I have a bank - the Uncle Sam Register bank - that locks when you put the first .25 in, and automatically unlocks when you get to $10.00. It can hold up to $50 worth of change at any one time. I love my little bank because my money is safe from the kids needing lunch money, my husband needing vending machine money, and even from myself! There's a slot in the back for folding money and I often stuff extra bills in there when I have them.
I take the change to TCF bank. They have a coin counter in the lobby that's free for account holders. I use the money in several different ways;
Yard sales. I empty the bank in the summer months and hit the local yard sales. I buy things for personal use, or buy things and re-sell them at the local consignment shops or E-Bay. That way all of the change I've taken the time to save is put to good use. Also, I can bargain better when I have exact change. I feel uncomfortable talking someone down from $5.00 to $3.00 on something, then whipping out a $20.
Pay towards a bill. I need to work on getting my financial house in order! Right now my lowest bill is Target. Sometimes I pay what I can out of our household budget and add the money from my bank. It's never a huge amount but every little bit...
Savings bonds. I need to get back to doing this! When I get $25 worth of change, I use that to purchase a $50 savings bond. The interest is minimal, but those savings bonds have bailed us out of more than one tight spot.
I've had this bank for several years now. It's metal and has a retro look, and accepts quarters, dimes, and nickels. You can put pennies and bills into the slot in the back. Mine is red and sits on top of my computer hutch.
When I was a kid, the banks used to give out little paper booklets that looked like a pig that opened up and you could put the dimes in the slots. It would tell you how much you had under the slot if you did it in order. Simple, but effective!
I place change in a jar for my 1 year old. I'm teaching her how to save I thought. I thought it was one of the ways that I can save for my dd. I have use the coinstar machine because I am lazy but after reading all of these post I have e-mail my banks and asked them there policy and if they charge. I think I will continue to save for my dd this way. I like the fact that she will learn how to save. My plan was to save change in a piggy bank and at the end of the year go and have it place in her savings account. I thought this was a good idea. But I see others don't. I did it last year and it boosted up her savings account.
