You are probably aware of this already, but…..

Time is running out to spend old Bank of England £5 notes – with the paper currency set to become worthless on the High Street this week.

The old-fashioned note will no longer be considered legal tender as of Friday, 5th May, meaning anybody with any of the old fivers lying about needs to take them to the bank or Post Office.

From Saturday, 6th May, British shoppers will no longer be able to use their old £5 notes in shops and restaurants. Businesses will no longer have to accept the old fivers, featuring prison reformer and philanthropist Elizabeth Fry, as payment or in change.

Retailers can still accept them, but at their own discretion. High street banks can also refuse to exchange notes after the cut-off date.

The Bank of England will continue to exchange the old £5 notes indefinitely, as it would for any other bank note which no longer has legal tender status.

Scottish £5 notes are unaffected by this and are being gradually phased out by Scottish Banks

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