Time is ticking on the paper tenner

The information provided in this article was accurate at the time of publishing and should be read in the context of the date it was published. Views in this article are those of the author alone and do not necessarily represent the view of Scottish Friendly.

It’s almost time to say a final farewell to our old faithful paper £10 notes. Last September, the Government introduced a new polymer note. Like the £5 note before it, the paper version is to be replaced by the new and improved polymer version which includes built in anti-counterfeit measures. So, what does this mean for you and your money? To save asking yourself, ‘when does the old £10 note go out of circulation?’, we’ve compiled some handy information to ensure you make the most of your paper notes before the deadline.

The old 10 pound note deadline is the 1st March – after this date, paper £10 notes will no longer be considered legal tender. This means that you still have a little time to spend them, exchange them or deposit any paper notes that you still have. After this date however, there will be a few different ways that you’ll be able to swap over your old notes.

First up, there are the banks. You can deposit any paper notes to your bank account or exchange them for new polymer notes after the 1st March; however it is likely that this will be restricted to their own customers. That said, some banks have stated that they will exchange their own paper £10 notes for customers of other banks, up to the value of £250.  A second option is the Post Office. After the deadline date, you’ll be able to swap your old notes issued from any bank at your local Post Office.

It’s key that you make the most of your existing paper notes before the old 10 pound note deadline to avoid losing their value. For some, £10 can seem like a small amount. After all, a takeaway coffee once a week for a month would set most of us back this amount at least. A lunchtime trip to your local supermarket could relieve you of £10 in the time it takes to grab a meal deal. However, there are many ways that £10 can continue working for you – long after the paper £10 deadline has passed.

Our Investment ISA and Junior ISA both start from, coincidentally, £10 a month. We believe that investing should be open to everyone and we do this by keeping your monthly payments affordable. By investing in an Investment ISA (also known as a Stocks and Shares ISA) or a Junior ISA you could be putting your money to work using the long-term growth potential of the stock market. So while time is ticking on the paper tenner, you could make the most of any you have by depositing them into your bank account and starting an investment today with Scottish Friendly.

We always urge you to keep in mind that stock market investments can go down as well as up and you could get back less than you’ve invested. Also, tax treatment depends on individual circumstances and tax rules could change in the future.

To find out more about our Investment ISAs and Junior ISA, click on the links below.

Find out more about our Investment ISAs

Find out more about our Junior ISA








No advice has been provided by Scottish Friendly. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should contact a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting www.unbiased.co.uk. Advisers may charge for providing such advice and should confirm any cost beforehand.