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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
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?
Can You Still Use Old 5 Pound Notes?
No. You can no longer use an old
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:
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.
Once you have completed the Bank of England form you’ll need to send it to this address:
Bank of England,
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:
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
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 is a Chartered Accountant with over a decade of experience taking self-employed business owners from financially confused to business savvy.
She is the creator of the ‘Go Self Employed’ website, which is her corner on the internet where she makes self-employment less terrifying.