The new £5 note

The new £5 note is now in circulation? Have you seen one and if you have one are you keeping it or spending it? My husband has one in his wallet but our daughter wants him to keep it shiny and new .. I wonder how long it will stay there?!

 Image source - Bank of England

Image source - Bank of England

If you are a small business and deal in cash there are a few things you ought to know:

They stick together!

Sounds like a design flaw to me to be honest, but yes, they currently stick together .. so you could get given two by accident .. or give out two by accident.  Apparently, the "stickiness" will disappear once they have been handled and in circulation a while but definitely something to bear in mind.

They are smaller than the old £5 note

OK, this might seem like stating the obvious as you can clearly see that they are smaller when you look at them.  But had you considered that this is costing businesses up and down the country money? Auto-counting machines, ATM machines, ticket machines, vending machines all need software updates as a minimum and some older machines may just not be up to the job anymore!

Security

The new notes do have added security features and the Bank of England have a YouTube video you can watch to learn all about them ... click here to watch.

Key dates

On 5 May 2017 the "old" £5 note will cease to be legal tender and no longer accepted by shops.

More information

For more information check out the Bank of England's dedicated website:

http://www.thenewfiver.co.uk/

Rachael Savage