It’s time to check under the mattress, down the back of the sofa and in all your jackets and old bags, purses and wallets.
There are now less than four weeks to go until all Scottish paper £5 and £10 notes are withdrawn from circulation. The warning was published today by The Committee of Scottish Bankers, on behalf of the Scottish note-issuing banks – Royal Bank of Scotland, Clydesdale Bank, and Bank of Scotland.
Scottish banks have been issuing polymer notes into circulation since 2015 to take advantage of the benefits of both security features and longevity. Over 80% of £10 notes and £90% of £5 notes in circulation are now polymer notes, with this in mind, The Committee of Scottish Bankers, is encouraging the general public to spend or exchange any paper £5 or £10 notes in advance of the deadline.
Issuing banks will continue to accept all Scottish notes from their own customers. These can be either deposited into their bank account or exchanged for polymer notes. Royal Bank of Scotland, Clydesdale and Bank of Scotland have also agreed that they will exchange their own paper £5 and £10 notes from non-customers up to the value of £250.
Other banks, building societies and The Post Office may continue to accept and exchange Scottish paper notes after the March 1.
The withdrawal of Scottish paper notes coincides with the withdrawal of Bank of England £10 paper notes from circulation, which is also on 1st March 2018.