SCOTTISH banks' paper £5 notes are not being withdrawn from circulation - as preparations are made to phase out their Bank of England equivalents.

The Bank of England's paper fivers will cease to be legal tender from Friday, meaning that shops can refuse to accept them - though banks should still exchange them for the new polymer versions.

The decision to move to polymer notes was taken because they are cleaner, safer and stronger than paper notes. Polymer notes provide enhanced counterfeit resilience and increase the quality of notes in circulation.

A spokesman for the Committee of Scottish Clearing Bankers, which represents Bank of Scotland, Clydesdale Bank and Royal Bank of Scotland, said previously: "The paper Scottish fivers are not being withdrawn from circulation, they are just not being reissued.

"They don't have a withdrawal date as such similar to the English £5 notes."

The Bank of England's polymer fiver entered circulation in September and since then it has been circulating in tandem with the paper note.

Retailers have been accepting the paper £5 notes - although the polymer notes have been in circulation - but can start to refuse them by Saturday.

The Bank of England website states: "All Bank of England notes retain their face value for all time.

"If your bank, building society or Post Office is not willing to accept these notes they can be exchanged with the Bank of England in London by post or in person."

The old paper £5 notes, once withdrawn from circulation are already being recycled using a composting treatment, similar to the treatment of food waste.