At this stage, I am hopeful that the pandemic is drawing to a close, but aware that there are still potential problems and concerning infection rates. As many of us have been tucked away out of harm’s way, you may have had little use for your cash, making most of your purchases online or using contactless payments.
As we all gradually find our winter coats, perhaps there is a crumpled £20 note in a pocket, or better still £50. Well, take this winter as your last reminder that the old £20 and £50 notes are due to be “worthless” from 30 September… next year!
You really have the usual options of spending or depositing them, but leaving the old £20 or £50 in a wallet will soon be an expensive receipt.
MONEY GOES AROUND
There are approximately £9 billion worth of paper £20 and £15 billion worth of paper £50 notes still in circulation. As they are returned to the Bank of England, these are being replaced with the new polymer £20 notes featuring J.M.W. Turner, and polymer £50 notes featuring Alan Turing. After 30 September 2022, the new polymer notes will be the only ones with legal tender status.
After 30 September 2022 people with a UK bank account will still be able to deposit withdrawn notes into their account. Some Post Offices may also accept withdrawn notes as payment for goods and services or as a deposit to an account accessed via them.
Speaking ahead of the date, the Bank of England’s Chief Cashier Sarah John said “In recent years we have been changing our banknotes from paper to polymer because this makes them more difficult to counterfeit, and means they are more durable. The polymer £20 featuring the artist J.M.W. Turner, and the polymer £50 featuring the scientist Alan Turing are now in wide circulation, and we are in the process of withdrawing their paper equivalents. So we want to remind the public that they have one year from today to spend their paper banknotes.”
The new polymer £20 was first issued on 20 February 2020, and the polymer £50 note was first issued on 23 June 2021. You may not have even seen one yet! These notes complete the Bank of England’s first polymer series. The introduction of polymer banknotes allows for a new generation of security features which make them even harder to counterfeit. The notes are also resistant to dirt and moisture and so remain in better condition for longer. These notes also have tactile features that allow the blind and partially sighted to use them.
You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email email@example.com
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