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Original poster

Looking to get rid of spare change

31 replies

JameliaD45 · 07/01/2016 13:17

Over the years I have been collecting spare change (e.g. 1p, 2p, 5p, 10p and 20p) and have acumulted a sum of £1,241.59 exactly, after counting it the other day. You can imagine my suprise, however, it makes sence, because I do over use the self service machines at the shops. Anyway, my question was wether I would be able to cash all this money in at the bank or wether I would have to take it in small installments. Does anyone have some expertise on the matter?

OP posts:
TheSpottedZebra · 07/01/2016 13:23

You could use cash to pay at the self service machines? As you just Shove it in the 1 slot you can use up a fair bit...

When I had lots of cash to get rid of, my bank -well, Nationwide - were happy to sort it. But they made it clear that it was a favour as I'd banked with them for ages, and that they didn't have to do it.

TheCrazyDuchess · 07/01/2016 13:32

HSBC have free machines that pay straight into your account- they are excellent. I would never use the supermarket ones as they charge like 10% for the courtesy of counting your cash!!

If you have counted and bagged it properly in those little cash bags, your bank should take it over the counter - however maybe a quick call into branch to confirm??

Well done! My daughter loves collecting change into jars. She is only 7, but she already knows how to count the coins and bag them properly, and her bank love seeing her come in and deposit!

TheSpottedZebra · 07/01/2016 13:40

No, not the supermarket change machines, but the self service tills - ie pay with (lots of) cash!

throckenholt · 07/01/2016 13:42

Jeez - that's a lot of change !! I thought us having over £50 in coins kicking around in the house was a lot. I tried changing cash in the post office and they wouldn't do it.

I would ring your local bank and ask.

TheCrazyDuchess · 07/01/2016 13:53

Sorry Zebra!! I get you (the coffee has worn off!)

19lottie82 · 07/01/2016 16:32

Your bank will take it, but it will need to be bagged up into the appropriate denominations.

ask in Any bank and they will give you all the bank bags you need.

Coin star machines in Asda take 7% I think.

I'm quite sad and love nothing more of an evening spent bagging up loose change but it's up to you if you think a whole evening of your time is worth the £74 ish that coin star charge or not!

19lottie82 · 07/01/2016 16:34

Sorry just to be clear your bank won't hand over crisp notes for it, but they will let you put in into your account with them. Which you can then withdraw in notes obviously. Prob to stop all and sundry cashing in all their coppers!

specialsubject · 07/01/2016 18:20

to the bank.

no-one should ever use the coinstar or similar machines. They are one of those companies that prey on the financially uninformed.

footdust · 07/01/2016 18:33

I bank with Nat West and the branches I use will no longer accept bagged up loose change as they have the coinstar type of machines where you just throw it into the slot and it separates and counts if for you. However unlike the supermarket machines no commision is charged and when you present the receipt at the desk you can choose to either deposit it to your account or take the cash

19lottie82 · 07/01/2016 18:51

specialsubject some people (not myself) prefer to use coinstar machines for the convenience, as you don't have to visit the bank or count out the coins. Both of which can be time consuming.

Dreamqueen · 07/01/2016 19:54

if you have a nat west account they have machines that take unbagged coins & pay it straight into your account.

specialsubject · 07/01/2016 20:50

If their time is more valuable than the 7-10% commission, fine. That's their choice.

bugger that for a way to run a small business...

aleweeks · 08/01/2016 00:57

If you can get to a Metro Bank branch they have coin counting machines which take no commission and can be used by non Metro customers (but I'd recommend becoming one, they are fab and open 7 days, until 8pm during the week and they don't charge fees for overseas spending in Europe!). But branches are mostly in London/SE.

Doilooklikeatourist · 08/01/2016 01:07

Go to your bank and get some coin bags
Count it and put in bags in the appropriate amounts
Take to bank and pay into your chosen account
That's what I do , but have never sadly had quite the amount you have
Well saved !!!

BarbaraofSeville · 08/01/2016 07:13

I used to save change but stopped when I realised what a hassle it was cashing it in and how it didn't actually benefit me - I'm lucky that I never need to 'copper up' to find extra money.

Most banks aren't interested and you have to have the correct amounts to make full bags up - if you have £4.50 in 5 pence pieces for example they won't take it. I don't have any nearby with coin machines.

I like the sound of the Metro Banks but the nearest one is about 150 miles away. If it starts building up in my purse I either swap it in the refreshments money at work, try to use it for a small purchase, put it in a charity box or throw it in the DIY till at the supermarket. So I stop small change building up with no extra hassle to me.

Eastpoint · 08/01/2016 07:28

I was going to recommend MetroBank too. We went in there for the first time as MN secret shopper & were impressed. If you guess exactly how much change you've brought in they give you a prize Smile.

sparechange · 08/01/2016 07:29
19lottie82 · 08/01/2016 07:32

specialsubject who said anything about a small business? If someone has £100 worth of 1/2/5/10p at home , it may involve a trip to the bank to get bags, the time to separate and count it all out, then another trip to the bank (on their lunch hour if they work), so for the sake of all that effort and time, many people would rather just forgo the £7 and use a coin star if it's in a convenient location. I've never used one personally but for you to say people should "never" use them is a bit ridiculous!

LittleRed28 · 08/01/2016 07:33

Check how many coin bags your bank will take over the counter. When I was with Halifax they would only take 5 at a time.. That's a lot of trips if you've got over £1000!

lighteningirl · 08/01/2016 18:26

If you are paying it into a bank account they should take it all. Post Offices are private businesses and have no reason to take your change but you can pay bills with it.

specialsubject · 08/01/2016 18:53

everyone has a perfect right to be overcharged.

I would make 'all that effort' for £7 but then perhaps my time isn't as valuable as that of others.

19lottie82 · 08/01/2016 19:22

Specialsubject........ Exactly.

19lottie82 · 08/01/2016 19:24

And "overcharged" is a subjective term. You may see it that way but to others, the convenience is worth the 7%

VodkaJelly · 09/01/2016 12:40

I use the coin star machines to put my change in, roughly about £30 a time, I work full time and simply do not have the time to take 5 bags of change a day to the bank, so use coinstar for the convenience, however, my local Natwest has been done up and now has one of those coin machines in, I will be using that from now on

BigSandyBalls2015 · 09/01/2016 12:45

I did this recently, although not as much, I had about £300 in loose change. I opened a new Natwest saving account online, then took it into a branch that had a new coin drop machine, tipped it all in there, no bags or any counting or nonsense - a receipt comes out and you go to the counter and they credit your account. So easy!

Make sure you check the rejected coin slot at the bottom - I had a few quid that had come out for some reason and I almost left it there.