Retailers and the public no longer have to accept the paper £5 note as payment or in change. The new polymer £5 note featuring Sir Winston Churchill is the only £5 note with legal tender status. Some banks and building societies may accept paper £5 notes after 5 May, but this is at their own discretion.
The Bank of England will continue to exchange Fry £5 notes for all time, as we would for any other Bank of England note which no longer has legal tender status.