What is Better for Your Spare Change? Coinstar or the Bank?

Most people save up a decent amount of change without ever realizing they are doing it. And why not? In this recession, many people are saving pennies. Sometimes it seems like you can't use spare change at all and saving them up is a waste of time. However, there are two different systems that can help you make the most of your saved spare change. The first is the tried and proven system of rolling your coins and taking them to the bank in exchange for cash. The newer, more modernized version of this is the coinstar machine. These machines are found in many major stores and shopping centers and also allow you to exchange coins for cash.

When you cash in your coins at the bank, you have to roll them in bank issued paper rolls before hand. Once you have all of your change rolled, you must write down your information on each of them so the bank can trace them back to you if something goes wrong. This whole process can be a very tiring, time consuming ordeal. However, if you choose to do it this way, you get more money out of it in the end. Banks, unlike their coinstar competitors, will not extract a large fee for exchanging your coins for cash. If you bring in one hundred dollars worth of quarters to a bank, chances are you can leave with one hundred dollars in hand. If you take the same amount of money to a coinstar machine, you may leave with only ninety dollars.

When you work with coinstar machines, you get convenience in place of extra cash. I speak from experience when I say that rolling all of that change for the bank can be a very tiring experience. On top of that, it is very tiring when you have to write your personal information on each one of them. Coinstar machines eliminate this bothersome step because they do not require rolled coins. You slide your change down a slot and the machine counts it for you. You do not even have to separate the different kinds of coins. The machine is perfectly capable of telling the difference between a penny and a quarter. Yes, you have to pay a larger fee for using the coinstar machine than you would a bank but in return you save a lot of time and effort.

So either way you look at it, it is a wise idea to save up your spare change for later. You would be surprised the amount you can get from just putting a few spare coins a day into the "safe". If you do that every day for a year, then it does not matter what you go with, bank teller or coinstar machine, you will leave both with a nice, sizable amount of cash in hand. I personally use coinstar, because I am lazy and do not want to take the time to roll all of those coins. You, on the other hand, might not mind the extra effort, so long as you get a bigger payout. I have given you the information you need to choose. So start saving those coins!

No sources except prior knowledge were used in this article.