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3 ways to use the old pound while you can

3 ways to use the old pound while you can

Category: Money
Author: Lieke Braadbaart
Date: 09/10/2017

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The final countdown has started: in less than seven days, the old round £1 coin will stop being accepted as legal tender. Specifically, you have until midnight on Sunday 15 October to spend your old pounds in the shops. How can you make the most of those last round pounds, and what can you do if you miss the deadline?

Well, while it may be a good idea to dig around the couch cushions and check last year's winter coat, some retailers have already said they will still be accepting the old coin for a limited time, so you'll have some reprieve should you come across a lost pound later this month.

For those who want to make the most of those old coins, however, we have some suggestions for you:

  1. You could use your old pounds to open a savings account before it's too late. A lot of easy access accounts especially can be opened with just one pound, so why not take advantage of this opportunity to kick-start a savings habit?

  2. If you miss the deadline, you'll still be able to deposit your old coins into an account with most high street banks. If your bank refuses to do so, now might be a great time to see if there's a better current account out there for you. The Post Office will also continue to accept the old pound, if you have an account with them. Check with your provider to see what your options are.

  3. If you're feeling generous, you could give your old pounds to a good cause. In fact, The Royal Mint has partnered with BBC Children in Need to offer people the option of giving their last round pounds to charity even after the deadline, so if your provider or preferred charity won't take those old coins after Sunday, you'll have another option left.

Whatever you decide, make sure you've checked around your house and in your children's piggy banks, and say goodbye to your old round friend.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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