Now may the time to dig them out even if it means digging down the back of the sofa, as they have recently been removed from circulation.
The bank note, which features a portrait of classical composer Sir Edward Elgar, was officially removed from circulation on 30 June 2010 – 11 years after it was first issued in 1999. Newer-style £20 notes, featuring philosopher and economist Adam Smith, will continue to be legal tender.
Not to worry though, if you still have some around the house. Although the Elgar note technically ceased to be legal tender at the end of June this year, the Bank of England has reassured people that they should be able to spend or exchange the notes for some time afterwards.
“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 customer transactions,” advises Andrew Bailey, the Bank of England’s Chief Cashier.
Jackie Grigg, Director of local charity Money Advice & Community Support (MACS) assured all clients that their money was safe, no matter how old.
If you do encounter any difficulties offloading your twenties, the Bank of England has a policy of exchanging all UK bank notes, no matter how old, for their face value in up-to-date currency. You can exchange either by post or in person at the Bank.
£5 note returns to cash points
As the Bank of England withdraws the old-style £20, it was revealed this week that the institution backs the return of £5 notes to cash machines.
ATM operator Bank Machine has rolled out £5-only cash points at 21 sites across the UK, including Manchester, Oxford, Cardiff and Portsmouth, to meet demand for the smaller denominations. The cash machines are available in certain branches of Martin McColl newsagents and are free to use.
Jackie Grigg says: “There is cast-iron proof that cash –and small denominations in particular – help people to budget, especially now during these financially stretching times.”
Ms Grigg says MACS has “several projects under way to meet public demand for more £5 notes.”
