RBS/NatWest has said it will continue to accept old 10 notes from its own customers after March 1. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. 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.. Please enter a search term. But, according to the Bank of England, there is around 6bn worth of 20 paper notes and over 8bn worth of paper 50 notes in circulation thats around 300 million individual 20 notes and 160 million 50 notes that havent been used before the notes were withdrawn from circulation. If you dont have an account with a bank or building society your only option may be to take a trip to the Bank of England and swap your note in person. A new polymer 20 note featuring JM Turner will be issued in 2020 replacing the current paper notes. 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. Coinciding with what would have been his birthday, the Bank of England today has released its newly-designed 50 bank note, featuring mathematician and computer scientist, Alan Turing. Cheers. "So make sure you check behind the sofa, empty old coat pockets and go through old wallets to see if any of it's yours.". When presenting notes at the counter youll also be asked for one form of photo ID. You can find full details on the Bank of England website here. However the lady at the counter made an exception because I was also depositing a large amount of notes. To use our mobile site, please enable JavaScript. Youll also need to fill in a postal exchange form and send photocopies of your proof of ID and proof of address. If you are an individual, you can exchange your banknotes with the Bank of England over the counter or by post, but you must fill out an application form and take into consideration safety measures against loss or theft. The Charles Darwin 10 note stopped being legal tender at 23:59 on March 1. Do Santander accept Scottish notes? But banks don't legally have to keep accepting old money, so it's worth checking with yours before you head to a branch. In order to claim youll need to fill in the Bank of Englands damaged banknote application form (opens in new tab). We have a published approach to regulating Scottish and Northern Ireland banknotes. UK home sellers cut 14,000 off their asking prices as the buyers market returns. 4am - 7am. Banks and building societies happy to exchange the old notes. Can Bank of Scotland use Halifax? 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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. To inquire about a licence to reproduce material, visit our Syndication site. Does it have to be BoE notes? But what should you do if you come across any old ones? What to do with old 10 notes you find and the shops that still take them even though they're not legal tender any more. Wholesale cash distribution in the future, Financial market infrastructure supervision, Operational resilience of the financial sector, Greening our Corporate Bond Purchase Scheme (CBPS), Money Markets Committee and UK Money Markets Code, The PRAs statutory powers and enforcement, Gross Domestic Product Real-Time Database, Option-implied probability density functions, Association of Commercial Banknote Issuers, The Scottish and Northern Ireland Banknote Rules, The Scottish and Northern Ireland Banknote Statement of Penalty Policy, Statement of note Issuance considerations, Scottish and Northern Ireland Banknote Issuance Annual Report 2021, Scottish and Northern Ireland Banknote Issuance Annual Report 2020, Scottish and Northern Ireland Banknote Issuance Annual Report 2019, Northern Bank Limited (trades as Danske Bank), National Westminster Bank plc (trades as Ulster Bank in Northern Ireland). . If youre up for the trip you can go to the Bank of England in London where you can hand over your old withdrawn notes at the counter for shiny new polymer ones. 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. It's up to them. The Bank of England will honour every banknote that has ever been issued by them, regardless of how long ago it ceased to be legal tender. Not only was Turing a computer pioneer, he broke the Enigma code during World War II, aiding British and Allied forces in claiming victory. No time limit on when this will end. In person: If you can and want to, you can swap your old notes at The Bank of England Counter, in Threadneedle Street, London. If youve got a large amount of notes stashed away worth knowing there is a limit on the amount you can exchange at the Post Office which says you can only swap up to 300 in old notes every two years. Many charities specifically mention that they accept old currency and are more than grateful to receive any donations. Evaluate Your Coin with Confidence! Scottish paper 20 and 50 notes, which were issued by Bank of Scotland, Clydesdale Bank, and Royal Bank of Scotland, will be replaced by polymer ones after 30 September 2022. oh, so not so hard to get hold of this funny english money!!!! If your bank doesn't accept old notes or you can't access it via a post office, don't worry. In theory vending machines won't take them and shops will refuse them - but they don't have to say no. Taking your old currency to your bank is a good way to quickly get it exchanged without having to worry about posting it. Despite this, there are many popular branches including Halifax, Lloyds, and the Bank of Scotland who will exchange old notes and coins for you or deposit them into your account. Visit our corporate site www.futureplc.com Future Publishing Limited, Quay House, The Ambury, Bath BA1 1UA. 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. In fact, the only advice given by the Royal Mint themselves on the topic is to try your luck with a high street bank. Would you like to give more detail? The six Scottish and Northern Ireland banks must, by law, set aside assets that are worth at least the value of all of the banknotes they have in circulation. Debit cards, cheques and contactless aren't legal tender anywhere. MoneyWeek is part of Future plc, an international media group and leading digital publisher. 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. Editor, Marcus Herbert, http://www.bankofengland.co.uk/banknotes/about/faqs.htm#16, http://www.moneysavingexpert.com/news/banking/2010/05/true-or-false-scottish-notes-arent-legal-tender. You can also exchange them by posting them to the Bank. You will need to bring proof of ID and proof of address. There is no time limit. Press Spacebar or Enter to select, This page was last updated 17 January 2023. Last time I was in a Bank of Scotland branch (so would assume Halifax are the same) I was told the limit is five bags over the counter. Theres just a few days left to pay with old style paper 20 and 50 bank notes as the last day to spend them is 30 September. Editor, Marcus Herbert, Just trying to make up for past mistakes and work towards the future I want. Martin Kearsley, banking services director at the Post Office - which has 11,600 branches across the UK, has said: "Thanks to an agreement with all UK high street banks, everyone can deposit cash and cheques, including any old notes, into their usual high street bank account at their local Post Office branch.". Northern Irish banknotes. New polymer plastic notes are replacing paper ones as they are stronger - they will even survive in the washing machine should you accidentally leave some cash in your pocket. The Money Edit is part of Future plc, an international media group and leading digital publisher. Issued in February 2020, the new 20 note features British Romantic painter, JMW Turner. That phrase "I promise to pay the bearer on demand" is something that doesn't have a time limit on it, the Bank told Mirror Money. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, MoneySavingExpert reveals there are 222million paper notes out there that can no longer be used, First look at new Gruffalo 50p coin now on sale with prices starting from 10 each, paper 5 notes were scrapped way back in May 2017, polymer 20 note featuring JM Turner will be issued in 2020, slippery and "easier to lose than old ones", Royal Mint is "to release new Beatrix Potter 50p coins including Peter Rabbit", Independent Press Standards Organisation (IPSO). Visit our corporate site. 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. Regardless of their age, there are ways to get some money back for them but we encourage everyone who can to consider donating their old currency to charity where possible. Do you have a story for The Sun Online Money team? These are the notes you can exchange at a Post Office. But for now, paper 20 notes can still be used. At the last count there were 4.8 billion worth of 20 paper bank notes and 5.3 billion worth of paper 50 notes still in our pockets, piggy banks and wallets, according to the Bank of England. Keep in mind that it may not be in your best interest to send large amounts of money via post. 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. You can exchange them at your local Post Office, bank, or with the Bank of England itself for face value. Future Publishing Limited Quay House, The Ambury, 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. 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. or Most banks have said they will continue to accept deposits of the old paper tenner from their own customers after March 1. Does it have to be BoE notes? Unique serial numbers are the easiest to find with collectors particularly favouring lower serial numbers or those with sequences such as 888888. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price . When you purchase through links on our site, we may earn an affiliate commission. Warning as old 20 notes set to become unusable. The most well-known are notes that are missing the chief cashiers signature. 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