It's time to check your purse or wallet for any old fivers as time is running out to spend them.
On Friday, May 5, the paper £5 note will be withdrawn from circulation and will cease to be legal tender, meaning you won’t be able to use them to pay for things.
What happens if you still have paper £5 notes left after May 5, 2017?
Some banks and building societies may still accept paper £5 notes after May 5, but this will be at their own discretion.
However the Bank of England is legally obliged to continue to exchange the old paper £5 notes so you don’t have to worry if you come across old notes in future.
Will paper £5 notes disappear completely?
The Bank of England is getting rid of paper fivers but banks in Scotland and Northern Ireland may not follow suit. Paper notes issued by banks in Scotland and Northern Ireland will remain legal tender.
What will happen to the paper £5 notes that are withdrawn?
The old fivers will be recycled using a composting treatment, the MEN reports .
Will there be any more notes coming into circulation?
A £10 note featuring Jane Austen will be issued in summer 2017. This will be followed by a new £20 note by 2020, featuring JMW Turner.
The current £50 note was issued in 2011 and there are no plans to replace it.
