Does anyone here have a 'shrapnel' account?

Legacy_user · 15 June 2018 at 10:55AM

Heya hey. You may seen posts where I spoke about having a monzo account, after much thought I've decided that I'm going to use it for storing up loose change (under £1) from various accounts I have and let it grow, and maybe store it to go into savings when it reaches a certain amount or use as a money cushion account to sort of fill in the gaps (I already have a spending account), although leaning more towards the first. What do you think? Does anyone do anything similar? I deliberately will only put small change into it, because I currently skim my (bills, spending) and put change that is £1+ into savings anyway.

So yeah, basically, this will be a 'shrapnel' account hehe, with a bit of a more flexible purpose as it builds. Does anyone do anything similar?

Robin9 · 15 June 2018 at 12:07PM

I have a plastic container into which I put my small change - less than 50p

I try to take a small bag of coin with me for paying for small items.

ozaz · 15 June 2018 at 4:45PM

So every time you make a transaction you will manually move the change over to the Monzo account? Seems like a lot of effort.

Doing your spending from the Monzo account and using its Coin Jar feature or using an app like Moneybox connected to your existing primary spending account would be effortless.

Aquamania · 16 June 2018 at 3:54PM

Sweetcake wrote: »

Heya hey. You may seen posts where I spoke about having a monzo account, after much thought I've decided that I'm going to use it for storing up loose change (under £1) from various accounts I have and let it grow, and maybe store it to go into savings when it reaches a certain amount or use as a money cushion account to sort of fill in the gaps (I already have a spending account), although leaning more towards the first. What do you think? Does anyone do anything similar? I deliberately will only put small change into it, because I currently skim my (bills, spending) and put change that is £1+ into savings anyway.

So yeah, basically, this will be a 'shrapnel' account hehe, with a bit of a more flexible purpose as it builds. Does anyone do anything similar?

I'm not sure whether you are referring to cash transactions, or electronic transactions.
... and based on your two replies to date, it appears oithers may be as confused as me.

It's not uncommon for people to save their small change, perhaps in a pigybank, but a favourite when we were teenagers/students was to save it in a oversized champagne or whiskey bottle.
Nowadays, we usually use up small change in the supermarket auto-checkouts.

Lloyds bank have offered a 'save the change' feature for electronic payments for many years; in fact I thought they had since given up on this, but I see it's still advertised on their website.
https://www.lloydsbank.com/savings/save-the-change.asp

I think this is probably what you are looking for, particularly if you intend to have the savings placed in a savings account.

Thrugelmir · 16 June 2018 at 5:38PM

Aquamania wrote: »

Lloyds bank have offered a 'save the change' feature for electronic payments for many years; in fact I thought they had since given up on this, but I see it's still advertised on their website.

I use this facility. Surprising how a few £ soon builds up.

Does anyone here have a 'shrapnel' account?

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