As you will have seen, today (20 February), the Bank of England has launched the new £20 polymer banknote. In Scotland, Clydesdale and Bank of Scotland will release theirs the following week and RBS on 5 March. Northern Ireland will release theirs later this year.
With £42 billion’s worth of £20 notes in circulation in the UK, within eight weeks we expect half of the notes coming back into our cash centres to be the new polymer note.
The new £20 notes are cleaner, safer and stronger than paper notes. Polymer notes also provide enhanced counterfeit resilience and increase the quality of notes in circulation.
The familiar paper £20 notes will remain legal tender for the time being. The Bank of England has not yet published a date when they will withdraw legal tender status.
More information can be found in Branch Focus.