Last Chance To Use Old £5 Notes

Last Chance To Use Old £5 Notes

Tomorrow is the last day people will be able to use the old-style five pound note as legal tender, from Saturday onwards retailers are able to refuse to accept them.

The new notes, which are made from polymer rather than the traditional paper, were introduced into circulation in September last year and now they will soon be the only form of five pound note that will be accepted as legal tender. The polymer notes were introduced both as a way to make them harder to forge, and also to make the notes more durable over time. A polymer ten pound note is set to enter circulation later this year, with a polymer twenty pound note being introduced in 2020.

If you still have any of the old-style paper notes, many high-street banks will allow you to either exchange them for the new polymer versions, or let you deposit them directly into your account. Even if high-street banks stop accepting them over time, you will always be able to exchange them at the Bank of England directly - something that is actually true for any type of money that is no longer legal tender.

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