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Time to cash in those £20 notes

PUBLISHED: 15:46 27 May 2010 | UPDATED: 16:49 01 July 2010

People are reminded they have just a month left to spend or exchange old £20 notes.

From June 30, the £20 note carrying a picture of composer Edward Elgar will be withdrawn from circulation.

People are reminded they have just a month left to spend or exchange old £20 notes.

From June 30, the £20 note carrying a picture of composer Edward Elgar will be withdrawn from circulation. A new note, with a picture of economist Adam Smith was introduced in 2007.

The number of Elgar notes has already diminished but people are reminded to have a final check at home for the old notes which can be paid into a personal bank account or used as cash payment over the coming month.

After June 30 the Elgar note will no longer have legal tender status and will be less likely to be accepted in payment, or in change.

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

Agreeing to exchange the notes for non-customers is at the discretion of the individual institution. The Bank of England will always give value for these notes (and all other banknotes the bank has issued).

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