your own, friend's, grandchildren etc) then they can often be persuaded to sort it all into different coin types and then count them out into £5 bags for you.
manzanilla
Posted on 08 March 2010 | Love 0 loves
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83I think it's HSBC that has the coin sorter machines in branch where you dump the pennies in and they magically land in your account without having to queue up for the cashier. I would check with them first to see what regular savings account they have. Most banks do a min £25 a month account which even if the interest is horrid nicely accumulates a little pot for treats of some sort. Or you could set up a transfer each month from HSBC to which ever bank has the best rates. Do get the kids involved - maybe they'd be willing if you split the difference with them? And the kids accounts at banks can have better interest available.
The supermarket machines take about 8% and you have to spend it in store.
Posted on 08 March 2010 | Love 1 love
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83I think it's HSBC that has the coin sorter machines in branch where you dump the pennies in and they magically land in your account without having to queue up for the cashier. I would check with them first to see what regular savings account they have. Most banks do a min £25 a month account which even if the interest is horrid nicely accumulates a little pot for treats of some sort. Or you could set up a transfer each month from HSBC to which ever bank has the best rates. Do get the kids involved - maybe they'd be willing if you split the difference with them? And the kids accounts at banks can have better interest available.
The supermarket machines take about 8% and you have to spend it in store.
Posted on 08 March 2010 | Love 0 loves
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83
272Take it down to the bank a bit at a time? If you go into town once a week, just take a medium sized bag full of coins and drop it off at your bank. If should only take the cashier a few minutes to count it and add it to your account. Possibly even less if the cashier has a coin sorting machine behind the counter.
Posted on 08 March 2010 | Love 1 love
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804As long as you can count up to 10 you are ok. Do it once for each type of coin and make up other piles to the same height. Then put them in bags obtained from your bank.
Many bank have restrictions as to how much they will accept in coin. Normally they must be correctly bagged unless the amounts are small enough to constitute 'Legal Tender'.
The follow are a selection of quanities which constitute 'Legal Tender' and which have to be accepted:
1p & 2p - maximum 20p each
5p & 10p - maximum £5 each
20p & 50p - maximum £10 each
£1 & £2 - any anount
Mike
Posted on 08 March 2010 | Love 0 loves
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0Thanks for all the helpful advice, guys - I did not know that they have coin sorting machines in bank branches. I used Coinstar at my local Sainsbury’s before but was unimpressed with their 10% fee, hence me asking my question.
I bank with Barclays so after I read this I fired them an email requesting more info on this (their website is extremely unhelpful on this topic). They sent me a list of all branches that have the coin machines. Thought others might be interested, so here it is:
Thank you for your email
Our support team have advised of the following branch, please be aware that these are for the use of Barclays Customers:
CARDIFF
COLCHESTER HIGH STREET
CROYDON
HAMMERSMITH BUSINESS CENTRE
LEAMINGTON SPA
LEWISHAM HIGH ST
LIVERPOOL, LORD STREET
LOWESTOFT
LUTON DUNSTABLE RD
Manchester Market Street
Manchester City Office (Moseley Street)
MILE END
MOORGATE
WOKING
WOLVERHAMPTON QUEEN SQUARE
Thanks also for all the other answers, much obliged for the ‘helpful’ advice on counting change. ;)
Posted on 09 March 2010 | Love 0 loves
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