Spend your old £5 notes before the weekend!

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Got any paper £5 notes in your purse, wallet or piggy bank? Tomorrow (Friday May 5) is the final day to spend them - from Saturday, they will no longer be legal tender.

There are around 150 million paper £5 notes still in circulation and you will not be able to spend them from Saturday onwards.

Shops have now been told not to hand over old £5 notes as change to customers - if you are offered one in a shop, ask the assistant to swap it for a new note or coins.

If you want to swap the old notes after tomorrow, you will have to make the trip into a bank, building society or Post Office. You will need to be a customer of the bank or you can use your local Post Office to deposit the old fivers into your bank account.

It is possible that high street banks will stop exchanging them after the cut-off date, but The Bank of England remains legally obliged to - although you will have to send them at your own risk. and if you are exchanging large amounts of old £5 notes, you may be asked to provide identification, such as a passport or driving licence.

According to the Bank of England, the old paper notes will be shredded and turned into compost.