Just in case you didn’t know, the Bank of England will be withdrawing the legal tender status of the paper £20 and £50 notes after tomorrow, 30 September 2022.
The Bank of England has warned that more than 316 million of the paper banknotes are still in circulation – that is over £5bn worth of paper £20s and nearly £6bn of paper £50s still out there.
So it is time to check your piggy banks and look down the back of your sofas for all those ‘forgotten’ £20 and £50 notes.
If you don’t want to spend them now, you can just swap them for the new polymer notes at your bank for free.
If you have a UK bank account, you will normally still be able to deposit them at your bank, or into your account at a Post Office.
You can exchange certain withdrawn paper banknotes for polymer notes at a limited number of Post Office branches. This is a new service, and the full list of branches is on the Bank of England’s website.Niyi Adeoshun
Money Management Coach
Author of the newly-published book:"Winning Together"
(A Couple's Guide to Success With Money and Marriage)