Coin or Money Bank for Kids Might Be Useless Now

I came across to my Facebook account and surprisingly saw a flooded new design, face or a change of coin looks.

Now, in my opinion I came to think that coin/bill bank is now useless for those who are planning to save money in a longer period of time especially for kids.

Way back to my childhood years, my grandparents, parents and older people, all of them encouraged me to save money using piggy bank, coin bank or anything where you can put your money into. Most of the coin banks have a coin exit which can easily be opened (the 2 opening) on the other hand, there are coin banks which have only one opening. And to open that certain coin bank, you should crack it. 

This kind of savings work perfectly for kids since most amounts will be like .50cents or 1. More on smaller bills or coins which could really be hassle to put smaller bills and coins in the bank right? 

And kids cannot open bank account because of qualifications. “I am certainly not against the qualifications” so coin bank is recommended for kids’ small savings.

With that said, I am just worried to use this kind of savings for my kids with just one reason.

My country nowadays change coins/bills’ images regularly which means old bills will no longer be accepted.

Ofcourse we can exchange it to the “Main Bank” but again it’s no longer an easy task. Unlike to previous years that once you open your coin bank, you can use the money right away without going to the bank.

My grandparents and parents used to save money using coin banks and would open it about 30 years old or more especially in preparation for their kids’ higher education. 

Years of keeping money in a coin bank is useless. Why?

Well, you might end up loosing all your savings if you cannot exchange old bills into a newer ones in a certain period of time. That means you have to update your money and possibly crack or open your coin bank from time to time which is no longer a surprise savings for kids and might as well tempt kids to spend after seeing them.

Also, we might not be needing a long wallet for paper bills, as it showed on the current bills, all paper bills changed to coins. So, if you want to carry a lot of money, then bring "a bucket" purse.