Scottish paper £5 and £10 notes being withdrawn from circulation by March

5 February 2018, 12:17

scottish money

Some paper bank notes in Scotland will be withdrawn from circulation in fewer than four weeks.

Scots are being urged to spend or exchange their £5 and £10 notes before the deadline on Thursday March 1.

New polymer versions were first introduced in 2015 as part of efforts to combat counterfeiting.

A spokesman for the Committee of Scottish Bankers said: "Thanks to the work that the issuing banks have already undertaken to swap the older paper notes with the more secure, environmentally-friendly polymer notes, the majority of £5 and £10 notes have already been replaced with polymer.

"We have set a deadline for using paper £5 and £10 notes as March 1.

"The Scottish note-issuing banks will continue to accept old paper-based notes and there are currently no plans to change this."

Scottish issuing banks - which include Royal Bank of Scotland, Clydesdale Bank and Bank of Scotland - have been introducing polymer notes into circulation since 2015.

They are now estimated to account for about 80% of £10 and 90% of £5 notes in the country.

Issuing banks will continue to accept all Scottish notes from their own customers, which can either be either deposited into their account or exchanged for polymer versions.

Royal Bank of Scotland, Clydesdale and Bank of Scotland have also agreed to 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 deadline.