Deposits of £20 and £50 notes to attract 2% charge - Banks

£20 and £50 notes will cease to be legal tender from 30 September 2022

Deposits of notes £20 and £50 notes will attract a charge of 2%.

£9 billion worth of paper £20 and £15 billion worth of paper £50 notes still in circulation

Depositors of the £20 and £50 paper notes in some commercial banks in Ghana will begin to pay a 2% charge effective September 30, 2022, asaaseradio.com has reported.

According to the portal, the development comes after a statement was issued to customers on the move.

“…The Bank of England has formally withdrawn the £20 and £50 paper notes from circulation. In view of this, kindly be informed that the old £20 and £50 notes will cease to be legal tender from 30 September 2022." Asaase Radio quoted.

“Hence, deposits of these notes will attract a charge of 2%. This charge is in line with what the Bank of Ghana (BoG) charges banks for depositing GBP paper notes at BoG…),” the portal added.

The Bank of England has announced that it will be withdrawing the legal tender status of the paper £20 and £50 notes after 30 September 2022,

According to the Bank of England, there are approximately £9 billion worth of paper £20 and £15 billion worth of paper £50 notes still in circulation.

As they are returned to the Bank of England, these are being replaced with the new polymer £20 notes featuring J.M.W. Turner, and polymer £50 notes featuring Alan Turing.

After 30 September 2022, the new polymer notes will be the only ones with legal tender status.

Meanwhile, after September 30, 2022 people with a UK bank account will still be able to deposit withdrawn notes into their account.

Also, some Post Offices may also accept withdrawn notes as payment for goods and services or as a deposit to an account accessed via them.