The Committee of Scottish Bankers, on behalf of the Scottish note issuing banks - 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of Scotland - has announced that there are now less than four weeks to go until all Scottish paper £5 and £10 notes are withdrawn from circulation.
Since 2015, Scottish issuing banks have been introducing Polymer notes into circulation. Polymer 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 approx. 80 per cent of £10 and 90 per cent of £5 bank notes circulating in Scotland.
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.
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 1st March. The Scottish note issuing banks will continue to accept old paper based notes and there are currently no plans to change this.”
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.
As a result, from 1st March 2018, Stagecoach West Scotland will not be accepting Scottish £5 paper notes and all paper £10 notes on any of our bus services or travel shops.
More information can be found on the CSCB website: www.scotbanks.org.uk