In April 2017, the bank of England warned that there are still 160 million old styles notes still in circulation.
Some banks, building societies and The Post Office will still accept paper 5.00 notes after May 5, but this is at their own discretion
You will need to be a customer of the bank for them to exchange the note.
The Post Office will continue to accept the old fivers and customers can use local branches to deposit them into their bank accounts.
The Bank of England will continue to exchange the old £5 notes for all time, as it would for any other Bank note which no longer has legal tender status.
You can either do this in person or via post. Although if you post it to The Bank of England, you do so at the “sender's risk”.
If you are exchanging large amounts of old £5 notes, you may be asked to provide identification, such as a passport or driving license.