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What to do with your paper £20 and £50 notes when they are withdrawn this month

NO MORE PAPER: Paper notes will no longer be legal tender from the end of this month (Image by John Stillwell/PA Wire)

People are running out of time to get rid of their £20 and £50 and many may be wondering what they can do with them.

Friday, September 30 is the official last day that paper notes will be in use after being replaced by the new polymer notes two years ago. Paper £20 and £50 will no longer be legal tender from that day and therefore will no longer be accepted to use.

Anyone who has any paper £20 or £50 notes are being encouraged by the Bank of England to either use them or deposit them at the bank or local Post Office. When they are returned to the bank, they will be replaced with the new plastic notes, which will be the only notes with legal tender status.

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If the deadline passes and you are still in possession of paper notes, they will no longer be useable in shops or other businesses. However, many UK banks will accept withdrawn notes as deposits from their customers.

Some Post Offices may also accept notes as a deposit into any bank account that can be accessed with them. The Bank of England will always exchange withdrawn notes, including paper notes withdrawn in the past.

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SOURCE: https://www.inyourarea.co.uk/news/what-to-do-with-your-paper-20-and-50-notes-when-they-are-withdrawn-this-month/

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