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Old £20 notes

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As I’m an Over  50er I am hoping I am posting in the right place.
I have several thousand pounds in old £20 notes but I understand banks and post offices won’t exchange them.  I believe I can pay them into a bank account but I don’t want to.  I like to have some cash to hand and always have done.  i know they will be legal tender for quite some time but I am not anticipating buying any large items in the next six months or so or I would just spend them.
Any suggestions?



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  • p00hsticks
    p00hsticks Posts: 14,413 Forumite
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    edited 21 February 2020 at 10:33PM
    I suspect the old ones are going to be around for quite a while - the Bank of England have said that they'll give six months notice of when they will be withdrawn from circulation. So I'd just start using them for all your cash spends. I think that's your only option if you don't want to bank them.
  • Hasbeen
    Hasbeen Posts: 4,404 Forumite
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    Pennylane said:
    As I’m an Over  50er I am hoping I am posting in the right place.
    I have several thousand pounds in old £20 notes but I understand banks and post offices won’t exchange them.  I believe I can pay them into a bank account but I don’t want to.  I like to have some cash to hand and always have done.  i know they will be legal tender for quite some time but I am not anticipating buying any large items in the next six months or so or I would just spend them.
    Any suggestions?



    Some info here, https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes
    The world is not ruined by the wickedness of the wicked, but by the weakness of the good. Napoleon
  • We could all be facing this problem soon because the Bank of England has announced that its going to replace the existing £20 pound notes with those (slippery) plastic ones .

    Trying to learn something new every day.

    ;)
  • Hasbeen
    Hasbeen Posts: 4,404 Forumite
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    We could all be facing this problem soon because the Bank of England has announced that its going to replace the existing £20 pound notes with those (slippery) plastic ones .

    Only the people with several thousands of £20 notes under the mattress. That do not want to put into their bank account.
    The world is not ruined by the wickedness of the wicked, but by the weakness of the good. Napoleon
  • Savvy_Sue
    Savvy_Sue Posts: 47,308 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    We could all be facing this problem soon because the Bank of England has announced that its going to replace the existing £20 pound notes with those (slippery) plastic ones .

    I thought they had already? Yes, they have. 

    https://www.bankofengland.co.uk/banknotes/polymer-20-pound-note

    (The charity I work for has issued an appeal to "give us your first £20 note". Obviously not expecting the actual notes to be posted to us ... it was very successful with the £5 and £10 notes.)
    Signature removed for peace of mind
  • molerat
    molerat Posts: 34,528 Forumite
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    edited 24 February 2020 at 12:34AM
    I am trying to think what you could possibly need several £K in cash sitting in the house for.  I have just counted all the cash I have and it came to £16.40 including the bags of 1p and 2ps !
  • Pollycat
    Pollycat Posts: 35,745 Forumite
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    Pennylane said:
    As I’m an Over  50er I am hoping I am posting in the right place.
    I have several thousand pounds in old £20 notes but I understand banks and post offices won’t exchange them.  I believe I can pay them into a bank account but I don’t want to.  I like to have some cash to hand and always have done.  i know they will be legal tender for quite some time but I am not anticipating buying any large items in the next six months or so or I would just spend them.
    Any suggestions?
    Are these 'old £20 notes' the ones that are still in circulation after the new 'slippery, plastic' ones were introduced earlier this week?
    I'm not going to make any comment about the 'wisdom' of keeping £2k cash in the house...

  • Sea_Shell
    Sea_Shell Posts: 10,004 Forumite
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    edited 23 February 2020 at 10:46AM
    molerat said:
    I am trying to think what you could possibly need £20K in cash sitting in the house for.  I have just counted all the cash I have and it came to £16.40 including the bags of 1p and 2ps !
    We have a whopping £55 in notes currently, between us.    But I have been collecting up £2, £1, 50p, and 20p for "car park money" over the summer, and having just had a tot up, we've got £36!!!

    I'd suggest the OP checks their household contents insurance ASAP to see what limits they have for cash in the house.   Could only be £500 or so.   If they're happy to take the "risk" (of which there are many), then that's up to them.
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)
  • molerat
    molerat Posts: 34,528 Forumite
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    Pennylane said:
    molerat said:
    I am trying to think what you could possibly need £20K in cash sitting in the house for.  I have just counted all the cash I have and it came to £16.40 including the bags of 1p and 2ps !

    who said anybody had £20k sitting  in their house? 

    Sorry, misread. But several K in cash is still a bit strange !


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