Brits have just one day to spend old £20 and £50 banknotes before they expire

Brits have just one day to spend old £20 and £50 banknotes before they expire

09/30/2022

Brits have just one day left to spend £20 and £50 banknotes as the deadline is September 30, 2022.

The Bank of England will be withdrawing legal tender status of the paper money and they'll be pulled from circulation.

It means Brits will not be able to use the old notes in shops from Saturday, October 1.

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However, they will be allowed to deposit notes at the Bank of England or into their accounts at a Post Office.

Many banks should still allow customers to exchange old bank notes after they're no longer legal tender.

All polymer banknotes with a portrait of HM Queen Elizabeth II remain legal tender and can still be used as normal.

Although most paper £20 and £50 notes in circulation have already been replaced with polymer versions.

The Bank of England estimates there are still over £5billion worth of paper £20 featuring the economist Adam Smith.

There are still nearly £6bn worth of paper £50 banknotes featuring the engineers Boulton and Watt in circulation.

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It means there could be more than 250million individual £20 banknotes and more than 110m paper £50 banknotes.

Post Office banking director Martin Kearsley reassured branches are open long hours with staff on hand to help with the process.

He said: "We're fully aware that people lead busy lives and some may put off depositing their paper £20 and £50 banknotes until the last moment.

"Postmasters and their staff are on hand to provide that human reassurance that your old notes have been deposited into your bank account and will provide a receipt too."

Following the death of Queen Elizabeth II, synthetic notes will be replaced once more to allow notes with the image of King Charles to be distributed.

The new coins and notes depicting the King must first be designed before they are minted or printed.

It is unlikely they will appear in general circulation for some time.

They will be rolled out gradually, while money with the Queen's face will remain legal tender and valid to spend until a certain date.

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