Shoppers warned as date set for when old £20 notes will become void – Somerset Live

In just over a year the old £20 and £50 notes will become unusable, warns the Bank of England.

On September 30, 2022, both paper £20 and £50 notes will no longer be accepted as legal tender after the newer polymer £20 notes were rolled out earlier in the year, replacing the older paper notes which are more susceptible to fraud.

Birmingham Live reports that the new ones contain advanced security features, completing the most secure set of polymer banknotes yet.

A statement by the Bank of England previously said: “Many banks will accept withdrawn notes as deposits from customers. The Post Office may also accept withdrawn notes as a deposit into any bank account you can access at the Post Office.

“And, you can always exchange withdrawn notes with us.”

The note will join the Churchill £5 and the Austen £10, meaning all Bank of England banknotes are now available on polymer.

Don’t panic though, if you do keep older £20 notes, you can still exchange them.

According to MoneySavingExpert, you can:

  • Switch paper notes for polymer versions at your bank until September 30, 2022. Banks legally have to swap notes until they’re taken out of circulation.
  • After September 30 2022, ask your bank or Post Office to swap paper notes for polymer versions or see if they’ll allow you to deposit it into accounts. Once a note has been removed from circulation your bank or Post Office is no longer legally obliged to swap it for you. However, some bank and Post Office branches may still do so and they may also continue to accept out of date currency provided you deposit it into your account.
  • If your bank or Post Office can’t help, you can swap paper notes for polymer versions at the Bank of England. If you can’t deposit the cash into your bank account or you’re refused permission to swap it then you’ll have to change it directly with the Bank of England. You can do this in person at the Bank of England counter at Threadneedle Street, London.

You may need to provide two original identity (ID) documents (one photo ID and one proof of address) for any exchange – this is also mandatory for any exchange of £700 or more.

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