Friday, July 19, 2024

48 days left to use paper £20 notes

Check your moneyboxes, raid your pockets, empty your old handbags.

The Bank of England has said time is running out to spend the old paper £20 and £50 notes as they won’t be legal tender after September 30.

There are still more than £6 billion of £20 notes and £8 billion worth of £50 notes still in circulation.

What can I do with paper £20 notes I still have at home?

Old-style notes must either be spent or deposited in a bank before the end of September.

The bank is encouraging anyone who still has them to use them or deposit them at their bank or a post office before the end of September.

And of course, you can spend them if you wish!

Polymer notes

While most £20 and £50 banknotes in circulation have been replaced with new polymer versions, there are still more than £6bn of paper £20 notes featuring economist Adam Smith, and more than £8bn of paper £50 banknotes featuring entrepreneur Matthew Boulton and engineer James Watt, in circulation.

That is more than 300 million individual £20 banknotes, and 160 million paper £50 banknotes.

What happens if you still have old £20 notes after the deadline?

Many banks and some post offices will accept the old £20 notes as a deposit into a bank account.

The Bank of England will always exchange the old paper notes, so people who missed the deadline won’t be left out of pocket.

How can you exchange old bank notes?

You can still exchange old bank notes after the deadline, by sending them straight to the Bank of England by post.

You should however, take measures to insure against loss or theft during its journey there!

Send money at your own risk to; Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH.

The Bank of England will pay the money into a bank account, by cheque, or (if you live in the UK and the amount is worth less than £50), in new banknotes.

What are the new £20 notes like?

The paper notes were replaced with new polymer notes, which came into circulation on February 20. The £20 note features JMW Turner, and the £50 features Alan Turing.

The bank said that the new notes are more difficult to counterfeit and are resistant to dirt and moisture, meaning they stay in better condition for longer.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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