Brits with £20 and £50 notes have been given a 100 day warning 1 month ago

Brits with £20 and £50 notes have been given a 100 day warning

The final paper banknotes will be officially removed from circulation

Brits have been warned they have just 100 days left to spend old paper £20 and £50 banknotes before they are withdrawn from circulation.

September 30 is the last day that these old notes will be able to be used, so if you've got any knocking about, down the side of the sofa or stashed away in a piggy bank then you have until then to spend them.

According to the Bank of England, there are roughly 163 million paper £50 banknotes and about 300 million £20 paper notes still in circulation.

The £20 and £50 notes are being fully replaced by the new polymer notes, which were introduced in 2020 and 2021 respectively.

The Bank of England's chief cashier Sarah John said: "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."

After the deadline at the end of September, those with a UK bank account will still be able to deposit paper notes into their account or at the Post Office, but they will not be able to spend them.

Paper £20 and £50 notes issued by Clydesdale Bank, Royal Bank of Scotland and Bank of Scotland will also be withdrawn on the same date.

The paper £20 notes issued by Bank of Ireland, AIB Group, Danske Bank, and Ulster Bank in Northern Ireland will also be withdrawn after 30 September.

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The new £50 notes featuring Alan Turing came into circulation last summer. The polymer fivers featuring Winston Churchill were launched in 2016, whilst the plastic tenners with Jane Austen's portrait on were first issued in 2017.

Old paper banknotes can be exchanged by the Bank of England. You can find out more information about that here.

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