You need to spend your £5 by May 5 – if not here’s what you can do with them

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The new five pound note on plastic came into circulation in the UK on 13 September 2016.

There was initially a minor outrage that the new, waterproof design included meat products during it's construction - specifically tallow (animal fat).

But gradually, we've gotten used to the meaty plastic and appreciate that they don't melt when left in our jeans in the washing machine.

However, if you're in possession of an old, cotton fabric note, you won't be able to spend them as legal tender, starting on 5 May 2017.

The Bank of England estimate that, despite being halved, there are around 165 million old notes out there.

If you're left with one after 5 May 2017, you can swap the old notes in a bank, a building society or a Post Office.

If you're handed one in a shop, you're allowed to ask the equivalent in new notes or coins if they have them.

However, there will never come a point that you cannot exchange the old fivers. Don't panic.

If you want to save them up, they may be worth something one day to collectors, or alternatively you can trade them all in at once at a bank.

The new polymer £10 note will be issued in September 2017 and will carry the image of Jane Austen.

More: Women finds rare five pound note worth £50,000 – and donates it to charity

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