People will only have 100 more days to get rid of their remaining £20 and £50 paper banknotes.
New polymer notes have been issued in the past few years by the Bank of England, which will soon become the only accepted physical currency for those looking to spend £20 or £50 notes.
The bank are encouraging those in possession of the paper banknotes to either spend them or deposit them before the deadline in 100 days time.
The Bank of England believe that there is still around £6 billion-worth of paper £20 notes in the UK, while there is £8 billion-worth of paper £50 notes.
When will paper £20 and £50 notes go out of circulation?
It has been confirmed that you will have to spend your remaining paper banknotes by 30 September 2022.
With around 300 million £20 paper notes and 160 million £50 paper notes still in circulation, consumers are being told to either spend their remaining notes or you can deposit them into your bank account at a bank, building society or Post Office.
However, you will not be able to deposit them after 30 September, with the paper notes no longer being accepted as legal tender after this date.
What has Bank of England said?
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.”
What notes are valid to use after 30 September?
The Bank of England recently made the change to switch all denominations of banknote to a longer-lasting polymer design.
£5 and £10 notes have already been fully replaced, with paper banknotes in these denominations being withdrawn in 2017 and 2018 respectively.
One year ago, the bank introduced the £50 polymer note featuring scientist and famed World War Two codebreaker Alan Turing.
The £20 polymer note, which was released in February 2020, features artist JMW Turner.
All polymer Bank of England notes will be valid to use in the UK as legal tender after 30 September.