If you intend to deposit the £20 and £50 paper notes in commercial banks in the country, then you must get ready to be charged.
In a statement to customers, one commercial said “…The Bank of England has formally withdrawn the £20 and £50 paper notes from circulation. In view of this, kindly be informed that the old £20 and £50 notes will cease to be legal tender from 30 September 2022.
“Hence, deposits of these notes will attract a charge of 2%. This charge is in line with what the Bank of Ghana (BoG) charges banks for depositing GBP paper notes at BoG…).”
We currently have two £50 notes in circulation – the Boulton & Watt paper note and the Turing polymer note. The paper £50 will be withdrawn, along with the paper £20, after 30 September 2022. Find out about the paper £50 and its security features here: https://t.co/AVEExkz5fR pic.twitter.com/h0AK0ICOpe
— Bank of England (@bankofengland) December 20, 2021
The Bank of England will be withdrawing the legal tender status of the paper £20 and £50 notes after 30 September 2022,
There are approximately £9 billion worth of paper £20 and £15 billion worth of paper £50 notes still in circulation. As they are returned to the Bank of England, these are being replaced with the new polymer £20 notes featuring J.M.W. Turner, and polymer £50 notes featuring Alan Turing. After 30 September 2022, the new polymer notes will be the only ones with legal tender status.
After 30 September 2022 people with a UK bank account will still be able to deposit withdrawn notes into their account. Some Post Offices may also accept withdrawn notes as payment for goods and services or as a deposit to an account accessed via them.
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