Deadline looms for handing in old £5 notes

Deadline to dig out old paper £5 notes

Deadline looms for handing in old £5 notes

You will need to be a member of the bank in order to exchange.

"It is important for consumers, retailers and other businesses to be aware that on 5 May 2017, the older paper Bank of England £5 notes featuring Elizabeth Fry will be withdrawn from circulation".

Technically you have only a few hours left.

The deadline for spending old paper £5 Bank of England notes is approaching.

High street banks can also refuse to exchange notes after the cut-off date, however many said they will replace the notes brought into a branch providing that you're a customer of that bank.

But if you do have one hanging around in your purse, in your back pocket or in a money jar, it's time to get them out. So if you have £50 in old fivers, the Post Office will put it straight into your account.

Some banks and building societies may still accept paper £5 notes after today, but this is at their own discretion. This service is free of charge.

Reports of the death of banknotes may be greatly exaggerated, according to the Bank of England. If you are doing it by post, there is a form to fill in first.

What happens if I still have a paper £5 note after May 5?

Don't worry, all Bank of England notes retain their face value for all time.

Polymer is a thin, flexible plastic, and notes made out of this are stronger than their paper counterparts.

After 5 May, you can still deposit your £5 notes directly into your United Kingdom bank account at any post office. And when a polymer note has reached the end of its life, it will be recycled.

"Polymer banknotes are being introduced as they are cleaner, more secure, and more durable than paper banknotes".

In addition, the new notes incorporate extra security measures created to foil counterfeiters.

It will be followed by a new £20 which will feature the British Painter JMW Turner, which will be issued by 2020. "We would recommend that customers allow sufficient time to return old notes rather than leave it until legal tender status is withdrawn". Until then, both can be used in shops.

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