And finally…time running out for paper fivers

The paper £5 note will cease being legal tender when the BofE gets rid of it for good on May 5, 2017.

The move comes after the Bank launched the new plastic fiver back in September.

The polymer notes mean that the fate of the old fivers has been sealed – which will be recycling through a composting treatment.

And while some shops might still take them after the cut off date, they will be within their rights to refuse.

“Some retailers, banks and building societies may choose to accept paper £5 notes after the withdrawal date. However this is at the discretion of the individual institution,” the BofE said this week.

However, while high street banks can also refuse to exchange notes after the cut-off, the BofE’s head office in London’s note exchange desk lets anyone with an out of date note swap it for a current one – meaning anyone with a fiver can swap their paper fivers for polymer ones.

In fact, even if a note’s ripped, smashed or otherwise vandalised, as long as there’s enough left to identify what it was they will swap it for a new one.

To exchange your banknotes in person you can take them to the following address:

Bank of England

Threadneedle Street

London

EC2R 8AH