PRESS RELEASE
Bank of England - Raising awareness - Withdrawal of Legal Tender Status of £20 and £50 paper banknotes

The Bank of England will withdraw legal tender status of £20 and £50 paper banknotes on 30 September 2022. After this date only polymer banknotes will be legal tender. The Bank of England is encouraging both individual and institutional noteholders such as financial institutions to use, deposit or exchange these banknotes by 30 September 2022 and institutional noteholders such as financial institutions to cease issuing paper banknotes after 30 September 2022 and return these to the UK. Institutional noteholders should continue to use commercial providers to return these sterling banknotes/conduct banknotes exchanges.

After the 30 September 2022 deadline has passed, the Bank of England will continue to exchange withdrawn banknotes, additionally some UK banks and some UK Post Offices may also accept deposits, but holders of paper sterling banknotes will no longer be able to use them in transactions and the process will be easier if they act ahead of the deadline.

More information can be found on the Bank of England’s website:

https://www.bankofengland.co.uk/banknotes/paper-20-paper-50-withdrawal

https://www.bankofengland.co.uk/-/media/boe/files/banknotes/paper/20-50-paper-notes.pdf