Scottish paper fivers still valid as Bank of England version is withdrawn
- Author: Zachary Reyes May 04, 2017,
May 04, 2017, 23:48
The Bank of England will continue to exchange the old £5 notes, as it does for any other Bank of England note which no longer holds legal tender status.
The Bank recently said it would not redesign and reprint those in circulation, but it was still working with its polymer supplier to "determine what alternatives might be available" for the current £5 note and the Jane Austen £10 polymer note.
There are around 150 million paper £5 notes still in circulation and you will not be able to spend them from Saturday onwards.
In Scotland, leading banks started issuing their own polymer fivers last autumn, and since then they have gradually been withdrawing the paper version - however, there is no specific published final end date.
The change to polymer £5 notes also marks a temporary absence of women featuring on Bank of England banknotes.
If you are exchanging large amounts of old £5 notes, you may be asked to provide identification, such as a passport or driving licence.
Some businesses, banks and building societies may choose to continue accepting the paper notes after the withdrawal.
Generally, you will need to be a customer of the bank or building society to make a swap.
What should I do if I still have old fivers in my purse/wallet? If you are doing it by post, there is a form to fill in first.
"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", said a spokesman for Lloyds Banking Group.
The Post Office said its branches will accept the notes as a deposit into any main United Kingdom bank account after the May 5th deadline.
Don't worry if you're struggling to offload your worthless paper fivers, the Bank of England will always exchange old-series notes for their face value.
A public consultation has been launched by the Bank into how it produces new £20 polymer notes.
Unlike Bank of England £5 notes, Scottish and Northern Irish fivers aren't being withdrawn from circulation.