Councillor Mags MacLaren (SNP – Paisley Northwest) is highlighting that the deadline to use your old Scottish £5 and £10 notes has been set for March 1 – meaning the paper notes will cease to be legal tender after that date.
That means there are less than four weeks to go until the old fivers and tenners are withdrawn from circulation, replaced by the new polymer notes which were introduced in 2015.
The rule includes Royal Bank of Scotland, Clydesdale and Bank of Scotland notes – and the Committee of Scottish Bankers encourages members of the public to spend or exchange them before next month.
A spokesperson for the CSCB confirmed:
“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.”
Cllr Mags MacLaren said:
“It is important that everyone is aware that the Scottish paper bank notes are to be removed from circulation from 1st March. Although you should still be able to change them at banks, local shops will not be obliged to accept them.
“Hopefully by raising this issue, no one will be caught unaware while out shopping.”
Polymer notes now account for 80 per cent of £10 and 90 per cent of £5 bank notes circulating in Scotland. The withdrawal of the Scottish notes coincides with the deadline for Bank of England £10 paper notes, which will also be withdrawn from circulation on March 1.