Spend your old £5 notes before the weekend!

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The deadline is looming for using up the old £5 note, with the Bank of England saying all notes should be spent or exchanged by the weekend.

The Post Office said its branches will accept the notes as a deposit into any main United Kingdom bank account after the 5 May deadline.

The Bank of England will, however, exchange any of the old notes.

You can ask the shop keeper to give you a new note instead, as they have been told not to give out old ones as change anymore.

Are you still holding on to a paper £5 note?

The Bank of England said 150 million of its paper £5 notes - the equivalent of about three for every adult in the United Kingdom - remain with the public.

Well, you only have today to spend it as from Friday May 5 it ceases to become legal tender and will no longer be accepted in shops. In January, the Post Office launched a service with banks that enables their customers to perform everyday banking services in all post offices across the UK.

Notes may be presented for payment either in person or sent by post (at the sender's risk) to: Dept NEX, Bank of England, Threadneedle Street, London EC2R 8AH.


Why has the paper £5 been withdrawn?

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In future, banks and building societies may eventually stop accepting old £5 banknotes. If you are doing it by post, there is a form to fill in first.

The Bank of England has estimated there still about 165 million notes in circulation across the country.

RBS/NatWest - It said that if a customer brings in one of its notes that is out of circulation, it will replace them with new ones.

The new polymer notes have increased security features and are more hard to counterfeit.

Fears of a long-term absence of women on Bank of England notes were finally averted when the the Bank said author Jane Austen would appear on the new polymer £10 to enter circulation in September 2017.

There was also a new £1 coin issued in March.

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