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If you have a lot of change at home, you may want to convert those coins into paper money at some point.
You’ve probably seen coin conversions at supermarket ATMs, and while that’s convenient, as you probably know, you pay a commission for that convenience. That could be worth it for you to quickly exchange your coins for cash. But if you want to convert all your coins into cash for free, you do have options.
Where can I exchange my coins for cash for free?
If you want to exchange coins for cash without paying a fee, you have a few options:
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Banks: Many banks allow you to exchange your coins for cash, although you may need to be an existing customer to avoid fees. Some banks may also require you to do some work beforehand, namely rolling up your coins in wrappers so that the cashiers don’t have to spend an hour sorting through a bucket of change. However, some have their own self-service coin sorting machines that allow you to skip this step (most major banks like Chase and Bank of America have done away with these machines).
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Credit unions: Similar to banks, you can agree to exchange your coins for cash for free if you are a member. Non-members may be required to pay a fee for this service, if offered.
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Certain retailers: There’s no telling what kind of response you’ll get, but if you bring in some rolled coins, a retailer might be happy to give you cash for your coins. Still, a bank or credit union is the best choice.
Other places to exchange coins (for a fee)
If you can’t find a local bank or credit union willing to exchange your coins for cash, there are a few other places where you can do this, often for a fee.
Mint star
Founded in 1991, Coinstar machines are commonly found in supermarkets, big box stores and other convenient locations. These kiosks count your coins and exchange them for paper banknotes – for a service fee. Coinstar fees vary, but can be as high as 12.5%, plus a $0.59 transaction fee.
Some Coinstar machines offer e-gift cards instead of cash; If you choose this option, you can avoid the costs.
Publix
If you shop at Publix supermarkets, you will notice that the store has its own Publix brand coin counting machines. These machines count your coins and provide a receipt that you can take to the customer service desk and exchange for cash.
Publix coin counting fees vary by store, but they generally charge around 10%.
Store brand coin counting machines
You may find some other supermarkets or stores that have their own coin counting machines. They may charge a fee, although some stores offer the service for free if you exchange the amount for store credit.
What to do with your money
So once you’ve converted your stash of coins into cash, what should you do with them? Here are some ideas.
Open a high-yield account
After converting your coins into paper notes, you can put that money into a , , or (CD). Interest rates on these accounts vary, but some of the best options offer as much as 5% APY.
Let’s say you have $250 deposited into a high-yield savings account that earns 5% APY and compounding daily. In a year, you would have about $263 – your $250 principal, plus $13 in interest.
Sure, $13 doesn’t sound like much, but you can get a good start with your savings. If you deposited a few hundred dollars into your account every month, it would add up quickly.
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Save for a specific purpose
Your $100 or $200 or whatever you have saved in coins can be used for something you are specifically saving for. This type of savings often becomes a – where you consistently put money aside for future expenses, whether it’s a vacation, a vacation, or perhaps a .
You may not be in a hurry to send extra money to creditors, but the coins you trade in can make a big dent in your debt.
For example, suppose you have a personal loan of €5,000 with an annual interest rate of 10% and a repayment term of 36 months. Your monthly payment would be approximately $162.
But now let’s say you have $200 in cash and you use it to make an extra payment on your debt. You’ll shave a month off your repayment timeline and save another $68 in interest.
Make a donation
If you’re accumulating some cash in your home—money that you missed and now have—it can be a fairly painless but very satisfying decision to take your coins and donate your money to charity.
You may also be able to deduct the contribution from your taxes. To do this, you must use Schedule A. The donation must also be made to an eligible 501(c)(3) organization.
Invest it
You can also use your coins to invest in the stock market, which can lead to much greater profits than with a savings account. If you are investing for retirement, consider making an additional contribution to your retirement or to help fund your future.
Not sure how to start investing? A financial advisor can help you devise a strategy and choose the right investments to achieve your goals.
Finding a fiduciary financial advisor doesn’t have to be difficult. .