GUIDE: You can’t buy anything with an old £5 note after midnight tonight - but what should you do if you miss the deadline?
PUBLISHED: 10:51 04 May 2017
There’s still an estimated 165 million old £5 notes in circulation
Old £5 notes cannot be used in resturants or shops after midnight tonight.
On Friday, May 5, the cotton paper notes, of which an estimated 165 million are still in circulation, will no longer be legal tender, meaning you can no longer buy anything with them.
What can you do if you discover an unspent old note after May 5?
You can swap them, but it means making a trip to the bank, building society or Post Office.
However, there’s a catch. You will need to be a member of the bank in order to exchange.
You can also use the Post Office to deposit old notes into your bank account,
High Street banks may decide to stop exhanging the old notes after the cut-off date, but the Bank of England are legally obliged to do so.
To swap with the Bank of England, you can do this by going into the bank or posting it.
And if you are exhanging large amounts of £5 notes you may be asked to show your passport or driving licence.
What should I do if I’m handed one as change?
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.
Or if they are unable to give you a new note, ask for coins.