Are old ten pound notes still valid ?

The Bank of England recently launched its new state-of-the-art £10 polymer note.

The old cotton paper notes will soon expire and stop being accepted as legal tender - meaning you can no longer use them as payment. The old £10 note is set to go out of circulation in spring 2018.

The exact date is yet to be released by the Bank of England but they reassure us that notice will be given at least 3 months prior to the withdrawal date. Until this point, the old £10 note will continue to be legal tender so can be spent freely.

Once the deadline passes you won't be able to spend your notes in shops or restaurants. If you want to swap the old notes over for new tender you will have to make the trip into a bank, building society or Post Office.

You will need to be an account holder with the bank for them to exchange the note. You can use your local Post Office to deposit the old tenners into your bank account too. It is possible that a high street bank will stop exchanging them after the cut-off date but The Bank of England is legally obliged to.

You can either do this in person or via post. Although if you post it to The Bank of England, you do so at the “sender’s risk”. If you are exchanging large amounts of old £10 notes, you may be asked to provide identification, such as a passport or driving licence.

For more info about polymer banknotes and the new £10 note visit Bankofengland.co.uk.