You may have seen recent news coverage urging customers to deposit paper £20 and £50 banknotes in branch before they are withdrawn from circulation on 30 September 2022.
Our forecasts predict that by the end of August 2022 over £1 billion worth of paper £20 and £50 banknotes will have been deposited in branches since the start of the year. Since January, over £976 million has been deposited in branch. That’s been made up of £294 million worth of paper £20 banknotes and £682 million worth of £50 banknotes.
On 30 September 2022, paper £20 and £50 banknotes will lose their legal tender status. The Bank of England has said there’s still £6 billion worth of paper £20 banknotes and £8 billion worth of paper £50 banknotes in circulation.
Once the 30 September 2022 deadline passes and the Bank of England has withdrawn the legal tender status of paper £20 and £50 banknotes, customers are still be able to deposit paper notes at their local Post Office.
We’ll give you more details about the withdrawal of these banknotes in Branch Focus in the coming weeks.