The deadline to use both the paper £20 and £50 notes before they officially go out of circulation has been revealed.
The paper £20 and £50 notes are following the same route as the £10 and £5 ones, which have been replaced by plastic alternatives in a process that's been going on since 2015.
The new versions are made out of polymer plastic which are said to be more difficult to counterfeit, more environmentally friendly and last double the time of their paper predecessors.
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These notes also have tactile features that allow the blind and partially sighted to use them.
Oh, and they're able to withstand a cycle in the washing machine, which I think we can all agree is a great advantage.
After 30 September 2022, you'll no longer be able to spend these paper notes anywhere, meaning this is the last Christmas you'll get to use them.
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A statement from the Bank, as per the Mirror, said: "Have you started Christmas shopping? Retailers can still accept your paper £20 and £50 notes until 30 September 2022."
While it's probably a good idea to get rid of them soon, don't fret too much, as you can trade old bills at any bank and most Post Offices.
Alternatively, you can post them to the Bank of England and have the money either deposited in your account or given back to you in new notes if it's under a certain amount.
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Although be warned that the BoE has said you're responsible for any loss or damage, so it would be wise to get the envelope tracked and signed for.
You'll also need to have a UK bank account to be able to trade them in after the deadline.
The new polymer plastic £20 bill, which features the artist J.M.W. Turner, has been in circulation since February 2020, while the £50 one featuring Alan Turing went into circulation in June 2021.
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Back in September, the BoE estimated there to be approximately £9 billion worth of paper £20 and £15 billion worth of paper £50 notes still in circulation.
This figure was no doubt bolstered by the fact that the COVID-19 crisis has made it difficult to spend cash as most places have urged contactless/card payments to reduce the level of contact.
But as said, you've still got plenty of time before the deadline to spend your paper bills and even if you don't manage it you can exchange them.
Words: Daisy Phillipson
Topics: UK News, Bank of England, Money, cash