Bank of England warns Brits as millions of £20 and £50 notes wont be valid soon

There are just 100 days left to either spend or cash in paper £20 and £50 notes.

The Bank of England urged Brits to check their money pots and savings for any notes lying around.

It is estimated more than £6billion worth of paper £20 notes are still tucked away in wallets and old trouser pockets.

READ MORE: More than six in ten Brits relying on credit and finance options now more than ever

And it believes there are around £8bn worth of £50 notes in circulation.

It's been a year since the Bank issued the polymer £50 featuring scientist Alan Turing to complete the revamp of £5, £10 and £20.

His image replaced Matthew Boulton and engineer James Watt while the £20 with JMW Turner replaced Adam Smith in 2020.

Both paper notes will no longer be legal tender on September 30, the Bank of England said.

And after this date, it means you won't be able to spend them in stores.

The Bank of England is encouraging anyone who still has them to use or deposit them during these last 100 days.

Chief cashier Sarah John said: "Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable.

"The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we're asking you to check if you have any at home."

She added: "For the next 100 days, these can still be used or deposited at your bank in the normal way."

It is thought that more than 300million individual £20 banknotes and 160m paper £50 banknotes are still in circulation.

Former Bank of England governor Mark Carney said: "Polymer notes are safer than paper notes and last more than twice as long."

The polymer banknotes are not without issues though.

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