On 5 May 2017 paper £5 notes will cease to be legal tender and will no longer be accepted by shops.
What do I need to do?
Nothing. The Bank of England will gradually start withdrawing paper £5 notes as they are banked by retailers and businesses. If, after May 2017, you find you still have some paper £5 notes you will be able to exchange them at the Bank of England. But until then carry on spending paper £5 notes as usual.
The New Fiver is the first of the Bank of England’s new series of polymer notes, with the £10 and £20 notes to be replaced with polymer designs over the coming years.
The new polymer £10 note featuring Jane Austen will enter circulation in summer 2017.