Savers warned they must cash in old £1 coin stash before they become useless

PIGGYBANK savers are being warned they could be out of pocket when the current £1 coin is scrapped later this year.

A new 12-sided £1 coin is being rolled out next month and the current round version will stop being legal tender on October 15.

1

Now savers are being advised to empty piggybanks and coin jars to ensure they are not left with currency which shops will not accept.

The warning came from Martin Lewis's MoneySavingExpert website which said: "There may be a few months left to sort it out, but it’s worth doing now as it’s all too easy to squirrel money away in piggypanks and forget about it.

"Carting a bag of coins to the bank is a real faff – particularly if there isn’t a branch near where you live. So it’s much better simply to spend them now."

Major banks have said they will continue to accept the old pound coin after October 15, but only from their own customers.

Unlike the old £5 note which will hold its value "for all time", the current £1 coin has a much shorter lifespan.

PUMP IT UP

What is a penis pump and how do you use one?

QUIRKY

Parents put twist on traditional baby name - now it sounds like a 'metal band'

SPIRIT

We're Hooters girls - we wear hot costumes instead of our uniforms on Halloween

STUNNER

I go from a 5 to a 10 when I put on shorts — but some say I'm a 10 in any outfit

Karl Talbot, of MoneySavingExpert, said: "Piggybanks can be a great way to show children how to save. And they’re often used by adults too.

"Some people cherish their piggybanks from childhood and want to keep them, while others just use them as an easy way to gather change to pay for a pint of milk.

"Yet everyone with a piggybank really should consider going the ‘whole hog’ and depositing their savings into a UK-protected bank or building society.

"What’s more, top kids’ savings accounts offer rates to compete with their adult counterparts.

So if your child saves in a piggybank, it’s worth considering if you can extend their financial education by encouraging them to put their money in the bank and make it work.

"Whatever the reason though, it seems piggybanks still have a place for many in today’s digital society. If you have one, just make sure you empty it of pound coins while you can still use them.

We pay for your stories! Do you have a story for The Sun Online news team? Email us at [email protected] or call 0207 782 4094