There is an estimated £14 billion worth of old paper £20 and £50 notes still being used, but soon they will no longer be legal tender. Just as with paper £5 and £10 notes, the old paper versions of the £20 and £50 notes are being replaced by polymer notes, which are more durable and harder to counterfeit.
You may well be familiar with the new notes as they have been in circulation for more than a year. The polymer £20 note features the work and portrait of the romantic artist JMW Turner, while Alan Turing, who helped accelerate Allied efforts to read German Naval messages enciphered with the Enigma machine, is the face on the new £50 note.
But there is no need to panic. If you find any paper £20 or £50 notes in drawers, purses or jam jars after 30 September 2022, you won’t necessarily be out of pocket as you can still exchange them after the deadline.
Please contact your Private Banking Team who will be able to advise you on the best action to take if you have paper notes that you need to exchange.