Time to check those £20 notes - Money - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Time to check those £20 notes

Time to check those £20 notes

Category: Money

Updated: 17/06/2010
First Published: 17/06/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Now might be a good time to have a rummage down the back of the sofa, as the deadline for when the £20 Elgar banknote ceases to become legal tender is fast approaching.

The Bank of England has reminded savers and spenders that the £20 carrying the image of composer Sir Edward Elgar is set to be withdrawn from circulation on 30 June – less than two weeks away.

After that date, the notes are less likely to be accepted in payment or in change.

However, for several months after the 30 June, most banks, building societies and Post Offices should still accept the old version for deposits to customer accounts and for other customer transactions, although this will be at the discretion of the particular institution.

Consumers that cannot find an outlet that accepts their £20 Elgar, or those who are lucky enough to find a dusty version in years to come, should worry not though, as the Bank of England has said it will always give value for the notes, as it does with any banknotes it has issued.

The note, which was first issued in June 1999, has gradually been replaced by the Adam Smith £20 note, which was originally circulated in 2007.

In 2009-10, there were some 1.5 billion £20 notes in circulation, making it the most common banknote.

Find the best savings rates for you - Compare savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Brits overspent on Christmas by £3.8bn

The festive season has well and truly come to an end, and the January Blues have taken over. This has no doubt been partly brought on by excess spending over the Christmas period – and considering how much people overspent, it’s little wonder.

Have your financial habits changed?

2016 was certainly a turbulent year, and it's had a notable impact on household finances. Indeed, research shows that recent events have influenced the way over half of UK respondents manage their finances, with many becoming more cautious.

Kids got £180 in pocket money in 2016

New research has revealed that kids aged 4-14 received an average of £180.44 in pocket money over the last year, which was topped up by an additional £47 on average received in cash over the Christmas period.
 
Close