PIGGYBANK savers are being warned that they might be out of pocket when the1 coin is scrapped.
Now savers are being counseled to empty money jars and piggybanks to ensure they aren’t left.
The warning came from Martin Lewis’s MoneySavingExpert site which stated: “There may be a few weeks left to sort it out, but it’s worth doing now as it’s all too simple to squirrel money out in piggypanks and forget about it.
“Carting a purse of coins into the bank is a true faff — especially if there is not a branch near where you live. So it’s much better simply to invest them today.”
Significant banks have stated they’ll continue to take the pound coin after October 15, but only from their own clients.
Unlike the older #5 notice that will hold its value “for all time”, the current #1 coin has a far shorter lifespan.
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Karl Talbot, of MoneySavingExpert, stated: “Piggybanks can be a excellent way to show children how to save. And they’re frequently used by adults .
“Some people cherish their piggybanks in the youth and need to maintain them, while some just use them as a simple way to assemble change to pay for a pint of milk.
“Nevertheless everyone with a piggybank really should look at going the ‘whole hog’ and depositing their economies into a UK-protected bank or building society.
“What’s more, top children’ savings accounts offer rates to compete with their adult counterparts.
Timetable of approaching money changes
- 28 MARCH 2017 New ’12-sided’#1 coin in circulation
- 5 MAY 2017 Old ‘non-polymer’#5 notice withdrawn
- 15 OCTOBER 2017 Old #1 coin retreated
- SUMMER 2017 New polymer Number10 note launched
- 2020 New polymer #20 note launched
So if your son or daughter saves in a piggybank, it’s worth considering in case you may expand their education by inviting them to put their money in the financial institution and make it work.
“Regardless of the reason though, it appears piggybanks still have a location for many in today’s digital society. If you have one, just be sure while it is still possible to utilize them, it empties of pound coins.
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