![]() Piggyback on an Online Bank Account for a Deposit And this option allows you to save that change, which can really add up! Even if your bank charges a fee for the machine, though, it’s probably less than the 12% being charged by CoinStar. I’ve also seen where the machines are free to use if you have a modest number of coins (maybe a couple hundred dollars), but they’ll charge those who come in with an excessive quantity. They may charge a small fee or the machines may be free. Some banks even offer coin-counting machines for their customers to use. Your second option is to open a savings account in a bank, like CIT Bank. Piggyback on a Saving Account for a Deposit They’ll exchange them for cash for you, without charge. Once your coins are rolled, take them to your local bank. Most banks will even give you free paper coin wrappers if you ask. Your first option is to do what my dad did: get the whole family involved and start rolling coins! It may take some time, but it’s also a fun bonding experience, especially if the money-saving effort involves everyone. There are a few ways that you can convert your coin collection into cash for free. However, if you regularly shop with any number of retailers, this is an excellent way to add some flexibility to your budget and also save yourself 12% in fees at the same time. If you planned to use the cash to put toward your student loan payment or other bills, a gift card won’t do you much good. Here’s a list of the retailers that have partnered with Coinstar (including the minimum and maximum amounts for gift cards): These partnering retailers agree to pay the fee on behalf of the customers. Customers will be able to forgo the 12% fee in exchange for receiving their cash value in gift cards. Depending on what you plan to do with that jug’o’change, these options could make the machines a much more reasonable choice for you.ĬoinStar is now partnering with retailers such as and Starbucks. Luckily, CoinStar has gotten a bit better over the years, offering customers additional options for their converted change and even easing the fee. Check Out The Best Online Savings Accounts And for some people, this could mean as much as 18% of their money goes missing! Add a fee on top of this and it’s just a losing proposition. While you may luck out and get a machine that counts every penny you dump in, you could also get short-changed. Many of these coin-sorting machines are prone to error, too. Would you really pay a machine $12 to count your coins–something you could do yourself for free? If a typical shopper brings in a jar of coins, the total might be $50. For most people, this is too high of a fee to warrant the exchange. Why I’m Hesitantįor a whopping 12% of your money, you can bring your coins, have them counted, and receive a voucher to retrieve cash from a cashier or just help pay for your groceries. After all, do I really want to give up a significant chunk of my money just to have an automated machine count it out? Considering that CoinStar’s fee has crept up over the years–from 9.8% to a shocking 11.9% today–it’s not an insignificant expense. While I have zero interest in hand-rolling hundreds of coins today, the cost involved with using a CoinStar machine has been enough to deter me thus far. But when we were done, my dad loaded the wrapped coins into a box, ran up to the bank, and came back with crisp $20 bills that we then used for a night out at Malibu Grand Prix. Pennies in stacks of ten, teetering piles of dimes… it was tedious work. My dad brought home a bag full of paper coin wrappers, and we kids set to work. But first, we needed to count it all out and cash it in at the bank. We had been saving for years and were finally going to use that money on something fun. I distinctly recall helping my parents count out their giant blue water jug full of coins as a child. Check Out The Best Online Savings Accounts.Pros and Cons of Universal Life Insurance.Refinancing a Mortgage And Your Credit Score.Student Loan Grace Periods Coming to an End.Best Websites For Finding Cheap Flights Online.Services You Can Get Now Online From Home.Best Home Phone Service Options by Price.4 Types of Retirement: Which Will You Choose?. ![]()
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