MARTIN Lewis’ MoneySavingExpert has issued an urgent warning over old £20 and £50 paper notes.
There are just a matter of days left until these notes will no longer be valid legal tender.
Martin Lewis’ MoneySavingExpert has warned households about old paper £20 and £50 notes
After September 30, 2022, you will no longer be able to spend them – they have been replaced by plastic ones.
MoneySavingExpert said to “check sofas and pockets” for any old paper notes you may have lying around in its latest weekly newsletter.
The Bank of England has been issuing urgent reminders to consumers to either spend the notes or deposit them at a bank or Post Office.
As of June, there were still £14billion worth of the old style notes still in circulation – equivalent to more than 300 million individual £20 notes and 160 million £50 ones.
There were £6billion of paper £20 notes featuring economist Adam Smith still circulating, and more than £8billion worth of paper £50 notes featuring engineers Boulton and Watt.
While the artist JMW Turner features on the new £20 polymer notes, and mathematician Alan Turing is on the new £50 polymer notes.
Paper notes are being taken out of circulation because there are easier to counterfeit and are less durable.
If you miss the deadline, there’s no need to panic.
You can still deposit notes at the Post Office or at the Bank of England itself.
These can be presented in person or sent by post (although you risk them getting lost) to: Dept Nex, Bank of England, Threadneedle Street, London EC2R 8AH.
Be aware that your money is at risk of getting lost in the post though.
You can find the full guidance on the Bank of England’s website.
Paper £20 notes started to be withdrawn from circulation on February 20, 2022 – that’s when the polymer £20 version entered circulation.
Paper £50 notes started to be withdrawn on June 23, 2021, for the same reason.
That’s why more £50 paper notes remain in circulation, as there’s been less time for households to spend them or deposit them in banks.
We previously reveal the most valuable and rare £20 notes.
Here’s how to spot “rare” £20 notes and what serial numbers to look out for.