You are here: Home - Saving & Banking - News -

Last chance to spend old £5 notes

0
Written by: Paloma Kubiak
02/05/2017
Anyone with an old paper £5 note will need to spend it by the end of today as they’ll no longer be accepted in shops after this date.

The Bank of England (BoE) will withdraw from circulation the paper £5 note featuring Elizabeth Fry this Friday 5 May.

After this date, the only £5 note which will be legal tender is the polymer note featuring Sir Winston Churchill which entered circulation in September last year.

This means you need to spend the note in shops by the end of the day on 5 May. The BoE said some banks and building societies may accept the paper note after this date, but it’s at their discretion.

Anyone who still has an old £5 note can exchange it for free at the Bank of England in London, either in person or by post.

The ‘new’ plastic note is resistant to dirt and moisture and is set to last around 2.5 times longer than the paper form.

Following its launch in September, concerns were raised by animal campaigners and some religious groups about the discovery of traces of tallow – a substance made from animal fat – used in its production. However, the BoE said reprints would costs in the region of £46m.

A new £10 polymer note featuring writer Jane Austen is also set to launch on 18 July and a new £20 note featuring British artist JMW Turner is due to enter circulation by 2020.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
F&B restaurant
Stock of the week: Restaurant Group

Helal Miah, investment research analyst at The Share Centre, picks Chiquito and Frankie & Benny’s owner, Restaurant Group, as stock...

Close