MR J’s TOP CONSUMER TIPS

HERE’S why you should not worry if you are hoarding the old £1 coins due to go out of circulation later this year.

Banks have said they are willing to take coins after they cease being legal tender on October 15, but they won’t be accepted in shops.

The familiar £1 coins are being replaced with a new 12-sided coin said to be harder to forge.

But it is not known how long the amnesty is going to last.

The consumer website MoneySavingExpert says: “Some banks and building societies have said they will accept the old £1 coin after 15 October, but only from their own customers.

“So, if you’re left with old pound coins after the deadline, you may need to open an account with a new provider and deposit them there if your current bank won’t play ball.”

But the site is still warning hoarders to off-load their loose pounds.

Steve Nowottny, news and features editor at MoneySavingExpert.com, said: “This is an important warning for dedicated savers and spare-change hoarders alike.

“Empty your piggybanks, upend your coin jars and scrabble behind the sofa to get all your pound coins together – then spend or bank them before October.

“Of course, you’ve a few months left yet to sort it. But it’s worth doing it now – with piggybanks and coin jars in particular it’s all too easy to squirrel money away and forget about it altogether.”

He said the changes should not put anyone off collecting in piggy banks.

“Taking old change to the bank may be a bit of a faff, so it’s much better to spend or save £1 coins now,” says the site.

“But you don’t have to abandon your piggybank savings plan – they’re a great way to show children how to save.

“You can simply replace the old £1 coins with a note or other coins.”