The new 12-sided pound coin is officially going into circulation today (28 March). The coin, which has been designed to be "the most secure coin in the world", comes with 12 sides, two different metals, micro-letting and a holographic-style image, as well as milled edges and a hidden security feature. You can find out more about it in our quick guide below.
It all sounds very technical, but we're all about making your money work as hard as possible, no matter what denomination it comes in. That's why we've taken a look at the best savings accounts if you only had the new £1 coin to put in.
Sounds simple enough, but not all accounts can be opened with this level of investment; some require an initial deposit of hundreds or even thousands of pounds, which may be out of reach for fledgling savers. So, where can you go if you only have a simple pound coin to save? We've got the answer.
| Best easy access from £1* |
| Company | Account
| Notice | Rate at £1 | Notes |
| Skipton BS | Limited Edition Online Bonus Saver | No Notice | 1.02% | - Rate includes 0.21% bonus for 12 months
- Internet-operated
- Unlimited withdrawals and further additions
|
| Post Office Money ® | Online Saver Issue 24 | No Notice | 1.01% | - Rate includes 0.76% bonus for 12 months
- Unlimited further additions and withdrawals
- Internet-operated
- Access via nominated current account
|
| Tesco Bank | Internet Saver | No Notice | 0.96% | - Withdrawals and further additions allowed (maximum daily withdrawal limit of £10K to non-Tesco Bank accounts; £100K limit to Tesco Bank accounts in own name)
- Manage online, by phone or by mobile app
|
| Best notice account from £1* |
| Company | Account
| Notice | Rate at £1 | Notes |
| Skipton BS | 90 Day Notice Issue 2 | 90 Day | 0.81% | - Further additions allowed
- Withdrawals permitted on 90 days' notice
- Manage by phone, post and in branch
- Minimum age of 16 required for telephone access
|
| Mansfield BS | 60 Day Notice (1st Issue) | 60 day | 0.60% | - Further additions allowed
- Unlimited withdrawals on 60 days' notice (no earlier access)
- Manage by post or in branch
|
| Norwich & Peterborough BS | Branch Notice Saver (Issue 5) | 90 Day | 0.60% | - Further additions permitted
- Penalty-free withdrawals on 90 days' notice
- Earlier access on 90 days' loss of interest
- Manage in branch or by post
|
| Best cash ISAs from £1* |
| Company | Account
| Notice | Rate at £1 | Notes |
| Coventry BS | Easy Access ISA (5) | Instant | 1.05% | - Market-leading variable rate ISA
- Transfers in permitted
- Unlimited withdrawals and further additions (subject to ISA allowances)
- Manage in branch, by post, by phone and online
- Branch withdrawals only available via passbook version
|
| National Savings & Investments | Direct ISA | No Notice | 1.00% | - Unlimited further additions and withdrawals (subject to ISA allowances)
- All withdrawals via nominated account
- Manage online and by phone
|
| SAGA | ISA Saver (Issue 15) | No Notice | 0.95% | - Rate includes 0.90% bonus for 18 months
- Transfers in permitted
- Unlimited withdrawals and further additions (subject to ISA allowances)
- Postal-operated
- First interest payment 12 months after initial deposit, then six months after the first payment of interest, then yearly thereafter
|
The new £1 coin - quick guide
- Goes into circulation on 28 March 2017. The old style coin will remain legal tender until 15 October, after which you'll have to exchange any you find at a bank or Post Office counter.
- It's the first time the £1 coin has been redesigned in over 30 years.
- Designed to be difficult to counterfeit - around one in 30 of current £1 coins in circulation are thought to be fake - with The Royal Mint describing it as the most secure coin in the world.
- 12-sided and bimetallic, with the outer ring being gold coloured (nickel-brass) and the inner ring silver coloured (nickel-plated alloy).
- It comes with a latent or hologram-style image that changes from the £ symbol to a number 1 when looked at from different angles.
- Micro-letting (i.e. very small lettering) on the lower inside rim of both sides of the coin and milled edges (grooves on alternate sides).
- Hidden security feature built into the coin for added counterfeiting protection.
- It's thinner and weighs less than the current £1 coin, yet is slightly larger: the new coin is 2.8mm thick, weighs 8.75g, and has a maximum diameter of 23.43mm.
- Not all vending machines etc. are ready for the new coin just yet, so you may want to carry around an old style coin or two just in case.
What next?
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*Rates & features correct as at 28.03.2017. Source: Moneyfacts.co.uk
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.
