Only 50 days left to spend your £50 and £20 notes
With 50 days to go until paper £50 and £20 banknotes lose their legal tender status, Post
Office is urging people to spend, or deposit, their 50 quid before it’s too late.
Since the start of the year, over £1 billion worth of paper £50 and £20 notes have been deposited at Post Offices.
On 30 September 2022, paper £50 and £20 banknotes will lose their legal tender status. The Bank of England has said there’s still 8 billion worth of paper £50 banknotes in circulation and £6 billion worth of paper £20 banknotes.
Post Office’s top tips for where to search for paper banknotes
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.
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 financially. We also know that many young people come to Post Offices with a cheque because they’ve never seen them or know what to do with them.
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.”
Post Office is also warning small businesses to potentially expect a sudden rise in people
using their paper £50 and £20 banknotes and is raising awareness that these paper notes still have legal tender status until 30 September.
Laura Joseph added:
“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 30 September deadline has passed.”
Once the 30 September 2022 deadline passes and the Bank of England has withdrawn the
legal tender status of paper £20 and £50 banknotes, people will still be able to deposit paper notes at their Post Office.