Virgin Money says Old notes can be exchanged in any Virgin Money store up to the value of 250. Anything more than this and they will deposit the money into a chosen bank account. Old paper 20 notes expired on 30 September 2022. Barclays says you can deposit old notes if you have a UK bank account with it. The term legal tender does not in itself govern the acceptability of banknotes in transactions. But as of October 2022, shops will no longer accept paper notes. If youve got genuine Bank of England bank notes that have been through the wash, been chewed by the dog or torn or damaged you may be able to get your money back. more, You seem to have JavaScript disabled. Does it have to be BoE notes? Most UK banks will allow you to pay in old paper bank notes however this is at their discretion as they will usually insist you have an account there. Old paper 20 and 50 notes are no longer legal tender but you can exchange them at the Bank of England, some Post Offices and many high street banks will accept them too. 2022 report Scottish notes aren't legal tender in England or Scotland. The Bank of England is a 'prescribed person;, which means that you can make a whistleblowing disclosure about the Scottish and Northern Ireland banknote regime to us instead of your employer. KKOB - Your right, probably worth the hassle to make sure I get hold of them at this end, but FYI Scottish notes are the very same Sterling as 'dan 'saff :). Report . If you are a resident of another country or region, please select the appropriate version of Tripadvisor for your country or region in the drop-down menu. Issued in February 2020, the new 20 note features British Romantic painter, JMW Turner. Santander also said it will allow customers to deposit old 10 notes into their accounts after March 1, as did Barclays, Lloyds Bank, Halifax, Bank of Scotland, HSBC and Nationwide Building Society. Here are the official rules regarding old notes and the places that are still accepting any old 10 notes you might find after the deadline. Businesses and shops will no longer be obliged to accept. Disclosures made to us will be dealt with by a dedicated whistleblowing function. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first. Paper 20 and 50 notes . The assets can be a combination of Bank of England banknotes, UK coins and funds held in an account at the Bank of England. It's up to them. Flat fees vs percentage fees - are you paying too much for your investments? . Youll also need to fill in a postal exchange form and send photocopies of your proof of ID and proof of address. We use the Halifax/BOS. Cash of less than 20 will be exchanged for polymer notes. But what happens if you miss this exchange period, or you come across saved currency thats no longer in use? Find all the participating Post Office branches where you can exchange old notes. Cash of less than 20 will be exchanged for polymer notes.. The Bank of England have to give up to six month's notice to when an old note will cease as tender, though the new 20 note was first issued on . The Bank of England's head office in London's note exchange desk lets anyone with an out of date note swap it for a current one meaning anyone with an old note can head there and swap their paper tenners. The transfer of funds can take up to 10 working days. It is open Monday to Friday from 9am-4pm and they will exchange any old banknotes you bring to them. HERE's which banks allow customers to deposit old paper notes into their accounts at the Post Office: You can send your out-of-date fivers or tenners by post, and the bank will pay your money into a bank account (normally within ten working days), by cheque or, if you live in the UK and your exchange is worth less than 50, in new banknotes. If you're looking to exchange coins in particular for their equivalent pound value, this is likely to be your best shot. We often link to other websites, but we can't be responsible for their content. The Bank of England counter is open from 9.30am 3pm from Monday to Friday. However the lady at the counter made an exception because I was also depositing a large amount of notes. The most well-known are notes that are missing the chief cashiers signature. Luckily though banks will still accept these coins so you are not out of luck if you happen to own one of over an estimated 100 million old pound coins still out there. This agreement also extends to the old round pounds that were officially demonetised in 2017. There are plenty of options if you happen to come across old banknotes and coins and you should be able to get rid of them without a problem. This was the same date that the old 50 note expired. If youre sending less than 50 to them, you can expect to receive new notes in the post in exchange. This ensures that people with genuine banknotes issued by the six banks receive a level of protection similar to people who have genuine Bank of England banknotes. on the web. Paper 10 notes were withdrawn as a legal tender last March and paper 5 notes were scrapped in May 2017. cheers rwb, will start looking out for a few. Withdrawn coin denominations from before the decimalisation of the UKs currency system sell for much greater values than their equivalent worth in pounds, especially if youre lucky enough to have them in good condition. Only the Bank of England issues banknotes in England and Wales, but six banks in Scotland and Northern Ireland can also issue banknotes. You can also visit the bank in person to make an exchange at its bank counter in London. Sues written for a wide range of publications including the Guardian, i Paper, Good Housekeeping, Lovemoney and My Weekly. You can do this at any of the Post Office's 11,500 branches as long as you're a customer of one of 25 banks - see the box below for the full list - but you can't exchange paper notes directly for polymer notes. The latest notes to be withdrawn from use are paper 20 and 50 notes, meaning people could be refused from using them from 1 October. Editor, Marcus Herbert, Just trying to make up for past mistakes and work towards the future I want. When this happens, the Bank of England will usually give a set time period for people to exchange their old currency for the new coins or notes that are being released. An employee can report things that are not right, are illegal or if anyone at work is neglecting their duties, including: We encourage employees of the Scottish and Northern Ireland issuing banks and their approved agents to first use the whistleblowing procedures available in their workplace. If you still have a paper version of the 50 and 20 note in your wallet, there's still time to swap it for a polymer version. Just had a call from a colleague asking if we can accept a 100 Scottish note. In short, we are responsible for checking if the six Scottish and Northern Ireland banks that issue banknotes are complying with the asset-backing rules. The polymer 5 note, meanwhile, was issued in September 2016 and features Sir Winston Churchill. When it comes to banknotes, there are a few things to look out for to determine their collectability. As always you can unsubscribe at any time. 18 December 2016 at 1:58PM. We also may change the frequency you receive our emails from us in order to keep you up to date and give you the best relevant information possible. This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. These paper notes are no longer legal tender, meaning they can't be used to pay in shops, but the good news is you can still deposit them or exchange them for cash. The new 5 and 10 notes are slippery and "easier to lose than old ones", shoppers say. But can you still exchange them, will banks - or anyone else - accept them and what should you do with any you find? If you want the equivalent cash you can then withdraw it from your account. Upload a picture of your coin and our team of experts will evaluate the coins condition, rarity, and historical value to give you an accurate market price estimate. Old pound coins are no longer legal tender. You will need to take photo ID so that the Post Office can keep track of how much you exchange and do not exceed the limit. Find out more:best and worst banks Take them to the Post Office Just go up the town to your bank and they will give you English sterling with your bank card at the foreign exchange desk. Can Bank of Scotland use Halifax? In theory vending machines won't take them and shops will refuse them - but they don't have to say no. Banks and building societies happy to exchange the old notesinclude Halifax, Lloyds, Nationwide, Barclays and HSBC - though keep in mind they may have a cut-off date. This means you cant use them in shops or as payment any more. Evaluate Your Coin with Confidence! 0 [Deleted User] Posts: 1,693. But the Bank has warned of long queues and waiting times and has said: if you arrive after midday it is possible we will have reached capacity and you may not get served before we close. All rights reserved. Do Santander accept Scottish notes? If you are a resident of another country or region, please select the appropriate version of Tripadvisor for your country or region in the drop-down menu. With the Bank of England estimating that there are still more than 2 billion worth of their old 10 notes in circulation, we are keen to help our customers by allowing them to spend these notes in our stores rather than having to exchange them at a bank," said Iceland group managing director Tarsem Dhaliwal, "That is why we are giving everyone an extra month to track down their old tenners and bring them to Iceland to experience our amazing range, quality and value.. If your bank wont accept your old currency, its worth taking them to your local Post Office branch. For example, Iceland has said it will keep accepting paper tenners until Easter Monday (April 2). In fact, even if a note's ripped, smashed or otherwise vandalised, as long as there's enough left to identify what it was, they will swap it for a new one. Did not even know they existed but a quick googley shows they do. Get your evaluation quick! RBS/NatWest has said it will continue to accept old 10 notes from its own customers after March 1. The counter is open between 9:30 am and 3 pm on weekdays. This is generally referred to as 'making a disclosure in the public interest'. Bank of England banknotes held as backing assets may be kept either at an authorised location or at the Bank of England. But the bank warns that waiting times can be over an hour. We often link to other websites, but we can't be responsible for their content. Do you have a story for The Sun Online Money team? This should be done by recorded or special delivery - however once again it warns that this too could mean, a wait time for your payment may be in excess of 30 days. But do be aware, the Bank of England may have long queues and that after midday you may not be able to be served if its reached capacity. Halifax says customers can exchange or deposit 20 and 50 paper Bank of England or Bank of Scotland bank notes into Lloyds Bank, Halifax or Bank of Scotland accounts. Use the Global Player app to listen to live radio for LBC & LBC News. Housebuilders look like cheap dividend stocks, but can investors trust them to deliver? Steve Nowottny, news and features editor at MoneySavingExpert.com, explained: "Given paper tenners were taken out of circulation a year ago, and paper fivers almost two years ago, some might assume all the old notes have now been handed in. SueHaywardis a personal finance and consumer journalist, broadcaster and author who regularly chats on TV and Radio on ways to get more power for your pound. Holders of these notes should exchange them with AIB as soon as possible. Listen to Non customers can exchange 20 and 50 paper notes for polymer versions - up to a value of 250. The Bank of England suggests that unless you need to swap your notes urgently you consider sending them in by post (opens in new tab). Nationwide says it accepts old notes (and coins) from existing members as they have to be paid into an existing account they hold with the Society. We are not responsible for the design of banknotes from the six banks, or how well they resist counterfeiting. These often have notices saying whether they accept old coins and notes and are an easy way to get rid of any small quantities you have lying around. This means that cafes, bars, shops and restaurants will no longer accept the paper 20 note. All you have to do is fill out the form below and attach a clear image of both sides of the coin. Take sterling and you won't have to worry. Some of these banknotes are of very high value, including 1 million banknotes (known as Giants) and 100 million banknotes (known as Titans). This topic has been closed to new posts due to inactivity. Wed also like to use some non-essential cookies (including third-party cookies) to help us improve the site. England and Wales company registration number 2008885. Something went wrong, please try again later. Youll be given the same value back in the new polymer notes. Alternatively, you can email us at whistleblowing@bankofengland.co.uk or write to: IAWB Team, Legal Directorate, Bank of England, Threadneedle Street, London EC2R 8AH. . But banks don't legally have to keep accepting old money, so it's worth checking with yours before you head to a branch. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. The final date you can use paper 50 notes is September 30 next year - the same goes for paper 20 notes. Lloyds says customers can exchange or deposit 20 and 50 paper Bank of England or Bank of Scotland bank notes into Lloyds Bank, Halifax or Bank of Scotland accounts. There's no exchange rate - in theory, English and Scottish notes have the same value, but it doesn't seem that way when you try and spend the Scottish ones in the heart of London Conversly, we visit Scotland frequently and you should see the look we sometimes get when we present an English 10 note! LBC In order to claim youll need to fill in the Bank of Englands damaged banknote application form (opens in new tab). Yes, you can. Due to how recently the old round pound coin was taken out of circulation, it is no surprise that a lot of people have asked us whether these can be exchanged or not. Get our money-saving tips and top offers direct to your inbox with the Mirror Money newsletter. "The Sun", "Sun", "Sun Online" are registered trademarks or trade names of News Group Newspapers Limited. The Bank of England itself says it will honour withdrawn currency forever, so you will still be able to swap old notes. Scottish banknotes are unusual, first because they are issued by retail banks, not government central banks, and second, because they are technically not legal tender anywhere in the United Kingdom - not even in Scotland, where in law no banknotes - even those issued by the Bank of England - are defined as legal tender. It's more common than you might think, the Bank of England says there are still a whopping 212million paper notes in circulation that can no longer be used. Some more recent withdrawn coins can be worth more than their face value as well. Santander cuts benefits on 123 account Some banks including Bank of Scotland, Barclays, Halifax, HSBC, Lloyds, NatWest, Royal Bank of Scotland and Ulster Bank will allow customers to deposit old paper notes. 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Check out these 10 holiday destinations which remain cheap despite rising inflation. Members who are knowledgeable about this destination and volunteer their time to answer travelers' questions. . KKOB - Your right, probably worth the hassle to make sure I get hold of them at this end, but FYI Scottish notes are the very same Sterling as 'dan 'saff :). Northern Irish banknotes. Taking your old currency to your bank is a good way to quickly get it exchanged without having to worry about posting it. We use the Halifax/BOS. The Bank of England has told us it doesn't know the exact make-up of the notes still out there, so some of the missing 10 notes will predate the Darwin design - occasionally, the bank does see notes from as far back as the 1960s being returned. Of ID and proof of ID and proof of address as of October 2022, will! Than 20 will be dealt with by a dedicated whistleblowing function of.. 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