We have known about it for months but now, that final day has arrived. Friday, September 30, is the last day to spend or swap certain high-value notes.
If you have any paper £20 or £50 notes squirrelled away, now is the time to either spend them or swap them at the bank. After today, the paper notes become redundant as they are withdrawn from legal tender. That means that shops and self-serve machines won't accept the notes. The Bank of England says: "As paper notes are returned to the Bank of England, they are being replaced with the new polymer £20 notes featuring JMW Turner, and polymer £50 notes featuring Alan Turing. After Friday, September 30, only polymer notes will have legal tender status."
What to do if you miss the deadline The bank has warned about the change since issuing the new Polymer series. It says: "Many UK banks will accept withdrawn notes as deposits from customers [straight into your bank account rather than an over-the-counter swap]. Some Post Offices may also accept withdrawn notes as a deposit into any bank account you can access with them."Changes to the currency will continue and the new monarch's image begins to be rolled out on coins and notes.
The BoE will always exchange any withdrawn notes, including paper notes, that have been withdrawn in the past.