6 months to go until withdrawal of paper £20 and £50 notes
The Bank of England will be withdrawing legal tender status of the paper £20 and £50 notes after 30 September 2022, meaning both customers and businesses will not be able to use them after this date.
BoE is encouraging anyone who has these at home to spend or deposit them at their bank or Post Office well ahead of September.
Here is a checklist of things for your business to consider ahead of 30 September 2022:
|1. Clear out your safes|
|Start banking your paper £20s and £50s now.|
|2. Update your machines|
|Ensure you know which cash handling machines are being operated by your business and check whether an adaptation is required with your supplier to make sure they will no longer accept paper £20s and £50s.|
|3. Check future paper note arrangements with your bank|
|This will help to understand whether they will continue to accept any paper £20 and £50 notes you find after the withdrawal date.|
|4. Train your staff|
|Make them aware of the paper £20 and £50 withdrawal date. Our A4 poster is available to support staff training and can be downloaded or ordered, free of charge. Make sure any employees handling cash stay trained on how to check paper £20 and £50 notes.|
How to exchange notes after they have been withdrawn
After 30 September 2022, businesses (and individuals) with a UK bank account will still be able to deposit withdrawn notes into their account. Some Post Offices may also accept withdrawn notes as payment for goods and services, or as a deposit into an account accessed with them.
The Bank of England will continue to exchange all withdrawn notes. For more information on this please see our website.