In less than a year, the old £20 and £50 notes come out of circulation. Therefore, it is highly advisable to spend them or trade them ahead of the expiry date. Here, we tell you how to do that.
The £10 and £5 notes have already been replace by plastic ones. Now, the 20-pound bill will face the same fate.
The new notes are made from polymer plastic, says the Ladbible, and are said to be harder to counterfeit, more environmentally friendly, last double the time of their paper predecessors, and are water-resistant.
When do the old £20 and £50 notes go out of circulation?
Both the paper £20 and paper £50 notes will officially go out of circulation on 30th September 2022.
They will no longer be accepted as payment anywhere after the deadline. However, you will still be able to trade them in if you have a UK bank account.
According to Bank of England estimations, approximately £9 billion worth of paper £20 and £15 billion worth of paper £50 notes are still in circulation today.
Throughout the COVID-19 crisis, it’s been difficult to spend cash as most places have insisted upon contactless/card payments to reduce the level of contact.
Where can you trade in your old £20 and £50 notes?
You can trade in your old paper notes at any bank and most Post Offices.
Alternatively, the Bank of England is accepting the old notes. It gives you the option to either have the money deposited in your account, or to receive the new plastic bills instead. (If it’s under a certain amount).
“If that’s the route you’re going to go,” warns the Ladbible, “the BoE has said you’re responsible for any loss or damage of the notes, so it would be wise to get the envelope signed for.”
To reiterate, make sure you are rid of all the expendable notes by the 30th of September 2022.