The Mansfield Building Society
Don’t panic – there’s still time to make the most of those old pound coins!

Don’t panic – there’s still time to make the most of those old pound coins!

There has been a wave of changes to our notes and coins this year, not only have we seen the switch to the new water-resistant £5 and £10 pound notes, we have also seen the introduction of the new 12-sided pound coin.

The changes to our beloved fivers, tenners and pound coins by the Bank of England have been to help stay ahead of the game with fraudsters. The new versions are much harder to copy and any update to help prevent crime is certainly a welcome addition.

You may have seen in the news recently though that the clock is ticking as retail outlets will no longer be accepting the old round pound coins from 16 October 2017. The Treasury and Royal Mint have estimated that there could be up to £500 million of them still out there somewhere, so is it time to start hunting down the back of the sofa?

Before you reach for the hammer to crack the piggy bank and dash to the shops ahead of the deadline, take comfort in the fact that banks and building societies will accept the old currency after the deadline date.

If you head over to us, we’ll accept your old pound coins as an investment into an existing account or to open a new account and you might be pleasantly surprised at what we can offer local savers. 

We have a range of local and loyal accounts that offer some of our best rates exclusively to existing members with one year's continuous membership or residents in Nottinghamshire, Derbyshire and South Yorkshire. These include our Regular Savings, our range of children’s accounts, our Community Saver accounts that help support local charities, and our Community Deposit Maxi account for local charities and community groups.

So before you get lured into buying something you don’t need, take control and save your hard earned pound coins.

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Date printed: 24 April, 2019 15:00

The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049.
Member of the Building Societies Association.