saving loose change (merged)

BusyMum_2

VixxAnn

Your local shopkeepers might be more than willing to take your coins - particularly as they have to pay a fortune (in bank charges) to the Bank if they want to order coin. Like the others have said, the banks will be be more than happy to take coin from you too as they too have big issues with ordering and paying for coin deliveries.

We save coins here too, like you, although not as much as £600 so well done! We bought a new TV last year with our £178 and this year, we are putting the money towards a trampoline.

Good luck!

VixxAnn

BusyMum wrote:

We save coins here too, like you, although not as much as £600 so well done! We bought a new TV last year with our £178 and this year, we are putting the money towards a trampoline.

We have a big plasic budweiser bottle (about 60cm high) and we fill it with our loose change every day £1 coins as well ! so its filled up pretty quickly - the £600 has take about one year - I have to admit I've dipped into it once or twice when i've been desperate for dinner money for the kids!

Going to be our spending money when we go to New Zealand in March!

soozig

If you have a child , open a save 4 it account with Halifax as they cannot refuse to take bags of coins for this account. This should apply to most banks.

ilovegreatdanes

you could always deposit as many as you can then go to back of queue and start again,etc., etc or do this taking members of your family along and they may get so tired of your revolving line of crediting that they take pity on you although it will take some time, granted,they will still have to accept your deposit and money is money, whatever form it takes,i say.good luck!!

ManAtHome

Or try your local pub - they probably just sling them out. May be a good place to change the full ones as well - some banks will only take small amounts.

Dustykitten

I am Treasurer of our school PTA and I bank all our change at Barclays - you can imagine the amount after an event like a fete! If I have loads I leave it with them to weigh and then pick up the paying in book later or the next day. Please don't take this the wrong way OP but from a Money Saving Point of View would it not have been better to bank the cash as you went along to get some interst on it? Good luck Dusty

jonesMUFCforever

Why not spend it in shops and replace it with notes from a cashpoint machine?

jonesMUFCforever

Good idea about pubs - I know that a load of taxi drivers change their coins there rather then being charged by their banks for putting it through the books.

pinkfluffybabe

Phoenix79 wrote:

Don't bag your coins up in rival banks bags and expect your bank to accept them. They won't. Happened to a mate of mine. I did warn him so had no sympathy for him!

Really? I've never had a problem giving any type of bag into Lloyds TSB

moonrakerz

dunstonh wrote:

The "real" banks have no limits but the ex building societies still impose limits. However, they do have to accept it within the legal tender rules. So, if its mostly pound coins, they cannot refuse as there is no limit on pound coins (unlike other coins).

There is a lot of misunderstanding about what exactly "legal tender" means.

The quote below comes from the Royal Mint website concerning coinage legal tender.


Legal tender has a very narrow and technical meaning in the settlement of debts. It means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded.

The Bank of England website is very similar concerning notes.

Where the confusion arises is whether the offer of legal tender is for a normal day to day transaction or is in settlement of a debt. Legal tender has to accepted for the latter, but not the former.
However, even this becomes a little confusing following a case (in Scotland, where NO notes are "legal tender") when one local authority tried to refuse a cash payment (in Scottish notes) on the grounds it wasn't "legal tender", but lost their case when the sheriff effectively said that they were obliged to accept anything which was commonly accepted as "money".

To me, both of the Mint and BoE statements mean that a Bank is quite within its rights to refuse to accept whatever its wishes not to accept. This does seem strange when one considers some of the the methods used by the banks to help themselves to their customer's money at any opportunity !

I would ask for the manager and ask him if he actually wants your custom or not !!

And - a "Bank" is a "Bank", regardless of whether it used to be a Building Society or not.