€25k invested in prize bonds

Agent Smyth

Well feck that!!!

tuisginideach

There's not much left to cut at this stage, is there????

The million is down to twice a year ... :(:(
Interest Rate change for Prize Bonds announced

On 28th July 2017, the NTMA announced a reduction in the rate used to calculate the monthly prize fund from 0.85% to 0.50%. The weekly prize structure from August 2017 is as follows:

€1 Million Prize awarded on the last draw of June and December

€50,000 awarded each week, other than when the €1 Million prize is awarded
€1,000 x 10 prizes
€500 x 10 prizes
€50 x over 3,500 prizes

So 3521 prizes as opposed to c7500?????? Please tell me my sums are wrong????

Agent Smyth

I'm reckoning if this was todays draw there would be only 3892 prizes

Cork Lass

Definitely time to rethink

Harry Palmr

It's still safer than the banks, think of it as a bank not a potential source of effort free riches.

WhiteMan32

Damn!

If you go to post #2803 of this thread, you will see details of the previous PBs interest rate reductions...along with my sadly but true prediction of what the next reduction would most likely turn out to be.....

I presume there will now be further interest rate reductions across the other State Savings products too?

tuisginideach

And the 'prediction' award goes to WhiteMan32

Agent Smyth

Harry Palmr wrote: »

It's still safer than the banks, think of it as a bank not a potential source of effort free riches.

Thats one of the reasons I have money in PBs, I refuse to put money into any Irish bank other then what I have to

Negative_G

Just saw the notice in the Indepdent. A real kick in the teeth.

Not sure there is much point in staying in with a rate of 0.50%.

TheQuietFella

http://www.independent.ie/business/irish/number-of-top-1m-price-bond-draws-reduced-again-35976514.html

Time to cash out!

Agent Smyth

It's a week since I last did one, my how time flies when your having fun (not)
So here goes my guesstimation of wins per holdings per year based on the new .5% rate

€100,000 = 7 wins
€50,000 = 3 wins
€25,000 = 2 wins
€10,000 = 1 win every 2 years
€5,000 = 1 win every 3 years
€1,000 = 1 win every 14 years

Cork Lass

Agent Smyth wrote: »

It's a week since I last did one, my how time flies when your having fun (not)
So here goes my guesstimation of wins per holdings per year based on the new .5% rate

€100,000 = 7 wins
€50,000 = 3 wins
€25,000 = 2 wins
€10,000 = 1 win every 2 years
€5,000 = 1 win every 3 years
€1,000 = 1 win every 14 years

That is seriously depressing :eek:

tuisginideach

If I didn't have young dependants, I think I'd just blow it all on the trip of a lifetime (and a cleaner!)

Cork Lass

This weeks message:

"Sorry, you have no new winners"

I reckon we'll be seeing a lot more of this from now on.

pbwinner

Winnings on 28th July 2017: €0
Last win 7th July 2017: €50
Total winnings on €25k from Feb 2011 to date: €2400
2011: €75 x 4 €300
2012: €75 x 6 €450
2013: €50 x 12 €600
2014: €50 x 9 €450
2015: €50 x 5 €250
2016: €50 x 5 €250
2017: €50 x 2 €100

pbwinner

TheQuietFella wrote: »

http://www.independent.ie/business/irish/number-of-top-1m-price-bond-draws-reduced-again-35976514.html

Time to cash out!

"[font=Georgia, serif]There is more than €3bn invested in Prize Bonds at the moment. The amount of money put into the bonds is up from last year.[/font]
[font=Georgia, serif]Reducing the proportion of the prize fund that is paid out in prizes will mean that the total pay-outs a year will now come down to around €15.5m.[/font]
[font=Georgia, serif]Last year around €28m was paid out in prizes."

Yup, I think so :-P[/font]

tuisginideach

In Aug 2014 I returned loads of small batches and got a new batch of €47700. It has won now and again - until now:
€50 14th July
2 X €50 21st July
€50 28th July.


Very odd but not complaining :):) Sorry that my petition for everyone else seems to have fallen on deaf ears. I'd say this board will become very quiet.

Agent Smyth

tuisginideach wrote: »

In Aug 2014 I returned loads of small batches and got a new batch of €47700. It has won now and again - until now:
€50 14th July
2 X €50 21st July
€50 28th July.


Very odd but not complaining :):) Sorry that my petition for everyone else seems to have fallen on deaf ears. I'd say this board will become very quiet.

I have a batch €48500
11 wins in 2015 €550
12 wins in 2016 €650
nothing sofar in 2017:(

tuisginideach

Swings and roundabouts so - I won €300 on it 2015 and €400 on it 2016 and €300 (so far- ... and probably no further) in 2017.

dxhound2005

I had a winner today from a block of 12 (€75) which I got in April 2011.

Congratulations you have new winners.
Draw Date
Prize Value
Bond Number
28 July 2017
€50
PD984146

A quick glance over the winners shows two close together in two counties. There must be dozens if not hundreds every week. There were 7 winners in Down and it looks like 2 of them were the one person. Onwards and upwards for Longford after I raised their plight a while back. 45 winners today, more than I can recall in any past draw.

50 NE595606 DOWN
50 NE595740 DOWN

50 RW107375 WESTMEATH
50 RW107571 WESTMEATH

Sligo Quay

Nothing today, last win on €30k batch 2 June €50
Last win on €20k batch 31st March €50.
€20k batch purchased August 2015 total wins on €20k batch €400euro.
€30k batch purchased June 2016 total wns on €30k batch €350euro.

100 bonds purchased between 1985 - 1990, €75euro win in 2012 and €75euro win in 2013.
Today's announcement on the reduced prize fund my 32 year relationship with prize bonds maybe finally coming to an end,maybe time to say goodbye

Negative_G

Has anyone else given any consideration to any other 'investment' options?

I currently have 70k in since February 2015 and only recently broke €1k return.

With the new rates I would be willing to accept a little more risk for a better return.

The new rates are a disgrace to be honest.

dxhound2005

Agent Smyth wrote: »

It's a week since I last did one, my how time flies when your having fun (not)
So here goes my guesstimation of wins per holdings per year based on the new .5% rate

€100,000 = 7 wins
€50,000 = 3 wins
€25,000 = 2 wins
€10,000 = 1 win every 2 years
€5,000 = 1 win every 3 years
€1,000 = 1 win every 14 years

Those odds seem about right. And by extension, out of any group of 100 bond holders with €1,000 each, around 7 of them will win over the next year. As will around 7 out of 1,000 with €100 each.

Bubbaclaus

Negative_G wrote: »

The new rates are a disgrace to be honest.

Not really. No point in the State paying an interest rate larger than what they can get it the open market. Just needlessly costing the taxpayer money otherwise.

Negative_G

Bubbaclaus wrote: »

Not really. No point in the State paying an interest rate larger than what they can get it the open market. Just needlessly costing the taxpayer money otherwise.

How do you know its costing the taxpayer money?

ytpe2r5bxkn0c1

Negative_G wrote: »

How do you know its costing the taxpayer money?

The State A.K.A. The Taxpayer is paying the interest rate on the bonds that makes up the prize money. They can obtain cheaper funds elsewhere.

Bubbaclaus

Negative_G wrote: »

How do you know its costing the taxpayer money?

Where do you think the prizes come from?

Negative_G

Bubbaclaus wrote: »

Where do you think the prizes come from?

To be honest. I had assumed that the money used to purchase bonds would've been invested elsewhere in order to provide a some form of a return.

You learn something new everyday.

I can think of far worse things which are a burden on taxpayers than the rather frugal winnings that are issued to prize bond holders.

ytpe2r5bxkn0c1

Negative_G wrote: »

To be honest. I had assumed that the money used to purchase bonds would've been invested elsewhere in order to provide a some form of a return.

You learn something new everyday.

I can think of far worse things which are a burden on taxpayers than the rather frugal winnings that are issued to prize bond holders.

I don't think you realise that there is approx. €3billion in Prize Bonds, representing 1% of National Debt. A 1% reduction on the interest rate is €30Million per annum and we can certainly borrow elsewhere at multiples of that saving at present.

pwurple

Does anyone here know where to complain about prize bonds?

We moved house a couple of times, and we mislaid the envelope containing prize bonds given to my kids by relatives when they were babies. Total value, just over 1000 euro.

I wrote to the prize bonds in 2015, gave them names and address, officially changing our address on their systems, and asked them to do a search for issued bonds. Letter came back, saying "We have not located any prize bonds registered in the names you provided , at the addresses you provided". I filed it away for reference in case if I ever found them.

This morning, I found the envelope, it had fallen into another file. The names and addresses exactly match what I had given them.

I am going to cash out of course now, because I have no faith whatsoever in them, but I want to highlight this case to an ombudsman or similar. What is my route?

ninja edit to add, These were bonds taken out in 2011. No prizes notifications in 6 years on ~ €1000.