youthmoney

Young people are users of cash. And contrary to the dominant media assumptions, many save money. They need to know that a £20 note is going to be withdrawn from circulation in less than a fortnight.

It’s the one with composer Edward Elgar on it. It looks like this

From the end of June 2010, the note will no longer be legal tender. That makes it much less likely that it will be accepted for payment in shops. The Bank of England says that for several months after the end of June most banks, building societies and Post Offices will accept the Elgar £20 notes for deposit to customer accounts and for other customer transactions. “However, agreeing to exchange notes is at the discretion of the individual institution.”

Anyone who is really stuck can always get an exchange direct from the Bank of England. Turn up on the doorstep of the old lady’s  gaff in Threadneedle Street, London. Or send a note by post (at your own risk) to Dept NEX, Bank of England, Threadneedle Street, London EC2R 8AH.