Post Office braces for rush to change old banknotes before deadline this week

Friday is last day that paper £20 and £50 banknotes have legal tender

According to the Bank of England, there is more than £11 billion worth of paper £20 and £50 notes still in circulation (PA Wire)

The Post Office is preparing for a rush of customers changing old banknotes to new ones before they can no longer be used in shops or to pay businesses.

Friday is the last day that the Bank of England’s paper £20 and £50 banknotes can be used in stores, with only polymer notes being accepted from then onwards.

According to the Bank, there is more than £11bn worth of paper £20 and £50 notes still in circulation.

“That’s more than 250m individual £20 banknotes, and more than 110m paper £50 banknotes,” the Bank said.

To date, approximately £1.2bn worth of paper £20 and £50 banknotes have been deposited at Post Office’s 11,500 branches and in September so far, over £100m-worth of the notes have been deposited.

The Post Office says its branches are preparing for a spike in customers depositing paper £20 and £50 banknotes this week (PA Archive)

After 30 September, only polymer banknotes will have legal tender status.

The new £20 notes feature artist JMW Turner, and the new £50 notes feature Bletchley Park codebreaker Alan Turing.

Martin Kearsley, Post Office banking director, said: “We’re fully aware that people lead busy lives and some may put off depositing their paper £20 and £50 banknotes until the last moment.

“Postmasters and their staff are on hand to provide that human reassurance that your old notes have been deposited into your bank account and will provide a receipt too. Most Post Offices are open long hours including on Friday.”

Once the deadline passes and the Bank of England has withdrawn the legal tender status of paper £20 and £50 banknotes, people will still be able to deposit paper notes at their Post Office and many UK banks will also accept withdrawn notes as deposits from customers.