The current polymer note, first issued in 2016, bears an image of author Nan Shepherd on the obverse and a pair of mackerel on the reverse.

Scottish banknotes are fully backed such that holders have the same level of protection as those holding genuine Bank of England notes.

[3] The £5 note is currently the second smallest denomination of banknote issued by The Royal Bank of Scotland.

Other versions of the £5 note have been produced since the introduction of the Ilay series to commemorate certain events, including the Queen's Golden Jubilee, the 250th anniversary of the Royal and Ancient Golf Club, the 400th anniversary of the Royal College of Surgeons of Edinburgh, and a celebration of the career of American golfer Jack Nicklaus.

The rear of the note bears an image of two mackerel alongside an excerpt from Sorley MacLean's poem The Choice.