Deadline approaches for spending paper £5 Bank of England notes

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The good news is all Bank of England notes remain payable at face value for all time, however, you may be very limited in how you can use them after they are withdrawn.

However, some places may still choose to accept the currency featuring the famous prison reformer, Elizabeth Fry and the majority of commercial banks and post offices should still be willing to exchange them over the next couple of months.

Similarly, a spokesperson for Royal Bank of Scotland added: "After the note goes out of circulation, customers will still be able to bring in their old £5 notes for exchange at one of our branches".

So, if you've got a wad of cash in your purse, wallet or stashed in your piggy bank check to see if you have one or more of the notes that are about to become worthless. That note will no longer be legal tender from midnight on Friday night.

The polymer Churchill fiver entered circulation in September, since when it has been circulating in tandem with the paper £5 note.

Yorkshire Building Society - It will accept old fivers after May 5 and take them out of circulation when they come into its possession.

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And if you are exhanging large amounts of £5 notes you may be asked to show your passport or driving licence.

Alternatively, your bank or building society may be able to help you at your local branch.

PEOPLE have until the end of today to spend or bank their old paper fivers before they lose their legal tender status.

The new polymer £5 note was introduced on September 17 past year and the new polymer £10 note is due for release in September 2017.

The move to the new polymer £5 note has been controversial.

There are plans to release a new £10 note this summer, which will feature classic British author Jane Austen. Policy maker Kristin Forbes broke ranks with her eight colleagues on the Monetary Policy Committee in March and voted for a rate increase, and some others indicated that they may also be leaning that way.