The Bank of England has announced it will withdraw the legal tender status of the current £20 and £50 notes from 30th September, 2022.
The bank estimates that there are approximately £9 billion worth of £20 notes and £15 billion worth of £50 notes in circulation and as they return to the bank, they will be replaced with the new polymer £20 notes featuring J.M.W Turner, and the new polymer £50 notes featuring Alan Turing.
After the September 30, 2022 deadline, people with UK bank accounts will still be able to deposit the withdrawn notes into their account. Some Post Offices may also accept the withdrawn notes as payment for goods and services or as deposit into an account that can be accessed through them. By September 30 next year, the new polymer notes will be the only ones with legal tender status.
The Bank of England encourages anyone who has these notes at home to either spend or deposit them at their bank or post office as this policy will affect banks globally.
