A WHOPPING 360million old paper £20 notes are still in circulation – but time’s running out to use them.
It’s worth digging about in old coat pockets and down the back of the sofa, Martin Lewis‘ Money Saving Expert has warned.
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You’ll no longer be able to use the old paper £20 after September 30, 2022.
It’s also the last date to use the old paper £50 notes, of which there are 209million still in circulation according to a freedom of information request of the Bank of England by BBC Wales.
Both notes have been replaced by newer notes made of a plastic, which makes them harder to forge.
The new polymer £20 first launched in 2020 and it features a picture of the artist JMW Turner.
That can be used in shops and pubs at the same time as the paper one right now, which shows the face of economist Adam Smith.
A new polymer £50 note entered circulation in 2021 and features Alan Turing.
They joined the Churchill fiver and the Austen £10 note already minted – with all now made of machine washable plastic rather than paper.
But come autumn, it will just be the new £20 and £50 notes you can use to pay, so you need to spend or deposit them in a bank account.
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MSE points out that you can check which note is old using the pictures of the paper £20 and £50 notes on the Bank of England website.
What to do with old bank notes
The good news is that if one of the old paper notes turns up after the September 30 deadline, you won’t lose out – you just won’t be able to spend it like normal.
Instead you will have to swap the money for the equivalent new note, which you can do at the Post Office, or directly at the Bank of England.
If you do it at the Post Office, you’ll have to pay deposit the cash into your bank account first and then withdraw the amount, rather than a direct swap.
The Post Office offers this everyday banking service for most banks, but you can find thefull list here.
You can exchange withdrawn notes directly with the Bank of England.
You can do this by post or in person with a cashier at the central bank located on Threadneedle Street in London.
For either exchange, you’ll need your ID and there are other requirements too, such as a form to complete.
You can find the full guidance on the Bank of England’s website.
You could try swapping them at your local bank, but they are not obliged to give you a fresh new note.
According to MSE, Barclays, Halifax, Lloyds, Nationwide, NatWest and Santander all say you can deposit old notes and coins into accounts.
The same goes for any other old notes and coins you have knocking about that are no longer legal tender, like £10 notes and £1 coins.
Meanwhile Martin has also warned that millions of households need to take meter readings right before energy bills rise on Friday.
Plus he said that savers have just days left to get £1,000 free cash from the government.
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