Penny Savings in an Account?

nellis10

Hi folks,

I really must stop leaving MSE because I always fall into bad habits when I do.

Anyway! I;m back again because I've been spending a bit too much recently, and having moved house and needing lots of items like a freezer and fridge etc, I really need to reign my spending in.

I've started a little weekly budget and keeping spare change in a tin/purse, but I really want to get it out of the house and into a little savings account.

My question is this...I have a load of change in a tin, some of it ready to be bagged into money bags, some just loose, maybe about £35 worth of change, not a lot but still good enough to open a little account - Is it reasonable to bring this change into a bank and ask to open an account with it, and on a weekly basis bring in loose change to add to the account - or will they laugh at me?

I just want to get a kick out of adding to my little pot each week, but I don't want the temptation of it being in the house where I can dip into it.

Thanks for reading!

TonyMMM

Banks don't like coins much - too much hassle, counting and storing.

But you will be OK as long as you bag up the change first (in the amounts the bank specifies), and you check if the bank has a limit to the amount of coins you can pay in on each visit.

scottishlass

My HSBC branch has a lose change pay in machine...so I take all my change there drop it in the machine and it counts it for me and gets added to bank account. The only time I've had an issue is when the machine was full and the guy needed to go and change the bags at the back.

nellis10

TonyMMM wrote: »

Banks don't like coins much - too much hassle, counting and storing.

But you will be OK as long as you bag up the change first (in the amounts the bank specifies), and you check if the bank has a limit to the amount of coins you can pay in on each visit.

But are banks OK wiht you depositing small amounts each week? I'm trying to move to a cash budget as opposed to just always using my debit card. So much so I am thinking of asking for new cards with new numbers and keeping them with my mum...I know all my numbers off by heart so it's easy for me to buy online without a thought lol

nellis10

scottishlass wrote: »

My HSBC branch has a lose change pay in machine...so I take all my change there drop it in the machine and it counts it for me and gets added to bank account. The only time I've had an issue is when the machine was full and the guy needed to go and change the bags at the back.

That's a really good idea...But I'm not sure any of the banks in my area would have that facility...Might go into town today and have a chat with some of them!