Deadline approaching to spend or exchange paper £20 or £50 banknotes

September 20, 2022, is the deadline for spending or exchanging any paper £20 or £50 banknotes, after this date, they will cease to be legal tender.

The Bank of England has reminded everybody again today, Tuesday, August 2, that the deadline for spending the old paper £20 or £50 banknotes is fast approaching. After September 30, 2022, these notes will no longer be legal tender.

Old notes can be handed in at any UK bank or Post Office where they will be exchanged for the new polymer ones. You can also send them to the Bank of England in Threadneedle Street by post, but entirely at your own risk, they point out.

💷 Got an old £20 or £50 paper banknote in your wallet? You won’t be able to use it from the end of September.

Here’s what you can do with your old notes pic.twitter.com/eZF9BcfC2R

— Bloomberg Quicktake (@Quicktake) July 23, 2022

The new £20 notes will feature the famous painter, JMW Turner, and the £50 notes will feature World War 2 code-breaking genius, Alan Turing.

As explained on the Bank of England’s website, once the September 30 deadline has passed, you will no longer be able to use the old paper notes in shops, or use them to pay businesses.

Many UK banks will accept withdrawn notes as deposits from customers. Some Post Offices may also accept withdrawn notes as a deposit into any bank account you can access with them.