Brits have just six weeks left to use their 'old' £20 and £50 bank notes before they become obsolete.
The Bank of England is encouraging people to use the paper notes up before Friday September 30, or the cash can be deposited with your bank or Post Office. The money is being replaced with a new polymer notes, which are more durable than the paper ones.
The new £20 note will feature prolific British painter JMW Turner, while the advanced £50 will feature mathematician Alan Turing. Paper £5 and £10 notes were replaced in the same way in 2016 and 2017 respectively.
After 30 September, only polymer £20 and £50 notes will have legal tender status. Paper notes will no longer be accepted in shops and can't be used to pay businesses.
But, according to the Bank of England, after the September deadline any UK banks will accept withdrawn notes as deposits from customers. Some Post Offices may also accept withdrawn notes as a deposit into any bank account you can access with them.
The Bank of England will always exchange any withdrawn notes, including paper notes we have withdrawn in the past. As of June 2022, an estimated 163 million £50 notes and some 314 million £20 notes are still in people's purses and wallets.
But 'plastic' banknotes are not without their issues. Some security features on early polymer notes, including the Queen’s face, could be rubbed off with pencil erasers, and notes can shrink to a quarter of their size if ironed while inside a pocket.
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