Paper £20 or £50 hidden away at home? The race to deposit them is on as there are just a few days left to use them.
The Post Office is preparing for a "last moment" rush in customers depositing paper £20 and £50 banknotes in its branches this week, before they can no longer be used in shops or to pay businesses.
To date, £1.2 billion worth of paper £20 and £50 banknotes have been deposited at Post Office's 11,500 branches. Postmasters have their branches set up to handle large volumes of cash, with over £3 billion in cash deposited and withdrawn at Post Offices every month. Once the September 30 deadline passes and the Bank of England has withdrawn the legal tender status of paper £20 and £50 banknotes, people will still be able to deposit paper notes at their Post Office and many UK banks will also accept withdrawn notes as deposits from customers.In spite of Queen Elizabeth II’s death, all banknotes featuring her face are still legal tender.After 30 September 2022 you will not be able to use paper banknotes.
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