You Really Don’t Have Long To Spend Your Old Five Pound Notes

Get to spending those fivers before it's too late.

The new £5 notes feature Winston Churchill
The new £5 note The note is injuring cocaine users everywhere Image eBay

Time is running out to spend your old fivers.

There are millions of old notes tucked away around the nation, but people actually only have until this weekend to spend them.

From Friday night at midnight, the old notes will cease to be legal tender. Banks will still be exchanging them by Saturday, although shops may refuse to accept them.

Certain banks have made it clear that they’ll allow their own customers to exchange them over the next few months, but waiting around could be risky.

A spokesman for RBS told BBC News: “After the note goes out of circulation, customers will still be able to bring in their old £5 notes for exchange at one of our branches. Non-customers will be directed to their own bank.”

However, the safest bet is to gather your old notes up by Friday, and make sure to spend them or get them exchanged by then. Otherwise, you could be running a big risk of losing your money.

 

The old five pound note
The old five pound note Get spending before it's too late Image Flickr

The whole nation was intrigued after the new plastic fivers were revealed last year, especially after some of the notes with rare serial numbers started selling for thousands of pounds online.

The notes, which feature an image of Winston Churchill and a see-through plastic section, have also attracted a surprising amount of controversy.

They’re the first British bank note to be made of a polymer, and vegan and vegetarians everywhere began boycotting the notes after learning that they contain traces of animal fat.

Whatever you think of them, they’re here to stay, and they’ll soon be the only £5 notes accepted anywhere.

So, if you’ve got any old notes hidden away in wallets, old pairs of jeans or piggy banks, you’d better start spending them or exchanging them now before it’s too late.

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Loaded staff writer Harry Fletcher has covered news, sport and entertainment for several major websites across the UK. Follow him on Twitter at @Harry__Fletcher.