The new Polymer Scottish notes have steadily replaced paper notes over the past three years
There is now less than a month to spend Scottish paper £5 and £10 notes announced the Committee of Scottish Bankers yesterday (Monday, February 5th).
The Committee – on behalf of the Scottish note issuing banks the 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of Scotland – has announced that there are now less than four weeks to go until all Scottish paper £5 and £10 notes are withdrawn from circulation on Thursday, March 1st.
Scottish issuing banks have been introducing Polymer notes into circulation since 2015 as the material 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 around 80% of £10 and 90% of £5 bank notes circulating in Scotland; and 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 1st.
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.