The Bank of England issued a reminder that in just over a year, old £20 and £50 notes will become unusable.
Next September both paper £20 and £50 notes become redundant and no longer be accepted as legal tender.
The newer polymer £20 notes were rolled out earlier in the year, replacing the paper notes that are more susceptible to fraud.
And September 30, 2022 is the cut off date for swapping old £20 and £50 notes for the new ones.
Birmingham Live reports that the new ones contain advanced security features, meaning that after completing the rollout, it will be the most secure set of polymer banknotes yet.
The Bank of England explained: “Many banks will accept withdrawn notes as deposits from customers. The Post Office may also accept withdrawn notes as a deposit into any bank account you can access at the Post Office.
“And, you can always exchange withdrawn notes with us.”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.
There’s no need to stress if you do keep older £20 notes – you will be able to exchange them:
- 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 However, some bank and Post Office branches may still do so and they may also continue to accept out of date currency provided you deposit it into your account.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 are likely to 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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