Quite a few Scottish banknotes can be taken out of circulation later this yr.
Clydesdale Financial institution, Financial institution of Scotland and the Royal Financial institution of Scotland can be eradicating the previous paper £20 and £50 notes in favour of the brand new polymer variations.
Polymer notes value £50, which comprise illustrations of Sir Walter Scott and Flora Stevenson, have been round in Scotland since final yr.
The £20 polymer notes have been in circulation in Scotland since 2020.
Right here is every little thing you want to know in regards to the ultimate date of circulation for the paper notes and what occurs should you miss the deadline.
When will paper £20 and £50 banknotes be taken out of circulation in Scotland?
Each the £20 and £50 paper banknotes can be taken out of circulation in Scotland after September 30, 2022.
The design of the polymer notes is alleged to boost safety towards counterfeits.
“Polymer banknotes are manufactured from a clear plastic movie, specifically coated with an ink layer that allows it to hold the printed design characteristic of banknotes”, the Committee of Scottish Bankers (CSCB) explains.
Financial institution of England can be phasing out its personal £20 and £50 paper notes after September 30.
What occurs after the deadline?
The CSCB says that Scottish paper notes will proceed to be accepted - regardless of the discover to withdraw them from circulation.
Scots have been inspired to take their remaining paper notes to their native financial institution department to trade them for credit score on their account, as some retailers could refuse them.
“All of the Scottish banks will start to withdraw paper notes from circulation because the polymer notes are issued”, the CSCB mentioned.
“These notes will proceed to be honoured, nonetheless, when you've got any of those notes you need to take these to your department/financial institution for credit score to your account.”
Financial institution of Scotland has informed prospects that they'll deposit their paper financial institution notes into their account as regular following the September 30 deadline.
Non-Financial institution of Scotland prospects will be capable of trade their paper notes for the brand new polymer variations as much as a price of £250.
Paper variations of £20 and £50 Financial institution of England notes must be utilized by the September 30 dates, as they'll not be authorized tender.
Do not miss the most recent information from round Scotland and past - Signal as much as our every day e-newsletter right here.