IF you’ve got an old £5 note in your purse or wallet, you may running out of time to use it.
From May 5, the Bank of England paper fiver will no longer be legal tender.
This means you’ll be unable to use it to pay in shops or restaurants.
The Bank of England has said that more than 50% of the notes have already been returned to be destroyed, leaving around 160 million in circulation.
Why are they being withdrawn?
The notes are being replaced with polymer versions, which have been in circulation since September last year.
The Bank of England says they’re cleaner, safer and stronger.
In September this year, the Bank will also issue a new £10 polymer note featuring author Jane Austen, recognising “her universal appeal and enduring contribution to English literature”.
Are Scottish notes affected?
It is only Bank of England notes being withdrawn – if you’ve got Royal Bank of Scotland, Bank of Scotland or Clydesdale fivers they’ll still be accepted by shops (north of the border at least!)
A spokesman for the Committee of Scottish Clearing Bankers, which represents the three banks, said: “The paper Scottish fivers are not being withdrawn from circulation, they are just not being reissued.
“They don’t have a withdrawal date as such similar to the English £5 notes.”
What if I miss the deadline?
Don’t worry if you’ve still got one come May 6.
If you’re in London you can exchange them at any time at the Bank of England branch on Threadneedle Street.
Alternatively, you can also use the post – click here for more information.
Some shops may actually still accept them but it’s at the discretion of the retailer whether or not they do.
Best not to risk it.
What’s happening to the old notes?
They’re being recycled using a composting treatment.
READ MORE FROM THE SUNDAY POST
New quid on the block: All you need to know about the new pound coin
From bartering livestock to plastic fivers: How the way we pay for things has changed over the years
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