Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Daily Record
Daily Record
Lifestyle
Nicola Roy

Warning to anyone with £20 and £50 as bank notes to expire within days

People are being warned to swap their paper £20 and £50 banknotes which will no longer be accepted after the end of this month.

The old paper notes have gradually been replaced by the new polymer versions since February 2020, but will go out of circulation altogether on September 30.

After this date, you won't be able to spend them as shops and businesses may not accept them as legal tender.

Royal Bank of Scotland, Clydesdale Bank and Bank of Scotland, which are all part of the Committee of Scottish Bankers (CSCB), announced the deadline and said they would be taking the old paper notes out of circulation.

A spokesperson for the CSCB confirmed: "Thanks to the work that the issuing banks have already undertaken to swap the older paper notes with the more secure, environmentally friendly polymer notes, the majority of £20 and £50 notes have already been replaced with polymer.

"We have set a deadline for using paper £20 and £50 notes as 30th September. The Scottish note issuing banks will continue to accept old paper based notes and there are currently no plans to change this."

The polymer notes were introduced as a way of trying to combat financial crime, as they feature a film coating that protects them from counterfeits being made.

What can I do with my old notes?

Scots are being urged to take their old paper notes into their local bank branch. There, they'll be deposited as credit into your bank account, or exchanged for polymer notes

The CSCB is encouraging people to exchange or deposit their money before the deadline, but you will still be able to do this after the deadline has passed.

Bank of Scotland customers can deposit their old notes into their accounts anytime before or after September 30.

And anyone who isn't with Bank of Scotland can exchange their paper notes for polymer ones at any branch, but only up to the value of £250.

Bank of England is also using this same deadline to stop circulation of its paper £20 and £50 notes.

Why are paper notes being replaced?

The old notes were easier to make fake copies of, and causing financial crime (Bloomberg via Getty Images)

According to Bank of England, there are a few reasons why the decision was taken to scrap paper notes in favour of polymer ones.

The new polymer notes allow for enhanced security features, such as the see-through window and holograms. This makes them harder to replicate than paper notes.

They're also much more durable, and last around two and a half times longer on average than paper ones. This also makes them more environmentally friendly, as they do not need to be replaced as often.

Finally, polymer notes are more sanitary since their smoother surfaces are resistant to dirt and moisture.

Don't miss the latest news from around Scotland and beyond - sign up to our daily newsletter here .

READ NEXT:

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.