September 13th 2016 saw the introduction of the new polymer £5 note, leaving people 8 months to spend their old notes.
From Friday 5th May 2017, the old £5 note will cease to be legal tender, meaning shops and not all banks will accept them.
The Bank of England have stated that there are still roughly 160 million notes still in circulation, urging people to check their piggy banks and purses to get the notes spent or banked within the four remaining weeks.
It is at the Banks and Building Societies discretion whether they accept the old note after the 5th May, and The Bank of England will continue to exchange the note forever as it does any other note that has ceased.
Following on from the lowest note, the polymer £10 note will enter circulation in September 2017, and the £20 note will enter circulation by 2020.