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How to Exchange Old 5 Pound Notes

It’s been over two years since the old 5 pound notes were taken out of circulation. That means you officially cannot use them. But all is not lost. Here’s what to do if you want to exchange old notes for new ones.

If you’ve discovered that you still have old 5 pound notes, then you are not alone.

Believe it or not but the Bank of England estimates that 124 million old 5 pound notes are yet to be exchanged!

The old 5 pound notes were taken out of circulation to be replaced by a more durable and secure version.

What Does the Old 5 Pound Note Look Like?

Source: Bank of England

Can You Still Use Old 5 Pound Notes?

No. You can no longer use an old 5 pound note as it ceased to be legal tender on 5 May 2017.

That means from this date when they were officially taken out of circulation and replaced by the new version, you can no longer use them to pay for things.

How to Exchange Old 5 Pound Notes

So you don’t lose out on your money, there are still a number of ways that you can exchange your old 5 pounds notes:

1. Exchange Old Notes At the Bank of England

The Bank of England offers a counter service where you can simply turn up and exchange your old £5 notes for new ones.

Their address is:

Bank of England, 
Threadneedle Street,
London,
EC2R 8AH

ID Required To Exchange Old 5 Pound Notes

To exchange your old 5 pound notes, the Bank of England ask that you take two forms of ID with you – one of which must have your address, like your driving licence.

The Bank of England does warn that there can be long queues, so they advise that the best way to exchange your old 5 pound notes is to do it by post.

2. Exchange Old Notes By Post

To exchange old notes by post you’ll need to send them to the Bank of England.

This may be easier, especially if you cannot get to London or you are worried about waiting times or don’t live in London.

You’ll need to complete a “Bank of England Banknotes Exchange Form” and post it to them.

You’ll also need to include copies of 2 forms of ID. Again, one of which must have your address, like your driving licence.

Download the Bank of England Banknotes Exchange Form.

Once you have completed the Bank of England form you’ll need to send it to this address:

Department NEX,
Bank of England,
Threadneedle Street,
London
EC2R 8AH

Once received by the Bank of England, they will process your exchange and deposit the funds into your chosen bank account.

3. Exchange Old Notes At a Bank

Although banks put a deadline on it originally, some banks have agreed to continue to exchange old notes.

It’s mainly high street banks including:

  • Barclays
  • Natwest
  • Halifax
  • Lloyds

So you could take your old banknotes to your local bank branch to check if they can help you exchange them or bank the old notes directly into your account.

4. Exchange Old Notes at Your Local Post Office

If you can’t get to a bank or don’t have a local branch near you, then the Post Office offers a service where you can exchange old notes.

The Post Office will then bank your money into your account on behalf of your bank.

Whichever method you chose to exchange your old £5 notes, it is definitely advisable to get on with doing it and realising your cash!

Anita Forrest
About Anita Forrest

Anita Forrest is a Chartered Accountant turned entrepreneur who helps the self-employed gain financial confidence when it comes to running the numbers side of their business and filing tax returns with guides, templates and resources on the Go Self-Employed website.