The old fivers need to be spent by tomorrow, May 5 - but there's no time limitation to when you can take them into a bank and change them for the new polymer notes.
May 5 marks the last day that the banknote featuring prison reformer Elizabeth Fry will be legal tender.
Fears of a long-term absence of women on Bank of England notes were finally averted when the the Bank said author Jane Austen would appear on the new polymer £10 to enter circulation in September 2017. From Friday, these will be the only type of fiver that shops accept.
But if you do get one you can ask for it to be swapped or banks and building societies may still accept paper £5 notes after May 5, but this is at their own discretion.
Polymer notes provide enhanced counterfeit resilience and increase the quality of notes in circulation.
They'll no longer be legal tender after today.
High street banks can also refuse to exchange notes after the cut-off date, however many said they will replace the notes brought into a branch providing that you're a customer of that bank.
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The Post Office launched a service with all the leading United Kingdom banks that enables their customers to perform everyday banking services in all post offices across the United Kingdom, in January this year.
The Bank of England chose to move to polymer notes because they are cleaner, safer and stronger than paper notes.
The new £5 notes were introduced in September, but there are an estimated 150m of old fivers still in circulation.
The Bank of England had hoped the new plastic note would be much harder to fake than the old version, due to the extra holograms and the see-through panel.
However, it sparked criticism after it emerged that traces of animal-derived additives were used in its production.
But if local banks and building societies will not accept the notes, the Bank of England will. The Committee of Scottish Clearing Bankers, which represents Bank of Scotland, Clydesdale Bank and Royal Bank of Scotland, says that there is no withdrawal date as there is with English £5 notes.
Barclays - Barclays customers can continue to deposit the paper £5 note into their business or personal account.