Old five pound note deadline nears: Spend your fiver this week!

Media playback is unsupported on your device                  Media caption The BBC's Simon Gompertz asks if people are ready for the end of the old £5 note

Media playback is unsupported on your device Media caption The BBC's Simon Gompertz asks if people are ready for the end of the old £5 note

Millions of paper fivers are still in purses, wallets and piggy banks, despite the banknote ceasing to be legal tender by the weekend.

The Bank of England will still accept them at its headquarters in London, as it does for any banknote ever issued in the United Kingdom, but your local High Street shops and banks no longer have to take them after today.

The Bank of England is expecting local banks and building societies to continue to accept the £5 notes for a short period of time.

The old notes and the new fiver have been used in tandem since the polymer banknote came into circulation in September 2016.

High street banks can also refuse to exchange notes after the cut-off date, however many said they will replace the notes brought into a branch providing that you're a customer of that bank. In that case, your bank should still accept them for deposits for at least a few weeks.

Following the introduction of the new £1 coin in March, the legal tender status of the old "round pounds" will be withdrawn on 15 October.

But as of Midnight, banks will be instructed to withdraw them from circulation.

Elizabeth Fry featured on the old fiver, and she has been replaced by Winston Churchill.

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Lloyds Banking Group (includes Halifax) - Existing customers will still be able deposit the old £5 notes.

The new polymer notes have increased security features and are more hard to counterfeit.

However, the bank of England have admitted the notes are in fact real, but that holograms printed into the note to help identity real currency have rubbed off.

Can I exchange notes via post?

What happens to the £5 notes when they are withdrawn?

It will be followed by a new £20 which will feature the British Painter JMW Turner, which will be issued by 2020.

Those eco-friendly chaps over at the bank intend to recycle the old paper fivers using a composting treatment.

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