Shoppers urged to refuse paper £10 notes on last day to spend

first_imgRBS/NatWest has said it will continue to accept old £10 notes from its own customers after March 1.Santander also said it will allow customers to deposit old £10 notes into their accounts after March 1, as did Barclays, Lloyds Bank, Halifax, Bank of Scotland, HSBC and Nationwide Building Society.The withdrawal of the old paper tenner means that the Bank of England’s legal tender £10 notes, as well as its £5 notes, are made from polymer, while its current £20 and £50 notes are paper.The Bank’s next £20 note, to be issued in 2020, will be made from polymer. the new £10 note featuring Jane Austen Martin Kearsley, banking services director at the Post Office – which has 11,600 branches across the UK, has said: “Thanks to an agreement with all UK high street banks, everyone can deposit cash and cheques, including any old notes, into their usual high street bank account at their local Post Office branch.” Jenni Allen, head of money at the consumer group Which?, said that while customers had “no need to panic”, they would do well to ask cashiers to give them alternative changes if they had any concerns about the inconvenience of being stuck with the notes. “Certainly after the 1st of March you’d be well within your rights not to accept an old note. But before that, I think it’s reasonable to ask for an alternative value of notes – so asking for two £5 notes if you didn’t want to get stuck with an old £10 note. “Many banks, building societies and post offices will take them after 1 March but I just think it’s about being practical, and seeing if they can give you your change with an alternative not which I think in a lot of cases will be possible – but there’s no need to panic.”center_img After Thursday, the new note featuring Jane Austen will be the only Bank of England £10 note with legal tender status.The Bank of England previously announced that it would withdraw legal tender status of the Darwin banknote, which was first issued nearly 18 years ago in November 2000, at 11.59pm on March 1.Some banks and building societies may still accept paper £10 notes after March 1, but this is at their own discretion.The Bank of England will continue to exchange Darwin £10 notes for all time, as it would for any other Bank of England note which no longer has legal tender status.Major banks have said they will continue to accept deposits of the old paper tenner from their own customers after March 1.People can also take their old £10 notes to the Post Office, which is also still accepting account deposits of the old “round pounds” and old paper Bank of England fivers. The new £10 note featuring Jane AustenCredit:Chris J Ratcliffe/Reuters Customers given old £10 notes have been urged to ask retailers to swap them with alternative currency.After 1 March, old paper £10 notes will cease to be legal tender as they have been replaced with the new and more robust polymer notes, featuring Jane Austen, that were introduced last year to reduce the amount of counterfeit money in circulation. According to the Bank of England, about 200 million old Charles Darwin paper banknotes remain in circulation.Retailers will still be able to give them out as change on Thursday, but after that they will no longer be accepted in shops. This means that customers might get stuck with the old currency after the deadline – and will have to take them to a bank or a Post Office to be changed.last_img