Five pound notes are getting a makeover!
The new fiver looks and feels a bit different and might take a bit of getting used to. Here’s a few ways you can help your friends and relatives to get to grips with the new notes…
Now polymer notes are a bit smaller than paper fivers – but smaller doesn’t mean less valuable. You can remind people that they’re definitely still worth five pounds!
The new five pound notes will start to be used from 13th September. Don’t worry – this doesn’t mean that you can’t use paper fivers from then!
You’ll still be able to spend them until May 2017 but after that date paper notes will cease to be legal tender. That’s basically just a fancy way of saying that shops and banks won’t accept them any more.
So, if you’re saving up for a toy and putting money in a piggy bank, it’s important to check if you have any paper notes in there – because after May 2017 you won’t be able to spend them in a shop.
It’s not just kids who need to make the change – your grand-parents may have a stash of notes in their house, maybe to pay the window cleaner. You should remind them to get any notes changed before May 2017 – or the window cleaner won’t want them either!
Don’t worry though if you find some old paper notes after May 2017. Whilst you won’t be able to spend them in the shops or take it to a high street bank – don’t panic – the Bank of England will exchange any old fiver for a cool new one!
So keep your eyes peeled and you could be checking the new fivers out for yourself soon – well, before you spend one!
Money Guide for Kids: How to Manage Your Pocket Money
The money podcast that shows you how to save your pocket money and why cash is changing.
Click here to out more about money with the Bank of England!
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