Have You Spent Your Paper Five Pound Notes? – if you haven’t you may be throwing money away!
There still seems to be millions of paper fivers still to be spent before the deadline tonight at midnight. The Bank of England has said that the number of paper £5 notes to be spent is claimed to be equivalent to 3 for every adult in the UK.
If you do have paper £5 notes still in your possession you may find that shops may refuse them from tomorrow. The good news however is the banks should still be able to exchange them.
The old £5 paper notes will be replaced by the polymer note that will feature Sir Winston Churchill. Former £5 paper notes had Elizabeth Fry’s portrait printed on them for the past 15 years.
The new polymer fivers started circulation in September, alongside the old paper notes now being withdrawn by banks.
Special Arrangements To Collect Old Five Pound Notes
Shop owners will have arrangements with the banks should they still possess paper £5 notes in their tills.
The Post Office however will continue to accept the notes as deposits for main UK bank accounts. This will even be in place after the notes have been legally ceased to be tender.
Also if you go to your own Bank in person in branch they will happily accept the notes, however, this may only be for the next few months.
Lloyds Banking Group has confirmed that they will accept old £5 notes and can either exchange for the new polymer note or deposit in to the customer’s account. This only applies to their own customers that hold an account with the bank.
Royal Bank of Scotland have also said they will do the same, but will not apply to non-customers.
If this does not apply to you the Bank of England will accept any old notes brought or posted to them in Threadneedle Street in London to be able to receive a replacement.
Bank of England has also said once the notes are withdrawn from circulation all old paper notes will be shredded and turned into compost.
Currently there has been no withdrawal date for the paper notes to be tendered, however, they are currently not being reissued.
When the new polymer £5 was announced there was a lot of controversy as there was no female representation on the banknotes.
This was solved by the announcement that author Jane Austen would be appearing on the new polymer £10 notes, due to be released in September 2017.
Another issue for the new notes was among vegans and some religious groups as the polymer notes contain a small amount of tallow which is derived from meat products.
Although The Bank of England will not reprint what is already in circulation they are looking into ways of using other materials to deal with the tallow problem for the next issuing of £5 notes and the new £10 polymer notes.
What will you spend your last ever old paper fiver on?