saving loose change (merged)

Smiley_Mum

humfer wrote:

Something that may be of use when you have reached your target - think Sainsburys have change machines in their entrances which you just load in all your change and gives you credit off your shopping

Isn't that Coinstar machines which take a huge commission on your cash. Say you shove in a tenner worth of change, you get £7.50 back. Not sure but I heard mention of a similar system at Asda I think. Worth checking before sticking your hard earned cash into one.

JasonW_2

That's not right, its 7.9% in the pound, so that means you get about 92p per £1

Still cheaper to count it all up, bag it yourself and take it to your bank if they are one that accepts these coins, some are funny about it.

J

Contains_Mild_Peril

Those machines are such a rip-off. The thing that makes me laugh is their signs saying "turn your coins into cash"! Um, I didn't realise they were something other than cash to start with. Anyway, the only ones in any shops I actually go to are in Glasgow, a city plagued with exact-fare-only buses, so whenever I'm in Glasgow I'm acutely aware of the need to hoard change for bus fares.
I've tried saving 5p coins with the intention of eventually banking them, but I finish up taking them to jumble sales or boot sales and spending them there after I run out of other money. If I'm really short of cash for a jumble sale, I even borrow my DH's collection of 5p's too!

Gordon_the_Moron

HeaddyMX wrote:

During my uni years I had £13 worth of 1p, 2p and 5p coins at one point, which was spent on a night out.

Did you change it first? :eek:

I just lob it all into a Natwest quick deposit envelope (not the cash machine it can't handle lots of coins, the quick deposit post box) just put the amount on the envelope and they sort it out, even if you count it wrong they rectify the amount they credit. Don't overfill the envelopes though because the boxes are quite deep and could split on landing... if two envelopes both miscounted by the customer were deposited and broke I don't know what they'd do.

Gordon_the_Moron

Smiley_Mum wrote:

Isn't that Coinstar machines which take a huge commission on your cash. Say you shove in a tenner worth of change, you get £7.50 back. Not sure but I heard mention of a similar system at Asda I think. Worth checking before sticking your hard earned cash into one.

The ASDA near us has a Coinstar the same as Sainsburys, they are a rip off.

HeaddyMX

Gordon_the_Moron wrote:

Did you change it first? :eek:

Of course, I remember fondly taking the whole container to a NatWest branch, sitting at one of the tables and putting it all into bags. It was surprisingly heavy.

Smiley_Mum wrote:

Isn't that Coinstar machines which take a huge commission on your cash.

Thats why I don't use them! I prefer counting them myself, or failing that I could buy a coin sorter.

HeaddyMX

As of Tuesday I'd saved almost £8 worth of loose change; three 5p coins short of a fiver. I've banked £1 because I needed food!

joncarpet

I have an ice bucket (free from a pub!!!), in which i put all coins less than 50p.
Just before last christmas i emptied it and had just short of £70, which paid for my xmas presents.
Hoping to have more this year!!

Poppycat

Does the Sainsburys coin counting machine give you cash in exchange for coins/notes or does it give you a voucher off shopping?

I understand they take a cut off the coins, I seen the machine in there but havent give it much notice. I just been taking loose change I have and money for kids piggy bank and wont to give them the money in notes.

I have done a count what I owe kids but I havent done mine, I assume its accurate and well take 1p, 2p, 5p, 10p, 20, 50p etc

Any advice would be apprepiated. Thanks

gazza975526570

If its a coinstar machine it takes a percent of your money (think its 7.5%). If it is this you can either use towards your shopping or as cash

Not realy moneysaving but saves a lot of bagging up and taking to the bank!!!