BILLIONS of old-style £20 and £50 paper notes need to be deposited urgently.
If you’ve still got some of the old notes hanging around, now is the time to cash them in.
1Billions of paper notes need to be deposited before they lose legal tender statusCredit: Alamy
The Post Office has exclusively told The Sun that over £13 billion worth of these paper notes are lying around in people’s homes.
People have less than a month to deposit these old banknotes before they lose legal tender next month.
After September 30, paper £20 and £50 notes will no longer be accepted as a form of payment.
You can deposit these notes in the meantime at any of the Post Office’s 11,500 branches.
In return you’ll get the same value back in the new polymer notes.
If you don’t want to exchange the old cash for new cash, the Post Office can deposit the amount in your bank account.
Martin Kearsley, Post Office banking director, said: “There’s still billions of pounds worth of paper £20 and £50 banknotes hidden away in the usual, and unusual, places people store cash at home.
“My strong advice is to take some time over the Summer holidays and check if you’ve got any paper notes that you’ve been meaning to deposit and haven’t got round to it yet.
Once the September 30 deadline passes and the Bank of England withdraws the legal tender status of paper £20 and £50 banknotes, people will still be able to deposit paper notes at their Post Office.
If you don’t want to deposit the cash, you can still spend it in stores right now.
The Bank is replacing old-style paper notes with polymer versions, which are more durable and difficult to counterfeit.
A £50 banknote featuring scientist Alan Turing came into circulation one year ago, and a £20 note featuring artist JMW Turner was launched in February 2020.
To date, only £976 million has been deposited at Post Office’s 11,500 branches. That’s been made up of £294 million worth of paper £20 banknotes and £682 million worth of £50 banknotes.
As well as swapping them for newer versions at a bank or Post Office, you can also exchange them at the Bank of England itself.
These can be presented in person or sent by post (although you risk them getting lost) to: Dept Nex, Bank of England, Threadneedle Street, London EC2R 8AH.
You can find the full guidance on the Bank of England’s website.
But if you have one of the most rare and valuable £20 notes in your wallet, you might want to keep hold of it – it could be worth a lot more.