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

New plastic £5 note launches

Written by:
The new plastic £5 note featuring Sir Winston Churchill enters circulation in the UK today.

The note is made from polymer, a thin, flexible plastic material, which is resistant to dirt and moisture, and lasts around 2.5 times longer than paper.

Although the notes enter circulation today, it will take a few weeks for them to spread to shops, businesses and banks.

Consumers can continue to spend paper £5 notes as usual until 5 May 2017, after which they will cease to be legal tender and will no longer be accepted in shops.

The £5 note is the first of the Bank of England’s new series of polymer notes, with the new £10 note featuring Jane Austen entering circulation in summer 2017 and the new £20 note featuring JMW Turner launching by 2020.

Bank of England governor Mark Carney said: “The New Fiver, made of polymer, will be cleaner, safer and stronger. Resistant to dirt and moisture, it will stay in good condition for longer. The new security features make it harder to counterfeit.

“The use of polymer means it can better withstand being repeatedly folded into wallets or scrunched up inside pockets and can also survive a spin in the washing machine. We expect polymer notes to last at least two-and-a-half times longer than the current generation of fivers and therefore reduce future costs of production.”

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.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

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.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week