YOU have less than a week to spend or bank your old paper fivers before they lose their legal tender status.

From May 5, shops no longer have to accept the paper £5 note as payment and the new polymer banknote featuring Sir Winston Churchill will be the only Bank of England £5 note with legal tender status.

The old paper fiver and the new £5 note have co-existed since the polymer banknote was first issued by the Bank in September 2016.

What should I do if I still have old fivers in my purse/wallet?

Shops have been advised to stop handing out the old notes in their change.

But if you do get one you can ask for it to be swapped or banks and building societies may still accept paper £5 notes after May 5, but this is at their own discretion.

In September this year, the Bank will issue a new £10 polymer note featuring author Jane Austen, recognising 'her universal appeal and enduring contribution to English literature'.