Poundland has officially set the deadline for customers to spend their old paper £5 notes in stores. The discount retailer confirmed that from 5th June 2024, these notes will no longer be accepted at any of its UK locations.
Why Is Poundland Making This Change?
The move follows the Bank of England’s decision to withdraw paper £5 notes from circulation, replacing them with more durable polymer versions. While most businesses stopped accepting the old notes years ago, Poundland continued to take them as a courtesy to shoppers.
What Should Customers Do?
Shoppers still holding paper £5 notes have a few options:
- Spend them at Poundland before the 5th June deadline
- Exchange them at the Bank of England (with no expiration date)
- Deposit them into a bank account (if your bank still accepts them)
The Bigger Picture
This change is part of a wider shift in UK currency. The Bank of England has already replaced:
- £5 notes with polymer versions (2016)
- £10 notes with new polymer designs (2017)
- £20 notes with upgraded security features (2020)
Poundland’s decision marks the final chapter for paper fivers in everyday shopping. The retailer stated: "We’ve kept accepting them longer than most to help customers, but now it’s time to move fully to the new notes."
