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Everybody in England has been urged to check if they still have any of the old-style £20 or £50 banknotes in their wallets or around the house as the deadline to use them is fast approaching. The Bank of England say the paper notes will cease to be legal tender next month.
From September 30, you will no longer be able to use paper notes in shops, as they will no longer be legal tender. However, you will still be able to change them for the newer, polyester notes beyond this date.
The Bank of England is advising people to check now whether they are holding on to any of the old notes. Although the majority of notes have already been replaced with the new version, there is still £6bn worth of paper £50 notes currently still in circulation.
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The move follows the paper £5 note, which went out of circulation in May 2017, followed by the £10 note that was withdrawn in March 2018. Changing the banknotes to the new material makes them more durable, as well as more difficult to counterfeit, according to Bank of England’s Chief Cashier Sarah John.
September 30 will be the last day that spenders are able to use the old paper notes. The Bank of England advises that the quickest way to get rid of any old notes you have is to deposit them with your bank or local Post Office branch.
How can I exchange my old bank notes?
If you have a UK bank account, the simplest and quickest way to exchange your notes will normally be to deposit them with your bank. The BoE also says that The Post Office may accept them as payment for goods and services, or as a deposit into any bank account you can access with them.
Another way you can exchange old notes is by posting them to the BoE, who will then send you a cheque for the amount, or the equivalent in new polymer notes. To do this, send your banknote(s) and photocopies of ID to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH – you can also visit the BoE in person to exchange old notes.
You may be asked to complete a form and need to provide two original identity documents. The BoE may also exchange accidentally torn, damaged or mutilated notes – as long as they are genuine and not counterfeit.
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