Martin Lewis’ website Money Savign expert is warning people who have cash lying around in a money jar or piggy bank.
There are concerns that the rainy day piggy bank you have could become worthloess if you don’t act.
The Liverpool Echo reported that the issue was raised in the latest Money Saving Expert newsletter which warned there was £1.4bn in old and unspendable notes and coins out there, that could be languishing in people’s coin jars.
New figures from the Bank of England have revealed the full scale of the unspendable notes in England, while Royal Mint data has unveiled the number of coins around the UK.
There are 114 million Bank of England £5 paper notes and 76 million Bank of England £10 paper notes still out there, according to the Bank. Meanwhile, the Royal Mint says there are around 109 million old round pound coins that have yet to be returned.
This means there’s a combined at least £1.4 billion in cash that’s technically unspendable.
But thankfully there are ways to make your cash spendable again.
The team said: “Your bank may swap or deposit old paper notes and coins.
“Banks don’t legally have to accept old paper notes and coins once they’ve been withdrawn from circulation.
“However, some may continue to allow you to swap them while others may let you deposit old notes and coins into your account.
“The Post Office will also deposit old paper notes and coins into your bank account, which you can then withdraw.”
People with old £5 or £10 notes can swap them for polymer versions at the Bank of England itself, either in person or via the post.
But the Bank of England nor the Royal Mint will accept old coins.