Just four months ago the ‘new and improved’ five pound notes were released into circulation and we’ve now got just four months to spend the old ones before they become worthless.
On 5th May this year the old fashioned cotton paper notes will no longer be legal tender so you won’t be able to spend them.
The Bank of England has estimated that the number of old notes in circulation has already halved but there are still around 165 million out there to be spent before they are completely phased out.
If you want to swap the old notes over for new tender after 5th May, you will have to make a trip to a bank, building society or Post Office.
It is possible that a high street bank will stop exchanging them after the cut-off date but The Bank of England will continue to be legally obliged to.
Banks intend to recycle the old paper fivers using a composting treatment as they take them out of circulation.
There are plans to release more new notes with a new £10 note planned to be released this summer which will feature classic British author Jane Austen. This will be followed in three years time by a new £20 note which will feature the British painter JMW Turner. There are also plans to issue a new £1 coin in March.
