Taking £2 coin savings to the bank/PO

Amymo

Hi everyone,

Am de-lurking to ask some advice. My OH and I have saved £300 in £2 coins since Jan, the only way we could think of saving as money is very tight at the moment. I wanted to take this to bank in our ISA but the bank basically told me they could take only £40 worth at a time which means 8 trips to the bank I suppose to pay this all in. We gave them the £40 and lugged the rest home, was wondering if you lot have a better solution, somewhere that might change it into notes that I can bank for example. Thanks in advance!

isofa

I've taken a lot in before, just go in and ask for some money bags, and then pay in at once. If your ISA bank won't allow it try a main current account. Large shops must bank a lot of change too.

If they refuse, pay in £40 as requested, ask for the bag back, refill with £40 and join the queue again, and point out how ridiculous this is when you are at the counter again.

There are some limits on spending change, and paying for things, but I'm sure a bank should accept your coins...

fishingdobbie

How about your local pub,they always need change, and have to pay the banks to get it.

TehJumpingJawa

£2 coins are legal tender in any quantity....... so run up a £300 debt somewhere, and pay with your coins - they're legally obliged to accept it as payment

lilac_lady

I used up the last lot of £2 coins saved (£160) by putting some in my purse every time I went shopping. It was frightening to see how fast they disappeared! Maybe you could spend them instead of drawing cash from the atm?

robledouk

Really the banking system here is rubbish and so out of date. I currently live abroad and have lived in several countries where the ATM`s allow you to deposit cash and coins in the machine.....saves you a lot of bloody time. You can also make payments and transfer cash from 1 bank to another that are quite instantaneous....none of this bank transfer over the net that takes 5 working days malarky.

It`ll probably be years before the UK implement this system, we`re so behind for one of the so called top countries :rolleyes:

nilrem_2

robledouk wrote: »

Really the banking system here is rubbish and so out of date. I currently live abroad and have lived in several countries where the ATM`s allow you to deposit cash and coins in the machine.....saves you a lot of bloody time.

With so much fraud involving ATM's you can just imagine what a 'field day' the fraudsters would have if we could deposit cash in ATM's as well! :eek:
I can almost see the queues of people at the bank complaining that the cash they deposited in the ATM has disappeared!

robledouk

nilrem wrote: »

With so much fraud involving ATM's you can just imagine what a 'field day' the fraudsters would have if we could deposit cash in ATM's as well! :eek:
I can almost see the queues of people at the bank complaining that the cash they deposited in the ATM has disappeared!

yeah maybe but there doesn`t seem to be that problem abroad. Maybe it`s our culture

isofa

Don't some HSBC cash machines (or special in bank deposit machines) accept coins as deposits? Sure I read that somewhere...

caveman38

A month ago there was an article that said that it was beleived that one in twenty £1 coins were counterfeit. At that time I had saved over £400 worth.
I decided that I should get shot of them and bagged them up. I took them along to my HSBC bank and fully expected some or all the bags to be under weight and had a pocket full ofg £1 as replacements. That was assuming they would take them in the first place.
To my amazement the 20 bags all wieghed correct and were accepted without question even though some of them must have been "iffy".
Good old HSBC eh?

Stuart_W

My local post office is how I off-load my saved up small change.

As I bank with Co-op I can actually pay any amount of change in directly to any of my accounts at the post office - but you can always use it to pay any bills that can be paid there. Car tax? Council tax? (transcash fee applies in some authorities). Water? Then pay in to your ISA from your current account.