Brits only have 100 days left to use these paper tickets
Brits will have just 100 days to get rid of their remaining paper £20 and £50 notes.
New polymer banknotes have been issued in recent years by the Bank of England, which will soon become the only physical currency accepted for those looking to spend £20 or £50 notes.
The bank encourages people in possession of the paper notes to spend or deposit them before the 100-day deadline.
The Bank of England estimated that there were still around £6 billion worth of £20 notes in the UK, while there were £8 billion worth of £50 notes.
When will £20 and £50 paper notes be withdrawn from circulation?
It has been confirmed that you will need to spend your remaining paper tickets by September 30, 2022.
With around 300 million £20 paper notes and 160 million £50 paper notes still in circulation, consumers are advised to spend their remaining notes or deposit them into their bank account at a bank, building society or post Office.
However, you will no longer be able to deposit them after September 30, as paper notes are no longer legal tender after this date.
What did the Bank of England say?
The Bank of England’s chief cashier, Sarah John, said: “The change in our banknotes from paper to polymer over the past few years has been a significant development, as it makes them more difficult to counterfeit and means that they are more durable.
“The majority of paper banknotes have now been removed from circulation, but a significant number remain in the economy, so we ask that you check to see if you have any at home.
“For the next 100 days, these can still be used or deposited to your bank in the usual way.”
Which tickets are valid for use after September 30?
The Bank of England recently made the switch to move all banknote denominations to a more durable polymer design.
The £5 and £10 notes have already been fully replaced, with paper notes in these denominations being phased out in 2017 and 2018 respectively.
A year ago, the bank introduced the £50 polymer note featuring scientist and famous codebreaker Alan Turing.
The £20 polymer note, released in February 2020, features artist JMW Turner.
All Bank of England polymer banknotes will be eligible for use in the UK as legal tender after 30 September.