The Bank of England has announced that 30 September 2022 will be the last day paper £20 and £50 banknotes will be accepted as legal tender. That means that shops and other businesses should stop accepting paper notes after that date.
The three banks that issue Scottish banknotes–Bank of Scotland, Clydesdale Bank and the Royal Bank of Scotland–will also withdraw their paper £20 and £50 banknotes on 30 September 2022.
A family of modern, polymer British banknotes
The paper banknotes that are going out of circulation are being replaced by modern polymer notes that are already in circulation. The £50 note will be replaced by the banknote featuring mathematician Alan Turing, which was put into circulation in June of this year. The Turing note is part of the family of polymer notes that feature prominent British figures, including Churchill £5, the Austen £10 and the Turner £20.
Where to deposit or exchange the withdrawn banknote
The Bank of England encourages people to either spend their paper notes or deposit them at their bank before 30 September 2022. Anyone who doesn’t spend the withdrawn £20 and £50 banknotes on or before 30 September will still have options for depositing or exchanging them:
- Many banks will continue to accept paper notes as deposits from their own customers after 30 September 2022.
- The Post Office may also accept withdrawn notes as a deposit into any bank account you can access at the Post Office.
- Withdrawn notes are always accepted for exchange with the Bank of England.
Sources:
Bank of England
Bristol Post
Examiner Live
UK and World News
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