The new plastic five pound notes are well and truly in circulation now whether we like it or not, but what about the old notes?
On May 5th 2017 the old paper notes will no longer be considered legal tender, which means you won’t be able to spend them.
The Bank of England has estimated that there are almost 165 million old £5 notes in circulation and they’ll soon be completely worthless.
If you want to swap your old notes over for the new tender, then you’ll have to head to a bank, building society or Post Office.
High street banks may potentially stop exchanging them after the cut-off date, but The Bank of England is legally obliged to.
What happens to the £5 notes when they are withdrawn?
The bank have decided to recycle the old paper fiver pound notes using a composting treatment.
Will the Bank of England be releasing any other new notes?
A new £10 note will be released in the summer, which will feature classic British author Jane Austen. In three years time there will also be a new £20 note which will feature the British painter JMW Turner.
A new £1 coin will also be issued on March 28 and will be 12 sided.