This note replaces our paper £5 note which was withdrawn from circulation on 5 May 2017. The Post Office may also accept withdrawn notes as a deposit into any bank account you can access at the Post Office. You might be surprised by the … Northern Ireland paper £5 and £10 banknotes are to be withdrawn from circulation on Monday. Before you start rummaging through your old piggy bank, it’s worth knowing that most people are unlikely to be affected by the change. Alternatively, your bank or building society may be able to help you at your local branch. If you want spending cash for your wallet, you can also trade your coins for bank notes during your bank’s opening hours. The Bank of England has said it expects the number of old £5 notes in circulation to have halved by January 2017. Shops stopped accepting old paper £10 notes a year ago and old paper £5 notes back in May 2017. After 5 May, you can still deposit your £5 notes directly into your UK bank account at any post office. How to Change Old £5 and £10 Notes The paper £5 and £10 notes are long out of circulation, having been replaced by polymer versions in the past few years. The Bank of England £5 note, also known as a fiver, is a banknote of the pound sterling.It is the smallest denomination of banknote issued by the Bank of England.In September 2016, a new polymer note was introduced, featuring the image of Queen Elizabeth II on the obverse and a portrait of Winston Churchill on the reverse. The Bank of England is withdrawing the old paper £5 note, featuring a portrait of social reformer Elizabeth Fry, from midnight tomorrow (Friday 5 May). Many banks will accept withdrawn notes as deposits from customers. Social reformer Elizabeth Fry's portrait has been on the paper £5 note … Exchanging old notes. The deadline for spending old paper £5 Bank of England notes is approaching. Friday May 5 marks the last day that the banknote featuring prison reformer Elizabeth Fry will be legal tender. Can I deposit old fivers? According to the Bank of Canada, most of the bills included in the update have not been produced in “decades” and therefore aren't commonly used in day-to-day transactions.. This means it will lose legal tender status so retailers can refuse to accept the note as payment and you can likewise refuse to take it as part of your change. According to the Post Office, around 99 percent of UK account holders can use this service. And, you can always exchange withdrawn notes with us. “All Bank of England notes retain their face value for all time,” the Bank says. But old bank notes retain their value for all time, so while you can no longer spend them on the high street, you can return them to the Bank of England, or most major banks if you're a customer, and get a new polymer banknote in exchange. If you’ve missed the deadline for old ten pound notes or old five pound notes, but you still have a few in your possession, don’t worry. 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