saving loose change (merged)

scheming_gypsy

ReductionQueen wrote:

?

How can anybody who signs up to a website called MoneysavingExpert.com say that they DON'T MIND paying 7.5% of thier hard earned cash for just having it counted? If any bank did that, there would be an uproar! I just don't get it........

it's not called scrimpingandsavingtobeamiserlyoldbastard.com. The money saving is about making the most of your money. Not paying 15% interest on credit cards when you can get a 0%. not using a .5% interest account when you can get a 5% interest account.

sunflower_2

ReductionQueen wrote:

I find it hard to believe that you could spend say £7.50 on bus fares, also that anybody who saves small change up never passes a bank. This also seems to highlight the fact that it's the better off end of society that seem to 'choose' options like this.

it would cost me a lot more than £7.50 to visit my bank
(i wouldnt fancy walking very far carrying £100 in coins)
but maybe if i had £100 - i would fancy a trip into town anyway :beer:

however - i have never had £100 in coins
my son likes to take them to coinstar once every few month n there is usually only about £30 there

so £2.25 for use of the coinstar is worth it to him
means he can spend his money in sainsburys/asda

for a child who hates shopping, these days make it so much easier

ReductionQueen

scheming_gypsy wrote:

it's not called scrimpingandsavingtobeamiserlyoldbastard.com. The money saving is about making the most of your money. Not paying 15% interest on credit cards when you can get a 0%. not using a .5% interest account when you can get a 5% interest account.

LMAO! Why not? It's quite catchy..............

Murphy_The_Cat

with my business a/c at floyds/tsb, i get charged 75p for the pleasure of walking into the bank to make my banking & they then charge me 0.5% of the value of any cash that i bank.

so £1000 in cash costs me £5.75 to deposit into my account - business bank accounts, a liscence to print money.

MTC

quoia

Murphy_The_Cat wrote:

so £1000 in cash costs me £5.75 to deposit into my account - business bank accounts, a liscence to print money.

"Deposit" £1000 in coins into a Coinstar machine and it'll charge you £75 just to count it !! You'll only get £925 back.

A machine with a licence to STEAL MONEY !!!

Murphy_The_Cat

you're right quoia, but then floydstsb will stll charge me £5.37 to bank it with them, whether it is in coins or notes !

MTC

quoia

The only good news that I can see (looked at their website) is that the company running these have worked out that we Brits are not quite as stupid or gullible (or perhaps overpaid?) as Americans & Canadians.

American CoinStars deduct 8.9% for counting their dollars.

Canadian CoinStars deduct 9.8% !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Dormouse

We always take our coins to the Post Office, never to a bank - surprised nobody has mentioned this. I can understand that going to the bank might be a nuisance but everyone has to go to the Post Office every now and then, so it's not too much hassle.

sunflower_2

Dormouse wrote:

We always take our coins to the Post Office, never to a bank - surprised nobody has mentioned this. I can understand that going to the bank might be a nuisance but everyone has to go to the Post Office every now and then, so it's not too much hassle.

i didnt know the post office would take the coins?

do u have to have an account with them?
or do they give you the notes?

is there a charge?
you could have solved all of our problems here Dormouse :beer:

Big_Nige

If you have young kids, why not have them count & bag the money & give them 7.5% for doing it. As for banking the money, so long as it is bagged correctly the majority of banks will accept it without any hassle !! if you have a lot of bags, cash them in little & often.