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Paper £20 & £50s soon not legal tender

PAPER £20 and £50 notes will not be legal tender by the end of the week, sparking a late rush to use them.

The Bank of England says there are still £6billion worth of paper £20 notes and £8billion in paper £50 notes in circulation. But businesses will no longer accept them as payment after Friday, September 30. Anyone with a paper note after this date can still deposit it at a bank or post office. Martin Kearsley, banking director at the Post Office, said: “Postmasters and their staff are on hand to provide that human reassurance that your old notes have been deposited into your bank account.”

Since new polymer notes were introduced in 2020 and 2021, the Post Office has seen £1.2billion in paper £20 and £50 notes deposited.