The £5 note deadline is looming. You have less than 2 weeks to use your old £5 notes. There are still millions in circulation but by the 5th of May the old £5 note will cease being legal tender. Either spend them or swap them at your bank.
After this date you can exchange them at The Bank of England in person or by post.
From the Bank of England, here are some facts about the latest £5 note :
Polymer notes are better for the environment. This is because they last longer and so fewer need to be printed. This means less energy used in manufacturing and cash transportation. When a polymer note has reached the end of its life it will be recycled into new plastic products.
The New Fiver has a number of security features which make it even harder to counterfeit. These include the see-through window and the foil Elizabeth Tower which is gold on the front and silver on the back. Only a tiny proportion of notes are counterfeit – 0.0075% in 2015 – but we they want to stay one step ahead of the counterfeiters and these new security features help them to do this.
Each new polymer note is expected to last at least 2.5 times longer than the current paper ones. This is because polymer is stronger than paper so the notes can better withstand being repeatedly folded into wallets or scrunched up into pockets.
Finally, you may be wondering why Winston Churchill?
Well according to the Bank of England, Winston Churchill was one of the greatest statesmen of all time and is the only Prime Minister to win a Nobel Prize for literature. As he himself said, a “nation that forgets its past has no future”. Our banknotes are repositories of the United Kingdom’s collective memory and are testaments to the outstanding achievements of the nation’d greatest individuals.
Like Churchill, the new polymer note will also stand the test of time. It is cleaner, being more resistant to dirt and moisture. It is safer, with better security features. And it is stronger, making it longer lasting and more environmentally friendly.
Remember to pop in branch and deposit your old £5 notes into your account before the 5th May. Alternatively, our helpful staff will open a new account for you.
Don’t delay, not long until the 5th of May!