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Old fivers must be spent or banked by next Friday - but you can swap defunct notes

By Karl Talbot, MSE News Reporter

28 Apr 2017

Consumers have until 5 May to spend or bank their older non-polymer £5 notes before they are officially withdrawn by the Bank of England (BoE) - shops may reject your old-style fivers if you leave it too long.

Following the launch of the plastic fiver back in September, older £5 notes featuring Elizabeth Fry have been gradually phased out and they will cease to be legal tender from next Friday.

It's believed that over half of older £5 notes have already been taken out of circulation and last month the BoE advised retailers to stop handing them out in change.

However, if you've still an old fiver or two, you can continue to spend them as usual until 5 May - After this date, shops will be within their rights to refuse them as payment towards goods or services.

For automated machines, acceptance of older fivers after the withdrawal date will depend on whether software has been updated on time.

Banks may still accept deposits of old-style fivers after 5 May

It's likely that banks, building societies and post offices will continue to accept deposits of the older £5 note, even after 5 May - though the BoE has made it clear that this is wholly "at the discretion of the individual institution".

If they do continue to accept them, it's likely they'll do so only for their own customers. This follows the same scenario planned for the withdrawal of the round £1 coin on 15 October.

The BoE will swap your old £5 notes

If you happen to find an old fiver tucked behind the sofa in the years ahead, fear not as the BoE guarantees that all UK banknotes hold their value for 'all time'.

So if your bank, building society or post office is unwilling to change your old fivers for you, you can do it with the BoE instead - either in-person or by post (at your own risk).

However, this guarantee doesn't apply to coinage, so beware when the older £1 is withdrawn. See our piggybank warning for more.

Old fivers could be worth more than their face value in the future

Following launch of the new £5 note, many low serial numbers were commanding high prices on internet auction sites. If you have one in your pocket, it's worth checking to see if it's worth more than it's face value.

As for older fivers, there's no sure way of knowing how much they'll be worth following their withdrawal, though ones in better condition are likely to be more desirable.

More currency changes in the pipeline

The round £1 coin will be withdrawn on 15 October, while new polymer £10 and £20 notes will be launched in September and in 2020 respectively. The BoE has no current plans to replace the existing £50 note.

http://www.moneysavingexpert.com/new...by-next-friday