The Bank of England Will Be Withdrawing Legal Tender Status of Paper £20 and £50 Banknotes After 30 September 2022.
This means that if you have any old £20 or £50 notes you should use them or deposit them at your bank or Post Office by the end of September.
While the majority of paper £20 and £50 banknotes in circulation have been replaced with new polymer versions, there are still over £6 billion worth of paper £20 and over £8 billion worth of paper £50 banknotes in circulation. That’s more than 300 million individual £20 banknotes, and 160 million paper £50 banknotes.
Speaking ahead of the date, the Bank of England’s Chief Cashier Sarah John said “Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable. The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home. For the next 100 days, these can still be used or deposited at your bank in the normal way.”