Those with paper £20 and £50 banknotes stashed away will only have until September 30 to spend them. The notes will be removed as legal tender in one month’s time, the Bank of England has warned.
Despite the “majority” of old paper notes having been removed from circulation, a staggering £6 billion worth of £20 paper banknotes are still being used. Over £8 billion worth of paper £50 banknotes are still in circulation.
That equates to more than 300 million individual £20 paper banknotes and 160 million paper £50 paper banknotes. So if you’ve got a piggy bank full of old notes, now is the time to get spending or head to the bank to deposit them.
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The £50 polymer note featuring the scientist Alan Turing was introduced in June 2021 as the final polymer replacement to the currency's paper notes. Whilst the £20 polymer note featuring artist J.M.W. Turner was introduced in February 2020.
The Bank of England said in a statement: “The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022.
“After this date, paper £20 and £50 banknotes will no longer be legal tender. So we are encouraging anyone who still has these to use them or deposit them at their bank or a Post Office.”
Can old £20 and £50 banknotes be exchanged?
Yes, the easiest way to exchange your old paper banknotes whilst they are still in circulation, until September 30 2022, is to deposit them into your account at your bank or through the Post Office as normal. You will be able to use them as legal tender until September 30, which is the last day you will be able to spend the notes.
After September 30, you should still be able to deposit the withdrawn notes into your bank account at most banks and at any Post Office. Alternatively, you can exchange the paper banknotes for new polymer notes at certain Post Offices and at the Bank of England’s London Counter in central London. For more information visit the Bank of England’s website .
The Bank of England states: “Many banks accept withdrawn notes as deposits from customers. The Post Office will also accept withdrawn notes as a deposit into any bank account you can access at the Post Office. And you can always exchange withdrawn notes with us.”
Why have £20 and £50 banknotes been replaced with plastic ones?
The polymer notes have been introduced to improve durability and to make the notes harder to counterfeit. Polymer replacements are now available for all banknotes - £5, £10, £20, £50.
Speaking ahead of the deadline, the Bank of England’s Chief Cashier Sarah John said in a statement: “Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable. The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home.”
Will Bank of Scotland paper notes be removed from circulation?
Paper £20 and £50 notes issued by Clydesdale Bank, Royal Bank of Scotland, and Bank of Scotland will also be withdrawn after September 30 2022. Issuing authorities have advised the public to spend or deposit these notes by that date, the Bank of England states.
Will Bank of Ireland paper notes be removed from circulation?
The paper £20 notes issued by Bank of Ireland (UK) plc, AIB Group (UK) plc, Northern Bank Limited (trades as Danske Bank), and National Westminster Bank plc (trades as Ulster Bank in Northern Ireland) will also be withdrawn after 30 September 2022. Issuing authorities have advised the public to spend or deposit these notes by that date, the Bank of England states.
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