saving loose change (merged)

micheleen

I pay mine into a Barclays account with no problem, Natwest don't seem so keen though. Probably depends on the branch.

Another possibility is local shops/pubs that you use regularly, some will virtually grab it out your hand in my experience. They're charged by banks for withdrawls of change.

Childrens accounts also work well I believe, 'Little Johnny saves all his coins'

Mark7799

I've paid it into accounts at Barclays and NatWest with no problem - last week £57 properly bagged in correct denominations. In my experience, I've had no trouble with the 'traditional' banks, only the ex-building societies.

bestpud

Thanks, I'll give Natwest a go. We don't really have a regular shop except Tesco and I don't think they'd be willing. We don't drink either so that lets the pub out - might get my dad to get it changed at his local for me though. Will see if Natwest will play ball first.

J_B It's an easy way of saving for us and we quite like counting it all out to see how much we've accumulated - it feels like free money somehow! It's usually around £50 as I'm talking coppers mostly, so wouldn't gain a lot of interest. I do count out larger coins when shopping, much to the annoyance of the people behind!

Debt_Free_Chick

Your own branch will usually take small change, free of charge, if it's bagged. You simply pay it into your account.

We save small change and my partner pays it, over the counter, at a branch of Barclays - as his account is held at Barclays. I really think it depends on whether you have an account with the Bank in question.

funkyBase

Hi all,

I have a money pot that I save £1s in (usually takes me a year to fill) and then I crack it. I also save 1s, 2s, 5s and 10s. I normally have about £500 bagged in change and I take it to the local Post Office. They weight it and can easily tell if it's the correct amount and have always been nice about it. I've never had any of my banks refuse me but I always feel like they are not happy with it, that's why I go to the post office.

Base

Joe_Bloggs

@funkyBase and all
You may as well throw away 5% of your change away as that is what you are doing by keeping your money in coins instead of a savings account/ISA etc. Counting coins is not saving money, it just seems like it. While you hold pots of it, inflation errodes the value of it and you deny yourself the interest from saving it in a savings institution.
I donated my collection of 'copper' coinage to a charity shop and now use an egg money card that gives 1% of purchases back. For small purchases I try to make exact payment from the small collection of coins that I carry around.
J_B. (You can throw 7%+ away in a coinstar machine too.)

gregg1

i always take my coins to my local sainsburys - a lot of them have those coin counting machines which convert it into more easily managed £1 and £2 coins.

funkyBase

I was waiting for someone to say that!

I know that already, but still some people might not. The reason I keep them in pots I have to crack is I would spend the money otherwise before I got it to the bank. I have tried other means to save myself from spending the change I get but nothing else works. Even accounts that have waiting periods don't work for that small amount of change I'm trying to save.

So while to you it's throwing money away, to me it's the only thing than makes me actually not spend all my money on £3 coffees that I don't need. I'd rather miss out on that approx £15 of interest than actually have nothing at the end of year.

You may say that's not disciplined enough to be a money saver but for me it works and saving £500 is still good in my opinion compared to nothing. Hopefully that information will help someone else who has more willpower than me. :rotfl:

Joe_Bloggs

@Funkybase
You would not get change if you carried enough change to avoid accumulating change the first place ! It does take a mental leap to appreciate this. Condider your self in a position where you paid the exact amount for each transaction. What would you have to do to prepare for this ? Your other personal financial proclivities are, of course, yours to resolve.
J_B. (A fan of Numism when it makes sense.)

funkyBase

It does take a leap I know my options would be use a debit card, but then I tend to spend more as I don't see the money go out of my hands. I see your point.

In my head, to work out in advance what I was going to buy, make sure I had enough but not too much, then use my change and have the money would for me personally be a bit of effort more than it's worth. I work it out the approx £15 of interest would take less than an hour to earn (ie my time), but with me fiddling and trying to get used to it over the year, and sometimes forgeting, not having the correct amount etc would add up to more than an hour of my time would be a general annoyance and again affect me and my time when I could be doing something else. So I can use those hours, do a bit of work and earn it back doing something I like rather than pickling my head. I can see how in many peoples' eyes that's crazy wanting to work more but it makes me happy and I still save and get my money and use my time how I like, than doing something I know I wont like, will annoy me and in my eyes is not worth my time.

Over 25 years fair enough it would add up to a bit and with all that interest and I suppose I may get used to it but I'm still not convinced.

My point really is what works for some people doesn't always work for everyone else. I'm saving, it may not be your way but it's still saving and for me saving £500 a year, easily, without me thinking about it, happily, without any trouble to me, no timewasting (in my opinion), no annoyances (and yes counting money may take time but I get satisfaction out of it and I like doing it, and still the fiddling time would more than cover it).

Still a good idea. I hope someone will take your advice but it's not for me.

Regards