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What can I do with my old £5 notes, how long do I have to change them and where can I swap them?

The Post Office has issued some handy advice before the old notes cease to become legal tender

Deadline day is fast approaching to people to get rid of their old fivers.

The old-style Elizabeth Fry paper notes will cease to be legal tender on Friday (May 5) meaning you will not be able to use them.

Shops will no longer accept the old paper notes and you can say no to any that try to give you one in change.

The Bank of England has rung the changes following the launch of the new polymer notes last year.

So, with time running out, what can you do if you're sitting on a small fortune of them?

Don't worry

First and foremost, the Post Office is reminding people all of their branches will accept the old notes - even after the deadline.

That's handy

Indeed it is, and customers of UK banks can cash in old notes at any Post Office branch even if the cut-off point is missed.

Say bye bye to these old style fivers(Image: Surrey Advertiser)

Did they plan ahead then?

The Post Office launched a scheme with all the leading UK banks earlier this year that enables their customers to perform everyday banking services in all post offices across the UK.

It means that most UK bank account holders can deposit their old £5 notes into their bank account.

Are businesses affected?

There’s also a similar service for business customers too, handily.

What has the Post Office said?

Martin Kearsley, banking director, said “With over 11,600 branches across the UK, Post Office branches offer an easy way for people to pay old paper £5 notes into their bank accounts.

"We offer free cash withdrawal and deposit services for customers of all main UK banks.

"With thousands of branches open for longer each day and over 4,000 open seven days a week, we’re making it even easier for people to access their bank account.

“We’d like to reassure people that there’s no end date to depositing paper £5 notes into bank accounts at local Post Office branches, we will still accept them after the 5 of May deadline.”

Excellent! But what about the banks?

You can take your old notes to the Bank of England’s cash desk in London and swap them there.

And many High Street banks and will swap old fivers for new ones after May 5.

Barclays, Yorkshire Building Society, Nationwide, HSBC, Lloyds Banking Group, RBS, Natwest and Santander will be able to either accept old notes, replace them or let customers deposit them into their account.

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