Bank notes to be withdrawn by Bank of England – check your £20 and £50 notes | Personal Finance | Finance
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In order for people to keep their money’s worth they will need to use it before the deadline or exchange it through the Bank of England. The deadline for people to use their notes is September 30, 2022.
The paper notes will be replaced with polymer notes, adding more security measures to ensure the safety of Britons’ cash.
Once the deadline has passed, people will not be able to use the notes in exchange for products and services at retailers.
However, the Bank of England will allow Britons to exchange their £20 and £50 notes after the September deadline.
The paper notes due to be withdrawn depict economist Adam Smith on the £20 and business partners James Watt and Matthew Boulton on the £50 note.
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The new £20 note features painter JMW Turner and the £50 note displays renowned mathematician Alan Turing.
These new polymer notes were released into circulation in 2020, while the paper notes have been in the hands of Britons since 2007.
The paper £5 and £10 notes have already been replaced by their polymer equivalents.
The polymer notes have additional security features to help prevent circulation of counterfeit cash.
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Two main security features on the new notes include a holographic image change and see through windows.
Legitimate polymer £20 notes should have a hologram image on them which shifts between the words ‘Twenty’ and ‘Pounds’ when viewed from different angles.
Additionally, a see through window should display the Queen’s portrait and have the words ‘£20 Bank of England’ printed around the edges.
There is a metallic image over the main window on the note, of which the foil on the front should be blue and gold and the back should be silver.
One final security measure is the ultra-violet numbers which are usually only visible under good quality ultra-violet light.
For the new £20 pound note, the number 20 should appear in bright red and green on the front side of the note under this light.
People can usually deposit the old notes in their UK bank account, which is “the simplest and quickest way” according to the Bank of England.
The Post Office may also accept old notes as payment or Britons can use them to deposit the notes in an account.
Britons can post their notes to the Bank of England, but are urged to “take appropriate measures to insure against loss or theft”.
When using the postal method, Britons can expect the money to be deposited into their bank account or issued by cheque within 10 working days.
People will need to send some documentation with the notes, including:
- Postal exchange form
- One photo ID
- One proof of address.
If the exchange is worth less than £50, and the person lives in the UK, the Bank of England may just issue the same amount they received in new bank notes.
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