Post Office are reminding people to spend or deposit their £20 and £50 paper bank notes before they lose their legal tender notice on Friday 30th September 2022.
Paper £20 and £50 bank notes will be replaced by plastic notes, which are believed to be stronger and more durable meaning that fewer notes need to be replaced. Plastic £20 notes were first introduced in February 2020 and were followed by the plastic £50 notes in June 2021.
Post Office Customer Experience Director, Laura Joseph, said: “We don’t want people to think their paper banknotes are worthless and so would encourage people to either spend, or deposit, them at their local Post Office.”.
Laura Joseph went on to say: “Well over £1 billion a month in cash is deposited by small and independent businesses and Post Offices will continue to accept paper notes for deposit, even after the 30 September deadline has passed.”
Small businesses have been warned that they may begin to see a sudden rise in paper notes as people try to get rid of them before they lose their legal tender status.
The Post Office have advised people to check around their homes for paper notes and look in places such as:
1) Old birthday cards from grandparents and other family members.
2) Kid’s piggy banks.
3) Under the mattress.
4) Stuffed away in an underwear or sock draw.
5) Up in the attic.
6) Stuffed in a kitchen draw alongside old bills and bank statements.
7) Purses, wallets and handbags – especially ones not used frequently.
Should you still be in possession of the paper notes after the deadline, the Post Office will continue to exchange them for you.