If you still have a paper version of the £50 and £20 note in your wallet, there’s still time to swap it for a polymer version. You can exchange them at your local Post Office, bank, or with the Bank of England itself for face value.
How long are old notes legal tender?
The Bank of England have to give up to six month’s notice to when an old bank will cease as legal tender. This enables an adequate amount of time for the public to spend their old note before it expires.
Are old paper 20 notes still legal tender?
Paper £20 notes go out of circulation on September 30 2022. Until then, you still use the old £20 notes as they are accepted as legal tender. If you’re looking to exchange any old notes, The Bank of England website has further information. ‘Many banks will accept withdrawn notes as deposits from customers.
Why are 50 notes not accepted?
The older £50 notes are being phased out and will not be accepted in shops from the beginning of October next year. The new polymer-printed £50 is harder to copy for fraudsters and also more durable – so it should not get damaged if accidentally put into the washing machine.
When do old £50 notes cease to be legal tender?
After April 30, agreeing to exchange notes will be at the discretion of individual institutions. Barclays, NatWest, Royal Bank of Scotland, Ulster Bank and the Post Office have agreed to exchange the older-style £50 notes for anyone who needs it, up to the value of £200, until October 30.
Is the Bank of England still accepting old £20 notes?
The Bank of England says it will give six months’ notice ahead of the notes being withdrawn as legal tender. But even after the old £20 notes have been withdrawn from circulation, many banks will still accept them as deposits from customers. The Post Office may also accept withdrawn notes as a deposit into any bank account.
How many £5 and £10 notes are still in circulation?
News More than a year after they ceased to be legal tender, there are still £1.5bn-worth of paper £5 and £10 notes that haven’t been cashed in. The Bank of England says 94 million paper tenners and 118 million paper fivers haven’t been handed in, even though they can still be exchanged at face value.
Where can I exchange my old £50 notes?
Any old notes that no longer have legal tender status can be exchanged at the Bank of England itself at any time. There are approximately 224 million £50 notes in circulation, of which an estimated 63 million are Houblon notes. The Bank of England recently announced plans to introduce plastic banknotes into circulation.
