1st March deadline to use paper £5 & £10 notes
The Committee of Scottish Bankers, on behalf of the Scottish note issuing banks - Royal Bank of Scotland, Clydesdale Bank, and Bank of Scotland - has announced that there are now less than four weeks to go until all Scottish paper £5 and £10 notes are withdrawn from circulation.
Since 2015, Scottish issuing banks have been introducing Polymer notes into circulation. Polymer delivers significant benefits over paper, particularly when combined with state of the art security features which make the notes much harder to counterfeit. Polymer is also stronger than paper and so notes will last longer, remain in better condition and deliver environmental benefits. Scottish polymer notes now account for approx. 80 per cent of £10 and 90 per cent of £5 bank notes circulating in Scotland. 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.
Advice to customers and non-customers for exchanging notes.
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.