Time to check your £20 notes! - Money - News - Moneyfacts


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 your £20 notes!

Time to check your £20 notes!

Category: Money

Updated: 27/04/2010
First Published: 27/04/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Savers and spenders alike have been told to dig out their old £20 notes, as the deadline after which the so-called Elgar banknote ceases to be legal tender nears.

The Bank of England has confirmed that the £20 banknote carrying the portrait of composer Sir Edward Elgar is to be withdrawn from circulation from 30 June this year.

After that date, which is less than ten weeks away, the note will no longer be legal tender, and is therefore less likely to be accepted in payment, or in change, in retail outlets.

For several months after the deadline, most banks, building societies and Post Offices should accept Elgar £20 notes for deposit to customer accounts and for other customer transactions.

Agreeing to exchange the notes for non-customers is at the discretion of the individual institution, although the Bank of England said it will always give value for these notes, as well as all other banknotes it has issued.

The Elgar £20 note has been gradually replaced by the Adam Smith £20 note, which was introduced in 2007.

Since 8 March, the number of Elgar banknotes in circulation is estimated to have fallen from 150 million (worth £3bn) to 125 million (£2.5bn).

There are approximately 1.5 billion £20 notes (£30bn) in circulation.

Find the best savings account for you - Compare best selling 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 Any products featured may be withdrawn by their provider or changed at any time.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

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.

How much could it cost to get fit in 2017?

We’re almost a week into 2017, and hopefully, many of those New Year’s Resolutions are still going strong. Figures suggest that the most popular resolution is to achieve a healthier lifestyle, but just how much could that ambition set you back?