saving loose change (merged)

[Deleted User]

popsaw wrote: »

I use the coinstar because it quick and easy.I think the 8% goes to Charity.My local bank will only accept 2 change bags at a time so it is worth the 8% to me.

If you google Coinstar, you'll find out that they are a commercial company based in the US. They are in it for profit to their shareholders, not charity!

Poppycat

I believe they do on occasions give the profits to charity I seen it say on there web site many months ago. I am sure there is also an option to have the spare change given to charity too.

rovinia

Don't give it to coinstar. Indeed we ought to lobby Asda to remove them (they are owned by Walmart and Coinstar are US owned too?!) Get a sweet jar and throw the coppers in in and get the kids to count it every so often and pay into their own account. There is no limit on paying copper into kids accounts! It is just very heavy to carry if like me you walk tothe bank. My son has done this and he sees it as his pocket money, saves it for his games and for buying cards and gifts from 'his own' money. Start the saving habit young, and hopefully they won't get the debts most of us have got. I also keep £1 coins for dinner money, £2 are 'saved' for rainy days or treats and 20p's and 5p mount up very quickly. We empty purses and wallets every day this way and you don't miss it. I use 10p and keep a bit of copper in my purse to give the right change, or to get £1 and £2 in change whenever I can.

Also if you open a kids account with Halifax they provide you with a coin sorter for free.

Econo-miser

Our local Tesco has a coin sorter - you can either pay a fee, (similar to the 8p in the £ mentioned) or get a voucher for 100% of the cash to spend in the store.

I like the idea of getting the children to count the change - it's a great idea for them to learn about the value of coins.

hjd

Our local Barclays (Woking, Surrey) has one of these machines but it takes no commission or fee if you have a Barclays account.

butch_dingle_2

rovinia wrote: »

Don't give it to coinstar. Indeed we ought to lobby Asda to remove them (they are owned by Walmart and Coinstar are US owned too?!)

Why ? Because someone is making a profit ?

shock horror.

:eek:

JohalaReewi

Econo-miser wrote: »

Our local Tesco has a coin sorter - you can either pay a fee, (similar to the 8p in the £ mentioned) or get a voucher for 100% of the cash to spend in the store.

The coinstar in my Tesco store charges 7.9% regardless.

JohalaReewi

Poppycat wrote: »

I believe they do on occasions give the profits to charity I seen it say on there web site many months ago. I am sure there is also an option to have the spare change given to charity too.

You need to read the charity option very carefully. It may sound like they are going to donate to charity from thier 8% but you could actually be donating to charity from your 92% of the sorted amount.

Poppycat

Yes that's what I thought but thanks for reconfirming this

JohalaReewi wrote: »

You need to read the charity option very carefully. It may sound like they are going to donate to charity from thier 8% but you could actually be donating to charity from your 92% of the sorted amount.

Garnet_Gem

You don't need to use these machines if you object to them. I think that 8p in the pound is fair - unless you have LOTS and LOTS of coins in which case you're rich and the cost shouldn't bother you.