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Daily Mirror
Daily Mirror
Business
James Andrews

When the old £20 note expires and how long you have left to use them in shops

On February 20, 2020, the Bank of England released a new, polymer, £20 note - to replace the existing paper ones.

In the eight months since then, it's fair to say things have been a little unsettled - with lockdown seeing shops close, an accelerating move to contactless payments and a rise in online shopping just a few of the consequences for the global conronavirus pandemic  on the UK.

But if all that means you've not quite got round to spending any old, paper, £20 notes - there is some good news.

The Bank of England has said that unspent, paper, £20 notes are still legal tender.

"Don’t worry, you can still use the paper £20 note for now," the Bank of England's site reads.

The better news is there's no rush to spend them - with the Bank also promising 6-months notice before they are withdrawn.

The new £20 notes were launched in February (Bank of England)

That means - at the time of writing - you have until at least April 2021 to spend them in shops.

Even after then you can still exchange them for new £20 notes.

With the expiry of the paper £5 and £10 notes, a string of banks and the Post Office gave people extra time to pay paper notes into their accounts - even when they stopped being legal tender.

And there's one way to guarantee to get your old £20 note swapped – head to the Bank of England itself.

Millions are yet to use one of the new £20s (Bank of England)

That phrase "I promise to pay the bearer on demand" is something that doesn't have a time limit on it, the Bank told Mirror Money.

The Bank of England's head office in London's note exchange desk lets anyone with an out of date note swap it for a current one – meaning anyone with an old note can head there and swap their paper tenners.

In fact, even if a note's ripped, smashed or otherwise vandalised, as long as there's enough left to identify what it was, they will swap it for a new one.

To exchange your banknotes in person you can take them to the following address:

Bank of England
Threadneedle Street
London
EC2R 8AH

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