This is how long you've got to use old £20 and £50 notes

By Levi Winchester & Victoria Jones

The Alan Turing £50 banknote is now in circulation, joining the Sir Winston Churchill £5, the Jane Austen £10 and the JMW Turner £20.

It means all of the banknotes are now available in polymer, a thin and flexible plastic material which is said to be more durable than paper notes.

The Bank of England say polymer lasts longer than paper notes and remain in better condition.

Eventually, the old paper £20 and £50 notes will no longer be legal tender, the Mirror explain.

This is what you need to know about when you need to use the old paper notes by.

How long do I have to use old £20 and £50 notes?

The Bank of England has said September 30, 2022 will be the last day people can use its paper £20 and £50 notes.

After that, the paper notes will no longer be legal tender, so people should spend them or deposit them at their bank beforehand.

So you have just over a year to use the notes by.

If you miss that deadline, you do have some options...

How to exchange old bank notes

On the Bank of England (BoE) website, there are instructions for those who may still be clinging on to old paper banknotes.

You can look to exchange them at the following places...

At your bank: The BoE says the easiest way to exchange notes is to deposit them with your bank. You'll need to visit your nearest bank branch in person to do this.

At the Post Office: The Post Office may also accept withdrawn notes as payment for goods and services, or as a deposit into any bank account you can access with them.

At the Bank of England: You can post old banknotes to the BoE and they'll then send you a cheque for the amount, or the equivalent in new polymer notes.

Send your banknote(s) and photocopies of ID to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH.

You can also visit the BoE in person to exchange old notes. You may be asked to complete a form and need to provide two original identity documents.

The BoE may also exchange accidentally torn, damaged or mutilated notes – as long as they are genuine and note counterfeit.

When did the old £5 and £10 get withdrawn?

The old paper £5 note which was replaced by a new polymer version on September 13, 2016 stopped being legal tender on May 5, 2017.

As for the old £10 note of which a new polymer version came out on September 14, 2017 the cut-off date for using this was March 1, 2018.

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