Will your bank accept £5 paper notes after May 5?

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Note that old Scottish £5 paper notes are still legal tender and will be gradually replaced by the new polymer versions.

However, some places may still choose to accept the currency featuring the famous prison reformer, Elizabeth Fry and the majority of commercial banks and post offices should still be willing to exchange them over the next couple of months.

The Bank of England will still exchange the old notes after this date - there is no time limit on this.

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.

What should I do if I still have old fivers in my purse/wallet?

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Millions of £5 notes in circulation will lose their status as legal tender on Friday after the Bank of England released a polymer replacement.

Luckily for those who still haven't cashed them in, all legal tender keeps its value even after the notes have gone out of circulation, meaning if the local bank will not accept them then the Bank of England will.

Still got an old £5 note?

The Bank of England said all its notes retain their face value for all time.

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.

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What happens to the £5 notes when they are withdrawn?

What can you do if you discover an unspent old note after May 5? You will need to be a member of the bank in order to exchange.

Polymer notes provide enhanced counterfeit resilience and increase the quality of notes in circulation.

A new £10 polymer note is due to be introduced in September featuring 18th-century author Jane Austen to recognise her "universal appeal and enduring contribution to English literature".

Or if they are unable to give you a new note, ask for coins.

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