What to do with old £5 notes in 2018

wallofbeans

Hello,
I've just realised I've been given an old five pound note and can't figure out what my options are?

Can I still take to a Post Office?
Can I still take to my bank (TSB)?

Or do I have to go to the Bank of England to exchange?

Thanks,

molerat

http://www.nottinghampost.com/news/uk-world-news/you-need-spend-your-old-771997

BOE. Although about £10 notes the £5 is mentioned in the article.

wallofbeans

molerat wrote: »

http://www.nottinghampost.com/news/uk-world-news/you-need-spend-your-old-771997

BOE. Although about £10 notes the £5 is mentioned in the article.

This just mentions the BOE but I've read other articles saying there is no end date for the Post Office taking old notes. And that banks might take them but it differs from bank to bank.

Going to the PO or my bank is a lot easier than going to the BOE though so I'd rather do that if possible...

DCFC79

Id found an old fiver the other week, checked online and it was suggested to try a bank you have an account with so went to Natwest who accepted it no questions asked.

frankie

Took old fivers to my local post office only last week from rellies visiting from Oz, and they exchanged notes, no problems.

jonesMUFCforever

A bank where you hold an account will accept old fivers.

Flobberchops

Whenever coins/notes get demonetised I feel the public service announcements surrounding it rather over-egg the message and leave people believing that they're left with literally worthless bits of paper and metal disks. In practice, your bank will accept demonetised currency for years, if not decades to come. When I was a cashier a couple of years ago, we would routinely take in chunky old-style 50p and 10p pieces, banknotes several series old, £1 notes, even individual commemorative coins such as crowns and £5 coins.

Bottom line, take them to your bank! There should be no problem unless the cashier is determined to be unreasonable.

jonesMUFCforever

Flobberchops wrote: »

Whenever coins/notes get demonetised I feel the public service announcements surrounding it rather over-egg the message and leave people believing that they're left with literally worthless bits of paper and metal disks. In practice, your bank will accept demonetised currency for years, if not decades to come. When I was a cashier a couple of years ago, we would routinely take in chunky old-style 50p and 10p pieces, banknotes several series old, £1 notes, even individual commemorative coins such as crowns and £5 coins.

Bottom line, take them to your bank! There should be no problem unless the cashier is determined to be unreasonable.

Banks will not take commemorative or £5 coins but I agree about the rest of your post.

Flobberchops

jonesMUFCforever wrote: »

Banks will not take commemorative or £5 coins but I agree about the rest of your post.

One of my colleagues took over £400 in £5 coins over the counter a few months back. Being a collector I made sure to buy one of each design before they were sent off for remittance It's a service the banks perhaps don't advertise, to avoid chancers gaming the system, but the facility to do so certainly exists.

Westie983

Flobberchops wrote: »

One of my colleagues took over £400 in £5 coins over the counter a few months back. Being a collector I made sure to buy one of each design before they were sent off for remittance It's a service the banks perhaps don't advertise, to avoid chancers gaming the system, but the facility to do so certainly exists.

Not in the banks now - We had to right of £30 that was accepted in £5 coins, as they shouldn't be accepted.

Have a read of this thread
https://forums.moneysavingexpert.com/discussion/5649251

This post is three years old but still stands.

http://www.thisismoney.co.uk/money/news/article-3505174/Worthless-commemorative-coins-ve-stored-away-years-Royal-Mint-tells-banks-not-them.html

Westie983

Westie983

I relation to the OP - £5 will get accepted by which ever bank you have an account with, they will pay the £5 in and then withdraw £5 back out if you want it, or just bank it.

They will then wait till they have a bulk of them in the tills then they will send them back to the BOE.

Westie983