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Daily Record
Daily Record
Lifestyle
Nicola Roy

Warning over £20 and £50 Scottish paper banknotes as there's one month to left spend

A major change to old £20 and £50 paper banknotes will come into force in just one month.

From September 30 2022, the banknotes will be removed from circulation in Scotland and the polymer notes will take over.

The polymer £20 note has been in circulation since 2020, with the £50 available from July last year.

The change is being issued by Bank of Scotland, Clydesdale Bank and Royal Bank of Scotland, with the same change happening in England too.

The Committee of Scottish Bankers (CSCB) has said that the Scottish paper notes will continue to be accepted, despite the notice to withdraw them.

However, anyone with the paper notes is being urged to take them into their local bank branch, where they can be exchanged for credit into their bank account.

What is the deadline for using paper £20 and £50 notes?

The new Scottish £50 note was unveiled last year (PA)

The old notes will officially be removed from circulation from September 30, 2022, in favour of the new polymer versions.

The newer design makes it more difficult for counterfeit notes to be made, so it reduces the risk of financial crime.

The CSCB explained: "Polymer banknotes are manufactured from a transparent plastic film, specially coated with an ink layer that enables it to carry the printed design features of banknotes.

"The material allowed the inclusion of ‘windows’ or clear portions in the design which enhance protection against counterfeits."

Can I still use paper notes after the deadline?

The CSCB has warned that although the notes will continue to be accepted in some cases, some retailers may refuse to take them.

Instead, customers can take the old notes into their local bank branch and exchange them for credit into their bank account.

Bank of Scotland has told customers that they can deposit their paper notes into their account as normal after the September 30 deadline.

Non-Bank of Scotland customers will be able to exchange the paper notes to polymer version up to a value of £250.

The Bank of England is also phasing out its own £20 and £50 paper notes after September 30.

People will have to use their remaining notes by the end date, when they will no longer be legal tender.

Similar rule changes will come into force on the same date across the other UK nations.

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