Billions of pounds worth of unspendable old-style paper notes are lying around - but there are ways to swap them for cash you can use.
Martin Lewis's Money Saving Expert's latest newsletter warns there are £1.4bn worth of out of circulation notes and old coins which are still sat in people's homes, following a change to plastic £5, £10, and £20 notes in recent years and the introduction of a new £1 coin.
According to the Bank of England, there are 114 million £5 paper notes and 76 million old-style £10 notes still out there, while the Royal Mint reckons there are 109 million old 'round pound' coins sitting in coin jars and stuck behind sofas. Combined, that's £1.4bn of 'unspendable' cash.
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But don't worry if you have the old notes or coins, there are ways to convert them.
The team said: "Your bank may swap or deposit old paper notes and coins.
"Banks don't legally have to accept old paper notes and coins once they've been withdrawn from circulation.
"However, some may continue to allow you to swap them while others may let you deposit old notes and coins into your account.
"The Post Office will also deposit old paper notes and coins into your bank account, which you can then withdraw."
People with old £5 or £10 notes can swap them for polymer versions at the Bank of England itself, either in person or via the post.
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