Home Business NewsBusiness Deadline for paper £5 note looms

Deadline for paper £5 note looms

4th May 17 9:28 am

Are you still holding on to a paper £5 note?

Millions of paper fivers are still being carried around despite it no longer being legal tender by the weekend.

The Bank of England has said around 150m paper £5 notes are still with the public.

Shops may well refuse them on Saturday, banks should be able to change them.

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

The variant has been replaced by the polymer £5 note which features Sir Winston Churchill.

The new £5 note has been in circulation since September, since this time is has been circulating with the paper note.

Banks will continue to accept or replace any old £5 notes brought into a branch by their own customers. This will continue for at least the next few months.

A spokesman for RBS said: “After the note goes out of circulation, customers will still be able to bring in their old £5 notes for exchange at one of our branches. Non-customers will be directed to their own bank.”

A Lloyds Banking Group spokesman said: “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.”

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