The Post Office is urging people to spend or deposit their remaining paper twenty and fifty pound notes before they lose their legal tender status in 50 days time on the 30th of September. This deadline applies to all remaining Bank of England, Clydesdale, Bank of Scotland and Royal Bank of Scotland paper notes.
The Bank of England has said there is still eight billion pounds worth of the paper fifties in circulation and six billion pounds worth of the paper twenties. Since the start of the year over one billion pounds worth of these banknotes have been deposited at Post Offices across the United Kingdom.
Laura Joseph, Post Office Customer Experience Director, said: “Fifty days might seem a while away, but for some, such as families who have all the costs of getting their kids ready for the September school term, these paper banknotes could come in handy right now in advance of a challenging autumn financial.”
The Post Office is also warning small businesses to expect a potentially and sudden rise in people using these banknotes before the end of their legal tender status at the end of September with Laura Joseph adding:” With billions of pounds worth of paper notes still in circulation we’re reminding small businesses not to miss out on sales because they think paper £50 and £20 banknotes can’t be accepted.
“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 30th of September deadline has passed.”
The Post Office have included some top tips on places where these paper banknotes might be hiding, these include:
- Old birthday cards from grandparents and other family members.
- Kid’s or Adults piggy banks.
- Under the mattress.
- Stuffed away in an underwear or sock draw.
- Up in the attic.
- Hiding in a kitchen draws alongside old bills and bank statements.
- Purses, wallets and handbags – especially the ones that are not used frequently.
Once the 30 September 2022 deadline passes and the Bank of England has withdrawn the legal tender status for the paper notes, you will still be able to deposit them at the Post Office.