The central bank is warning the public that remaining paper banknotes will become void if they are not used by the end of the month. Those still in possession of any old £20 or £50 bank notes only have until Friday, September 30, 2022, to spend in shops, which means people only have weeks before the change. After this date, the notes will become obsolete and cannot be used when making payments – although there are some ways to swap them.
These £20 and £50 bank notes are being replaced with new polymer ones which are considered more durable.
The first polymer £20 entered circulation on February 20, 2020, while the first £50 polymer note on June 23, 2021.
Anyone who does not want to spend their money before the deadline in a few weeks’ time can deposit the cash with their bank or building society.
The new £20 note from the Bank of England will feature prolific British painter JMW Turner, while the £50 will highlight mathematician Alan Turing.
Only polymer notes will be considered legal tender by the end of September, leaving Britons with only weeks left with their paper notes.
It should be noted that after this month’s deadline any bank in the UK will accept withdrawn notes as deposits from customers.
Certain Post Offices may also accept withdrawn notes as a deposit into any bank account which someone can access.
On top of this, the Bank of England will exchange any withdrawn notes, including £20 or £50 paper notes which have been withdrawn.
Despite this, the Bank of England is urging the public to be aware of this change which will be fully implemented in only a few weeks time.
