However, most banks have said that they will accept old pound coins indefinitely, though you will need to be a customer of that particular bank. These old style British coins are no longer accepted as a means of payment in the United Kingdom. Some might be worth more than their face value, with a few even fetching up to £20… We’ve been telling you for months to spend or deposit your old £1 coins before you can no longer spend them. Alternatively, the Post Office allows you to deposit old notes into a wider range of bank accounts, which is ideal for those who don't live or work close to a branch. Yes, you can still use the old £20 notes as they are accepted as legal tender. All Rights Reserved. Unlike bank notes, UK coins are produced by the Royal Mint, who take no responsibility for coins that are no longer in circulation. Thereâs no maximum that can be deposited into childrenâs accounts. 12/05/2020. MoneySavingExpert recently estimated the combined value of unreturned £5 and £10 notes at £1,840,000,000 (one billion, eight hundred and forty million pounds). Some banks may allow you to deposit old notes directly into your account. You can also post them to the Bank of England or exchange them in person at the Bank. However, it stressed that branches remain open to focus on providing essential services to customers, and to ensure those who are vulnerable or in financial difficulty, can continue to speak to staff. The next lot of currency thatâs due to be switched out for a modernised version is the £20 note, but this isnât due to happen until 2020. Be aware that this is done at your bank’s discretion and they are under no legal obligation to do so. You’re allowed to exchange up to £999 without any ID. Having a baby and your finances: seven top tips, Protecting family wealth: 10 tips for cutting inheritance tax, Travel insurance: Five tips to ensure a successful claim, 'Most digital Christmas ever' as small uptick in December retail sales reported but 2020 disappointsâ¦, Warning as basic rate taxpayers face âhigh incomeâ child benefit charge, Claims firm users set for fee cap on redress payments. First Trust Bank banknotes will remain legal currency until midnight on 30th June 2022 and can … Leftover Currency’s online exchange service for old £1 pound coins is available to everyone, no matter if you live in the UK or not. ... and there is no expiry on the period in which we will exchange old notes. Here's what you need to do, The best card machines for small businesses. It confirms the service is still available during the health crisis and there are no limits. Thatâs a lot of cash to be sitting on, and even if you just have a couple of old fivers gathering dust, you might as well make them earn their keep. If you take your coins in, they can either be exchanged for new ones or deposited into your bank account, and there is no minimum or maximum number that can be exchanged at once. If you find an old £1 coin, you canât spend it but you can take it to your bank to deposit into your account at the following: Bank of Scotland, Barclays, Clydesdale, Halifax, HSBC, Lloyds, Nationwide, NatWest, The Post Office, RBS, Santander, Ulster and Yorkshire Bank. While the old pound coin ceased to be legal tender on 15 October 2017, the coins can still be deposited into … However, the Royal Mint said these banks are under no obligation to exchange coins with non-customers, and they could impose deposit limits so itâs best to check before you go. Fees can vary but would usually be around 10 percent to 12 percent of the total coin value. Exclusive figures from the Royal Mint for YourMoney.com reveal £131m worth of old pound … Customers can also deposit old coins at Post Office branches into most accounts supported by its banking services. Quarter of businesses say new pound coin will make life more difficult, Still receiving old £5 notes? Thereâs no minimum that can be paid in but it typically allows a maximum of five bags of coins (£20 each) per account, though this is discretionary. The bank said that it … If you happen to have any of the old £1 coins, … Given the logistics, it’s also worth hunting down all of your old coins and making one trip, rather than multiple ones. Subscribe to our monthly newsletter and follow us on social media. Shops stopped accepting round pounds in October last year, but many people forgot to spend them in time.. Receive money tips, news and guides directly into your inbox, The savings accounts paying the most interest, Money experts reveal their financial resolutions for 2021, Five possible tax hikes in 2021 and how to prepare for them today, Black Friday shoppers warned about buying electrical items from online marketplaces, âIâve been taxed on redundancy pay despite it being under the £30k limit. No limits customerâs account, while larger amounts will need to be paid into an for. No maximum that can be swapped for new ones over the counter still receiving old notes. No longer accepted as legal tender canât exchange old £1 coins to deposit old £1 coins to branch ; ;! Exchanging national cash: addresses and time limits subscribe to our monthly newsletter and us! Euro area countries can in most cases still be exchanged without going through a customerâs account, larger... Our pprivacy ppolicy, please refer to the Royal Mint old round pounds feel like ancient history Post! 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