Can I Still Exchange Those Old Five Pound Notes?
Now they’re no longer legal tender, what exactly can you do with the old five-pound notes?
Haha! You thought you’d spent all your old £5 notes.
That is… until you found that bunch of them in the drawer.
Well, never mind.
Because, according to the press, your bank will probably still take them.
And in return, they’ll give you some nice, shiny, plastic, unfoldable, unstraightenable new ones.
Don’t go to any bank though. If you pop into Lloyds but don’t have an account with Lloyds, they’ll probably tell you to go away and take the problem to your own bank!
But that arrangement is only for a short time. They don’t say how long. But I wouldn’t wait too long to exchange your fivers.
Exchanging a Five Pound Note After a Few Years
But what if, in three years time, you find an old five-pound note down the back of the sofa?
Snookered, or what?
Not really. But it depends on where you live.
Uh? Not one of those North/South divide issues again, is it, David?
No. But if you don’t live in London, it could be tricky.
The Bank of England says they will always exchange your old banknotes.
In fact, if you look carefully on your fiver (or any banknote which has been issued by the Bank of England), you’ll see a promise.
It’s written in tiny letters, so you’ll need to put on your reading glasses.
Can you see it?
It says “I promise to pay the bearer on demand the sum of five pounds”.
That’s a nice little promise from the Bank’s Governor, isn’t it?
So all you need to do is arrange a nice break in the City, and pop into the Bank of England.
But I’d check they’ll be open first. They like time off at weekends – and Bank Holidays!
Change Your Five Pound Notes by Post
But what if…
- You’ve missed all the deadlines
- You can’t get to the Bank of England
Well… there is another way.
You can actually change your fivers by post.
And the Bank of England tells you exactly how to do that here.
The Philanthropic Method
OK… So maybe you…
- Can’t go to London
- Can’t get to the Post Office
- Can’t be bothered
Why not donate your pile of out-of-date fivers to charity.
Pop into your local charity shop next time you’re in town.
I’m sure they’ll say “thank you”, and give you a big smile.
And maybe a hug.
Then they’ll put your money to good use helping other people.
And you can’t put a price on that, can you?
It’s worth much more than an obsolete fiver.
What sort of experience have you had with the old five-pound notes? Did you miss the deadline? I’d love to hear how you got on. Please take a moment to share a comment in the box below…