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If you have any paper five-pound notes in your wallet, purse or bag, or maybe you have a jar of them stuck in a cupboard, you are advised to get rid of them by May 5 or you will lose out as they will no longer be legal tender.

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The bank of england does say that some banks or building society’s may take the paper version of the £5 note, but is highly unlikely anywhere will accept them.

The new £5 bank note is the polymer one and was introduced on September 13 last year.

Remember also the old £1 coin will be next to be withdrawn sometime in October this year.

You can view more about the paper five-pound note being withdrawn HERE

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