Time is running out for you to spend you old fivers.
It’s been four months since the new plastic £5 notes came into circulation and there’s just four months left until the paper fivers are phased out for good.
On May 5 the paper £5 note will cease to be legal tender, meaning you won’t be able to use them to pay for things.
The Bank of England has predicted the number of old £5 notes in circulation to have already halved, meaning 50% have been switched to the new polymer notes.
But that leaves almost 165 million cotton paper fivers yet to be withdrawn. Once that happens they will be recycled using a composting treatment.
After May 5 you will need to exchange your five pound notes at your nearest bank, building society or Post Office. High streets banks may refuse to exchange notes after the cut-off date but the Bank of England is legally obliged to. This is because Bank of England notes retain their face value for all time so you don’t have to worry if you come across old notes in future.
A £10 note featuring Jane Austen will be issued in summer 2017. This will be followed by a new £20 note by 2020, featuring landscape artist JMW Turner.
The current £50 note was issued in 2011 and there are no plans to replace it.
The Royal Mint will also be issuing a new £1 coin in March.