Brits sent urgent warning with 100 days left to spend paper £20 and £50 notes
Millions of the old notes remain in circulation, with the Bank of England urging people to act now
Brits have been warned they have just 100 days left to spend their paper £20 and £50 notes.
Millions of the old-style paper notes remain in circulation across the country, but will go out of date as of October 1.
Instead, only the newer polymer bank notes will be accepted.
The new polymer £20 was first issued on February 20 2020, and the polymer £50 note was first issued on June 23 2021.
Those who still own old paper £20 and £50 notes are being urged by the Bank of England to either spend them before September 30 or deposit them at a bank or Post Office.
An estimated 300 million paper £20 notes are still in circulation, while a further 160 million paper £50 notes are also out there.
Bank of England chief cashier Sarah John said: “Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable.
“The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home.
“For the next 100 days, these can still be used or deposited at your bank in the normal way.”