The date that older £20 notes will expire has finally been revealed – and you won’t be able to use them after next year.
On September 30, 2022, both paper £20 and £50 notes will not be accepted in the UK, reports BirminghamLive.
This comes as the new polymer notes were rolled out earlier this year replacing older notes which are more susceptible to fraud.
The polymer £50 and £20 note contains extra security features and is the most secure set of Bank of England notes yet.
The note will join the £5 Churchill notes and the Austen £10 notes meaning all Bank of England notes are now available in polymer.
A statement by the Bank of England previously said: “Many banks will accept withdrawn notes as deposits from customers. The Post Office may also accept withdrawn notes as a deposit into any bank account you can access at the Post Office.
“And, you can always exchange withdrawn notes with us”.
(Image: Bloomberg via Getty Images)
If you find a leftover £20 note after the deadline has passed then you can still take them into the bank and exchange them.
But, shops and bars will no longer accept them as legal tender.
You may need to show two identity documents (one proof of address and one photo ID) to exchange money.
This step is mandatory for amounts over £700.
(Image: Bloomberg via Getty Images)
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 However, some bank and Post Office branches may still do so and they may also continue to accept out of date currency provided you deposit it into your account.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.