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Warning issued to everyone with paper £20 and £50 banknotes in their wallet

Document Cited in Related
Vincent
Published date24 June 2022
An estimated 163 million £50 notes and some 314 million £20 notes are thought to still be in circulation. But for those who still have the notes in their back pocket, there is only a limited amount of time to use them

The bank has alerted people as they only have 100 days left to spend or deposit the bank notes as they will no longer be accepted as a form of payment. This comes has they are set to be replaced by more durable plastic versions which are also more difficult to counterfeit.

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At the same time, Paper £20 and £50 notes issued by Clydesdale Bank, Royal Bank of Scotland and Bank of Scotland will also be withdrawn on the same date and shoppers won't be able to use them.

The Bank's chief cashier, Sarah John, whose signature is on the new notes, said: "The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we're asking you to check if you have any at home."

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