Britons are being asked to turn in their old bank notes and replace them with current currency.
People in the United Kingdom are being encouraged to hand in their old bank notes and replace them with new cash.
According to estimates, a total of £24 billion in obsolete banknotes will become void next year. People in the United Kingdom are being asked to turn in their notes before they become obsolete and they lose access to useable currency.
Thousands of people may have these old bank notes tucked away in the backs of their sofas or in their children’s piggy banks, so it’s critical to double-check whether they can still be used.
On the AJ Bell Money & Markets podcast, Laura Suter, Head of Personal Finance at AJ Bell Money & Markets, issued a small warning to Britons to keep an eye out for these old notes.
The SIPP costs £10* each month + £9.99 for the service package. Unlike other pensions, your fees do not rise in lockstep with your pension’s value. Why not take advantage of the free Stocks & Shares ISA while you’re covered for multiple accounts? It’s completely free to join and quit. Special deal: Invest at least £100 in a SIPP. Choose from a selection of ready-made funds, each with a different level of risk to fit your needs; as a basic-rate UK taxpayer, you can obtain up to 20% tax relief on your contributions; and take advantage of an easy-to-use online account.
Deal of the day
She warned, “You only have a year to utilize your £20 and £50 bills.”
“JMW Turner and Alan Turing introduced a new style on them, which implies the old ones will be phased out immediately.”
“You’ll have to go through your piggy bank, but any of the other old-style notes will do.”
“You can also send them over the mail or deposit them in your bank account.”
These £20 and £50 notes will no longer be usable in September 2022, when they will be phased out completely.
The Bank of England required the move to polymer notes in order to increase security as well as the quality and lifespan of money.
One of the new security features is a hologram image change, which allows cashiers to tilt the note from side to side to inspect the word shift between ‘Twenty/Fifty’ and ‘Pounds,’ which certifies its legitimacy.
The new notes include see-through windows as well.
Using this way, cashiers will be able to inspect the metallic image over the “Brinkwire Summary News.”