Piggy bank savings.

swebber

Ok, this might seem a bit strange, but I want to open a savings account that about twice a year, I can empty the afore mentioned piggy banks into.

Trouble I'm finding, is that most of the best rates, are postal or internet or whatever, so I want an old fashioned passbook or similar account, but it also has to be with someone, who will still take unlimited coin bags in one go.

I'd obviosly like the best rate possible, but more imporatnt to me, is being able to take in ALOT of bags at once and not be refused or told to re-queue or just plain forget it lady.

Any ideas please.

WSO

I don't take my coins to the bank any more, instead I sell my change to a local shop owner who is only too happy to take it off my hands - leaving me to take more acceptable forms of cash into the bank.

I'm not sure exactly what the banks charge to provide small businesses with their change - but by befriending a local retailer, you can change your change and deprive the bank a little of the profit they would have made from the retailer.

Who knows, you might even get the occasional freebie from local retailers you choose to help out (OH and I had a free chippy tonight actually)... you know, you scratch my back, I'll scratch yours type of thing.

Something to think about, and it would open up more options with regard to your choice of account.

lipidicman

Nice advice, the banks whinge about taking change, then sell it on for profit. I tried to get some change from the banks the other day, nothing, and retailers wont give it up as it costs them to buy it!

WSO

Glad to have been some help, Lipidicman! I'm pretty sure however if you had a small business account they wouldn't hesitate to give you the change and charge your account for the "privelege".

Not sure what change you wanted, but if you have an arcade or bingo hall nearby you should be able to find a change machine there. My local arcade has tuppence machines and I think one that changes notes for coins (not quite sure what as I don't go in there any more)... however IIRC they offer a fair swap without commission and machines don't give you funny looks!

On the subject of changing your change, don't bother with those coin machines you find in supermarkets either as they charge you a percentage for the privelege!

It seems dealing in small change is more of a hassel than it used to be what with more people choosing to carry around plastic.

mrbadexample

Do you have a current account? I always take my change to the bank, a couple of hundred quid at a time, and I've never been given any grief over it. Once it's in your current account, you should be able to transfer it to the account of your choice.

SammyD_2

I've found that both Nationwide and HSBC were willing to take lots of coins provided they were sorted into bags so that they could just weigh them. I always try to choose a quiet time to go to increase liklihood of acceptance!

sukey13

Went into alliance and leicester with change from my son and daughter's money box/piggy bank as we had a letter shoved through the door from police about local burglaries.

The woman moaned and said she'd only take such a small amount (£5.00 in change and a five pound note) this once. Now I'm meant to wait 'til we can fill entire bags with, in the example of 5p £20 worth...

They are only 3 and 1 and I was trying to protect the small amount of money they have.

I find it ridiculous that banks can make a fuss accepting, after all what still is, money.

lipidicman

It is only polite to wait until you have a bag full. Expecting the staff to count coins is a little too much

swebber

I bank with Halifax and they had a right old wobbley when I took in bags last time, to pay into my current account.

My Mum had started saving up to give me some money towards my wedding and gave it to us in a huge piggy bank, it was 2 pound coins and there was £600, so alot of bags, they did take it in the end though. It was flippin heavy and I was not carrying it away again, but I was embarresed.

I'm thinking it maybe is just my branch though, so I quess I could try another local one and see if they take bags of coins happily.

Love the idea of helping out a local retailer as suggested, but I'm afraid that if the money was in paper form, it would be spent and not saved.

Joe_Bloggs

@swebber and all
Any amount of £2 and £1 coins are legal tender. You lose value in cash money/coinage etc due to the inflation rate and the alternative bank account interest you could have got.
You can get credit/debit cards that pay you 1% discount on your purchases and never have to accept change. Change costs a fortune to handle and manufacture. There are billions of pounds of it not in circulation but in glass jars and piggy banks.
J_B.

lipidicman

swebber wrote:

I bank with Halifax ....it was 2 pound coins and there was £600, so alot of bags, they did take it in the end though.

I know some banks and bs's do have a cash limit, whether it be notes or coins. I am not sure if the 'legal tender' argument applies as you are not 'purchasing' anything.