Savers are being urged to clear the pounds out of their piggy banks ahead of the new pound coin's release into circulation next month.

The new 12-sided pound coin, which was announced last year, has been described as the "most secure of its kind in the world" thanks to its innovative hologram feature.

Old pound coins will be accepted until the 15 October, but major banks have said that they will accept the old coin from their own customers after this point.The best way to deal with the old £1 coins is to take them to banks in bags of £20, so they can be changed into notes.

Martin Lewis's MoneySavingExpert website warned customers to take action now before they forget: "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 piggybanks 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."

The government says that the new coin will help to combat counterfeit coins, some 45 million of which are estimated to be in circulation.