Those with paper £20 and £50 banknotes stashed away will only have until September 30 to spend them. The notes will be removed as legal tender in one month’s time, the Bank of England has warned.
Despite the “majority” of old paper notes having been removed from circulation, a staggering £6 billion worth of £20 paper banknotes are still being used. Over £8 billion worth of paper £50 banknotes are still in circulation.
That equates to more than 300 million individual £20 paper banknotes and 160 million paper £50 paper banknotes. So if you’ve got a piggy bank full of old notes, now is the time to get spending or head to the bank to deposit them.
