BE QUICK! Last day to spend paper £5 notes

Violet Tucker
May 6, 2017

RBS/NatWest - If a customer brings in one of the old notes that has gone out of circulation it will replace it with a new one.

Why did the £5 note have to change? "We would recommend that customers allow sufficient time to return old notes rather than leave it until legal tender status is withdrawn".

The new durable polymer note, featuring Sir Winston Churchill, was issued in September past year, causing a stir with vegan protesters as the note contains small traces of animal fat.

Nationwide Building Society - Nationwide will continue to accept the old £5 notes from existing customers.

However, the bank of England have admitted the notes are in fact real, but that holograms printed into the note to help identity real currency have rubbed off.

Alternatively, your bank or building society may be able to help you at your local branch. You can choose to have the Bank of England mail you updated banknotes (to the value of £50), deposit the money in your account or send you a cheque.

You can either do this in person or via post.

What can you do if you discover an unspent old note after May 5?

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Shops have now been told not to hand over old £5 notes as change to customers.

But you shouldn't panic if you do accidentally accept one as the following point proves it won't be the end of the world.

The BoE, however, will continue to exchange the soon-to-be old notes at any time in the future in its offices at Threadneedle Street in the City.

The individually short-lived banknotes, notorious for falling apart - particularly if left in the back pocket of your jeans after you pop them in the wash - will be replaced by the new plastic versions that have been rolled out by the Bank of England.

If you balls up and still have a paper £5 note on Saturday then all is not lost.

Those eco-friendly chaps over at the bank intend to recycle the old paper fivers using a composting treatment.

A public consultation has been launched by the Bank into how it produces new £20 polymer notes.

There are plans to release a new £10 note this summer, which will feature classic British author Jane Austen.

Other reports by Guamnewswatch

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