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£20 and £50 notes go out of Circulation

Vicky Parry 24th Jun 2022 No Comments

Reading Time: < 1 minute

We need to check those bank notes in our wallet, as the Bank of England issue a warning that in 100 days current £20 and £50 notes will be invalid.

The Bank of England have said people have 100 days left to “spend or deposit the notes”, until they’ll no longer be in use. This is because they’re set to be replaced by tougher, plastic versions.

Paper £5 and £10 notes were replaced in the same way in 2016 and 2017 respectively. A polymer £50 note featuring the portrait of Alan Turing entered circulation on 23 June 2021, meaning now the Bank’s entire collection of currently-printed banknotes is made of plastic.

A spokeswoman explained that “all genuine Bank of England banknotes that have been withdrawn from circulation retain their face value for all time”. People can also post old notes to the bank in Threadneedle Street, in the City of London, to be paid into a bank account, by cheque or, “if you live in the UK and your exchange is worth less than £50”, swapped for new-style polymer ones.

How to cash in the £20 and £50 notes

If you have a UK bank account, the Bank of England have let us know that the quickest way to exchange paper £20 and £50 notes “will normally be to deposit them with your bank”. Former Bank of England governor Mark Carney – who spearheaded their introduction – said: “Polymer notes are safer than paper notes and last more than twice as long.”

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Jasmine Birtles

Your money-making expert. Financial journalist, TV and radio personality.

Jasmine Birtles

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