Cana­di­ans own 1,000 pen­nies: BMO

The Pak Banker - - COMPANIES/BOSS -

Ac­cord­ing to a BMO sur­vey re­leased to­day, Cana­di­ans have an av­er­age of $10.22 worth of pen­nies, and al­most half plan to cash them in as the cop­per coin be­gins to be phased out of cir­cu­la­tion.

Last year the fed­eral government an­nounced its plans to dis­con­tinue pro­duc­tion of the penny.

How­ever, with an es­ti­mated 30 bil­lion pen­nies cur­rently in cir­cu­la­tion, it will take some time be­fore the one cent coin dis­ap­pears from Cana­dian house­holds.

The sur­vey, con­ducted by Pol­lara, re­veals Cana­di­ans plans for the penny phase out, and found that early half (44 per cent) plan to cash in their coins at a bank; One-in-five (22 per cent) plan to spend their pen­nies un­til they are gone, while an­other 22 per cent plan to use them to build a coin col­lec­tion for sen­ti­men­tal rea­sons. Fur­ther­more, 21 per cent plan to con­tinue stor­ing their pen­nies in a jar at home in­stead of putting them to use.

Cana­di­ans put into prac­tice a num­ber of ways to save money, and it seems many still haven't grown tired of col­lect­ing and stor­ing loose change, said Paul Dilda, Head of North Amer­i­can Branch Chan­nel, BMO Bank of Mon­treal.

BMO has rolled out 72 coin count­ing machines across Canada since Jan­uary 2011, and Cana­di­ans have taken full ad­van­tage - count­ing $1.25 mil­lion worth of pen­nies dur­ing that pe­riod.

The easy-to-use ser­vice counts 4,000 coins a minute and pro­vides the cus­tomer with a re­ceipt of the to­tal.

Since the government's an­nounce­ment on the penny's dis­con­tin­u­a­tion, Cana­di­ans have cashed in $810,000 in pen­nies us­ing BMO's coin count­ing machines - which is a sig­nif­i­cant sum, added Mr. Dilda. BMO of­fers the BMO Smart Saver Ac­count: a high in­ter­est sav­ings ac­count that al­lows for un­lim­ited de­posits and trans­fers into and out of the ac­count.

Cur­rently BMO Smart Saver ac­count of­fers a 1.2 per cent in­ter­est rate - the high­est rate of­fered among Canada's ma­jor fi­nan­cial in­sti­tu­tions for a full-ser­vice sav­ings ac­count with­out min­i­mum bal­ance re­quire­ments.

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