Paper £20 and £50 banknotes to have legal tender status withdrawn from 30th September

This week is the last week when paper £20 and £50 banknotes will be legal tender, with the notes being withdrawn from circulation from 30th September.

Businesses will no longer accept this banknotes, featuring economist Adam Smith and engineers Boulton and Watt from Friday 30th September, with new polymer £20 and £50 notes introduced in 2020 and 2021 respectively. Banknotes issued by banks other than the Bank of England, including Clydesdale Bank, Royal Bank of Scotland, Bank of Scotland, Ulster Bank and others, will also be withdrawn from circulation on 30th September.

All polymer banknotes carrying a portrait of HM Queen Elizabeth II remain legal tender, and the public can continue to use these as normal. An announcement on their status will be announced by the Bank of England in the coming weeks.

While the majority of paper banknotes have already been replaced, it is estimated that there are £5 billion worth of £20 notes still in circulation, and £6 billion of £50 notes.

After 30 September 2022 you will not be able to use paper banknotes. However the following options will remain available:

• If you have a UK bank account, you will normally still be able to deposit them at your bank, or into your account at a Post Office.
• You can exchange certain withdrawn paper banknotes for polymer notes at a limited number of Post Office branches. This is a new service, and the full list of participating branches can be found online.
• You can exchange withdrawn banknotes with the Bank of England, including by post.