Most efficient way of converting £750 in coins to cash?

pb3

I've struggled as to the best forum to post this in and was torn between this one and Budgeting and Bank Accounts. My post is about saving and also about an investment in cash - However please feel free to move if not appropriate.

The story is that I have a large Coke Bottle shaped piggy bank into which I've saved my loose change (20p or lower) over the last 15 years. It is almost filled now and I estimate it will have around £750 when full. I must also point it is currently a whopping 94 pounds in weight

My question is - What do I do now? Ideally I would like to come away with as close to £750 in crisp new notes as I can. There is kiosk at my local supermarket for just this purpose, but it helps itself to a whopping 12% for the convenience.

I was wondering whether I can take the lot down (in instalments as I would struggle to lift the thing!) to my local bank for deposit into my account? I do have a nagging feeling that they may balk at this as they probably do not have the facility or time to count hundreds of coins.

Any suggestions would be appreciated.

martinthebandit

You need to get some coin bags from your bank and then bag your coins up properly.

Then take a few bags at a time to your bank.

Jobs a good 'un

[Deleted User]

YOU need to count and bag it. The bank will simply weigh each bag and give you the cash. Given it's such a large amount I'd warn them you are going in with it.

jamei305

If you have an HSBC account they have coin deposit machines in some branches where you can just chuck the lot in and it will count them for you and credit to your account. I think Metro bank might have a similar facility. I would avoid the machines in supermarkets that take a hefty percentage fee.

Robin9

Get the bags from your bank. 20 x £1 coin to a bag.

The bank will take this in it stride - quite normal for shops to bank like this .

HHarry

But there may be a limit to how many bags you can take at one time - with Lloyds it’s £10 worth.

12% or 75 trips to the bank?!

Alistair31

Robin9 wrote: »

Get the bags from your bank. 20 x £1 coin to a bag.

The bank will take this in it stride - quite normal for shops to bank like this .

OP said all in 20p or lower.

Robin9

We bank regularly and have no limit.

HHary £10 is only a half-filled bag designed for 20 x £1 and 10 x £2

cfw1994

jamei305 wrote: »

If you have an HSBC account they have coin deposit machines in some branches where you can just chuck the lot in and it will count them for you and credit to your account. I think Metro bank might have a similar facility. I would avoid the machines in supermarkets that take a hefty percentage fee.

As do ALL Metro banks

strawb_shortcake

I had nearly £1k in £2 coins and put all that in coin bags and deposited to Lloyds. Natwest also have the machines in bigger branches but not sure if they charge?

Apodemus

Sorry to piggy-back on the thread, but what would one do with a similar pile of coins from the eighties that are now no longer in use? - old size 5p etc?