Tomorrow is your last chance to spend old paper £5 notes

Deadline to dig out old paper £5 notes

RBS/NatWest - It said that if a customer brings in one of its notes that is out of circulation, it will replace them with new ones.

The paper £5 note which features Elizabeth Fry will no longer be legal tender by midnight on Friday night.

The old paper £5 note is being withdrawn from circulation by the Bank of England.

It said some other banks and building societies may still accept the old paper £5 notes for a limited period at their own discretion.

2017 has seen big changes in our notes and coins, with the new £1 coin being introduced in March and now the old paper Bank of England £5 note being replaced with the new polymer version.

Bank of England notes keep their face value for all time, so don't panic if you find one in the pocket of an old pair of jeans, there's always time!

Old paper notes are recycled using a composting treatment - similar to that used in the treatment of food waste.

What if my bank won't take my old fiver?

To swap with the Bank of England, you can do this by going into the bank or posting it.




The Bank of England had said that they expected more than half the five pounds notes in circulation to be polymer ones by January 2017. The address is: Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH.

In future, banks and building societies may eventually stop accepting old £5 banknotes.

What happens to the £5 notes when they are withdrawn?

To put that into perspective, the remaining value of the notes equates to approximately £750 million.

If you choose to do it by post you will need to fill in a postal banknote exchange form.

"We'll continue to accept them from our customers, either exchanging them for the new polymer note, or depositing it into their account, whichever they prefer", said a spokesman for Lloyds Banking Group.

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

Or if they are unable to give you a new note, ask for coins.

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