Paying in small change

halia

Sorry if there is a thread which deals with this - I tried but couldn't find anything in search.

I collect small change and then pay it into my bank account. I've usually tried to do it when I have a certian amount and used the 'bags' they give you for small change.

questions:
Can I pay in any amount of small change - ie do I have to split up my tuppances into £1 bags or could I just give them £5 worth in one shot?
Where can I get the bags from? my branch never has any and I am running very short.

gt94sss2

It depends on who you bank with.

Some banks (mainly ex building societies) and current building societies don't like dealing with lots of small change or coin deposits and impose limits on the amount you can deposit each day and if it has to be bagged etc.

This is because dealing with these kinds of 'low value' transactions takes up a 'relatively' long time and there is nothing in it for the bank - also if the branch is busy the staff could be serving other customers (with potentially more profitable transactions etc)

At the very least, 'full bags' of coins can be very quickly weighed/checked on the bank counter machines.

As such, if you want to deposit coins etc., you are better off sticking to the likes of the big 4 (HSBC etc) rather than the Halifax or Abbey National..

I hardly ever deposit coins at all (its not worth it imv), but if I do - I always wait until I have a full bag.. though this may change in future as some branches of HSBC (who I use) have fitted coin counting machines, where you just put all your coins in and the machine will automatically count them and produce a deposit receipt for you - which is much better for paying in 'odd amounts'

However, if your branch doesn't have a machine like that and you want to hand over lots of coins, the staff and other customers will all appreciate you bagging them up..

As for the bags themselves - any bank should have them.. you don't need to use 'your' banks bags if you need some..

Regards
Sunil

LittleVoice

And haven't you found that the bags have printed on them what coins can be included - total value of 50p coins, total of mixed 1p and 2p for instance?

someone

LittleVoice wrote: »

And haven't you found that the bags have printed on them what coins can be included - total value of 50p coins, total of mixed 1p and 2p for instance?

and if you look closely some bags have different amounts printed on the bags

JohalaReewi

For some banks, you don't even have to fill the bag. They can weigh how much is in a part filled bag as long as it is all the same coins.

darich

LittleVoice wrote: »

And haven't you found that the bags have printed on them what coins can be included - total value of 50p coins, total of mixed 1p and 2p for instance?

Any bag I've ever seen states quite clearly on it - "No mixed coins"

You're right that each bag has the amount of each coin that should be bagged.
1p and 2p in £1 amounts
5p, 10p in £5 amounts
20p and 50p in £10 amounts
£1 and £2 in £20 amounts.

Some banks (Nationwide is one) only permit a certain amount of deposited coins per day - they've set a limit of £5 or 5bags - i can't remember which.

zfrl

We collect all of ours in a penquin shaped money box & then pay it into DS's building society account. They sort & count - it's a great way to save all those 1, 2 & 5 pence pieces. They don't allow it for adult accounts only childrens.