€25k invested in prize bonds

John arse

did i ever mention about my mother,she won 50 thousand in the early 80s.i think it was the top prize then.

Royal Legend

Quick question, I have a few bonds, but am thinking about buying a substantial amount. So i have a bond number and i check these on-line, but it looks like that i have to apply to be able to buy bonds on-line, is this something everyone has done? do i just fill in the form and send it away and can i then setup a bank transfer to buy the bonds?

Hibernicis

Royal Legend wrote: »

Quick question, I have a few bonds, but am thinking about buying a substantial amount. So i have a bond number and i check these on-line, but it looks like that i have to apply to be able to buy bonds on-line, is this something everyone has done? do i just fill in the form and send it away and can i then setup a bank transfer to buy the bonds?

Assuming that you are talking about this form  https://www.statesavings.ie/media/pdf/iss-online-registration-form-a4-11092018?ext=.pdf then yes you probably need to complete it and send it off. You could include a full set of AML documents (Proof of Name, Proof of Address and Proof of PPSN) if you haven’t supplied them previously to avoid further delays. You will then be set-up for online purchase. Note that online purchase requires a Debit Card. Credit Cards and Bank Transfers are not accepted.

Bubbaclaus

Has anyone tried to get a statement of account for Prize Bonds before? Any idea how long it takes?

soc

Bubbaclaus wrote: »

Has anyone tried to get a statement of account for Prize Bonds before? Any idea how long it takes?

Yes. I did a few months ago. Filled in this form https://www.statesavings.ie/media/pdf/ss_statementrequestform
I think it took about 2-3 weeks to get information back from them.

pbwinner

Winnings on 21st August 2020: €0
Last win 19th June 2020 2020: €50
Total winnings on €25k from Feb 2011 to date: €3000
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 4 €200
2018: €50 x 2 €100
2019: €50 x 6 €300
2020: €50 x 2 €100

PB2018

Wins on 21st August 2020: €0
Last win - 10th July 2020: €50
Weeks since last win: 6
€134k invested in prize bonds since July 2017
Win ratio: 20 wins in 164 weeks (12%)
2017 (Jul-Dec): 5 x €50 = €250
2018 (Jan-Dec): 4 x €50 = €200
2019 (Jan-Dec): 5 x €50 = €250
2020 (Jan-date): 6 x €50 = €300

Hibernicis

Winnings on 21st August €50
Last win: €100 (2x€50)
Weeks since last win: 1

2017 (Jul-Dec) - €100k – 7x€50 = €350
2018 (Jan-Dec) - €200k – 12x€50 = €600
2019 (Jan-Dec) - €250k – 20x€50 = €1,000
2020 (Jan-Aug) - €252k - 18x€50 = €900

adox

Nothing for me this week.

On another note, is it easy to change the account that you buy bonds with and withdraw them to?

Mine is set up with a BOI account. have purchased with their debit card but will probably close the account in a few weeks with their new charges being implemented.

Is there a form or anything to complete to change your default account? I know once I bought some bonds with the BOI card I couldnt buy with any other.

Hibernicis

adox wrote: »

Nothing for me this week.

On another note, is it easy to change the account that you buy bonds with and withdraw them to?

Mine is set up with a BOI account. have purchased with their debit card but will probably close the account in a few weeks with their new charges being implemented.

Is there a form or anything to complete to change your default account? I know once I bought some bonds with the BOI card I couldnt buy with any other.

This form can be used to change the account to which your winnings are paid:
https://www.statesavings.ie/media/pdf/prize-payment-option-form.pdf

If you are redeeming bonds, you enter the details of the account you want the funds to be paid to on the Repayment Form:
https://www.statesavings.ie/media/pdf/prizebonds_repayment_form

The Gibmiester

Bubbaclaus wrote: »

Has anyone tried to get a statement of account for Prize Bonds before? Any idea how long it takes?

I have been waiting two weeks so far, which has delayed my mortgage application, possibly due to Covid. The bank wouldn't accept images of the bonds certificates. State Savings do accept scanned copies of the statement request form by email.

Hopefully withdrawals aren't affected...

Mantis Toboggan

Have had prize bonds for about 2 months now and had my first win today on the double €100.

Nice way to start the weekend.

pbtracker

Winnings on 21st August 2020: €0
Last win : €50 Aug 14th
Investment : €72K
Total winnings to date: €100

diceyreilly

Reinvested close to €33,000.

Has it all on separate bonds ranging from €25 - €2,500.

Not won anything in close to a year.

Hopefully having them on the one sequence might be more profitable

tuisginideach

€50 today!

Bubbaclaus

The Gibmiester wrote: »

I have been waiting two weeks so far, which has delayed my mortgage application, possibly due to Covid. The bank wouldn't accept images of the bonds certificates. State Savings do accept scanned copies of the statement request form by email.

Hopefully withdrawals aren't affected...

Thanks. Emailed it in on Wednesday for the same reasons as yourself, hopefully you get sorted soon!

Sligo Quay

John arse wrote: »

did i ever mention about my mother,she won 50 thousand in the early 80s.i think it was the top prize then.

Always nice to hear the story of big wins. Actually the prize structure in the 1980s when I purchased my first prize bonds, top prize IR100,000 2nd prize IR50,000 3rd prize IR25,000 then two IR10,000, after that I think there was ten IR5,000 and down to a number of IR1,000
IR50,000 in the 1980s you could purchase a house and car but probably do the same with today's 1 million top prize, today's prizes are totally miserable in comparison to prizes in the distance past, but the interest rates back in the 1980s were in double figures, very high interest rates reflected in the prizes in comparison to today's near zero interest rates.
Back to the present, nothing for me this week, only 1 €50 euro win this year in 2020, back in the 1980s and early 90s I actually expected to win, but my expectations are long gone, these days it's false hope, nothing else.

dxhound2005

Sligo Quay wrote: »

Always nice to hear the story of big wins. Actually the prize structure in the 1980s when I purchased my first prize bonds, top prize IR100,000 2nd prize IR50,000 3rd prize IR25,000 then two IR10,000, after that I think there was ten IR5,000 and down to a number of IR1,000

Can you remember how many draws there were? I know there were only two draws a year when it started. That might have continued until 1993. Big prizes but not many chances of winning. Bonds were a really expensive purchase back in the day.

I have W bond from 1980, so there were only about 25 million bonds issued in the first 23 years. Probably far too small a number to support weekly draws.

Deep Thought

So, was considering investing 40k, it seems the return is the same as the State 10 guarantee bond. Is the prize bonds worth doing?

Hibernicis

dxhound2005 wrote: »

Can you remember how many draws there were? I know there were only two draws a year when it started. That might have continued until 1993. Big prizes but not many chances of winning.

Based on the following exchange between Paddy Cooney and Erskine Childers (then Tanaiste and Minister for Health) on 12th July 1972 the draws were changed to Monthly in March 1971.

Quite amusing to see Cooney suggesting that the interest rate to be increased to a “very modest 8%” and Childers witheringly dismissing it and justifying the then current rate of 4.5%. Happy days !

https://www.oireachtas.ie/en/debates/debate/dail/1972-07-12/29/

Mr. Cooney
asked the Minister for Finance if he will increase the value and number of prizes for prize bond draws.

Mr. Childers
The answer is in the negative.

Mr. Cooney
May I point out to the Minister that the actual level of prizes being paid does not represent interest at 8 per cent, which is a very moderate rate of interest in present terms and that, as the inducement to investors to buy prize bonds is the number and level of prizes, would the Minister not consider increasing the prize fund? Remuneration would be considerably less than in the case of an ordinary national loan and it would make it more attractive.

Mr. Childers
The rate of interest is equivalent to 6 per cent gross, standard rate of income tax, and this compares with three months Exchequer bills, which is around 6 per cent, subject to tax, and the fund is repayable on demand. In the opinion of the Minister for Finance, the recent improvements, which commenced in March, 1971, have been reasonably successful in their operation—the increase in the value of prizes, the increase in the rate of interest from 4 to 4½ per cent, net, and draws being held each month, prize bonds on sale all the year round and the fact that a bond may win a prize up to 24 calendar months after the death of a holder. He is of the opinion that these improvements in the scheme are adequate.

Mr. Cooney
While agreeing that these were improvements, would the Minister, in order to encourage saving, which is so important to the national economy, not make further improvements? There is room to do it.

Mr. Childers
Not at the present time.

You might be amused by this exchange on the subject from 1968 between Jimmy Tully (Labour) and Frank Aiken (Tanaiste and Minister for External Affairs)

https://www.oireachtas.ie/en/debates/debate/dail/1968-10-30/5/

Mr. James Tully
asked the Minister for Finance if he will consider introducing a weekly prize bond draw for a substantial prize.

Mr. Aiken
The amount invested in Prize Bonds is not sufficient to justify the holding of a weekly draw.

Mr. M.J. O'Higgins
Would the Minister consider something more frequent than the present draw, say monthly rather than half-yearly?

Mr. Aiken
I am afraid not. The total amount invested is £30 million and weekly or monthly draws would be too constant.

Mr. James Tully
Would the Tánaiste not agree that people might be tempted to invest a little more there rather than in some of the gambles they indulge in?

Mr. Aiken
Ah, well.

Mr. James Tully
"Ah, well" is not an answer.

I've taken a quick look at the Prize Bond related S.I.s (there are a lot of them) to see where this was specified and didn't see anything. On reflection, given the nature of the change, it probably required primary legislation (it could well have been included in the 1971 Finance Act).

ActingDanClark

I know a guy won £100k TWICE back in the 80s. I suspect he still has most of it

dxhound2005

Deep Thought wrote: »

So, was considering investing 40k, it seems the return is the same as the State 10 guarantee bond. Is the prize bonds worth doing?

Two very different products. Ten years ago the notional interest rate used to calculate the Prize Bond prize fund was 3%. Now it is 0.5%, so with average luck you would have won 6 times as many prizes back then. Your 40K will win you 3 x €50 every year with average luck, but you might win nothing. That 0.5% rate could go up or down, but you can get your money out straight away.

If you take your money out of the 10 year bond early, there are very poor returns in the first few years. I would not commit to 10 years, because you are taking a guess at how interest rates will change. They cannot go down much further, and if they go high, it will be a poor long term choice.

I would try Prize Bonds for three years. You might win nothing, but you will have 6,400 "tickets" in 156 draws with around 900,000 prizes. The trouble is that there will be around 600 million tickets in every draw.

The 10 year bond will have added only €200 to your 40K after three years.

Taylor365

Deep Thought wrote: »

Is the prize bonds worth doing?

No. Only somewhere to store cash.

sasta le

Can you buy these from the Post Office?

Mantis Toboggan

sasta le wrote: »

Can you buy these from the Post Office?

Yes

tuisginideach

Nothing today

PB2018

Wins on 28th August 2020: €0
Last win - 10th July 2020: €50
Weeks since last win: 7
€134k invested in prize bonds since July 2017
Win ratio: 20 wins in 165 weeks (12%)
2017 (Jul-Dec): 5 x €50 = €250
2018 (Jan-Dec): 4 x €50 = €200
2019 (Jan-Dec): 5 x €50 = €250
2020 (Jan-date): 6 x €50 = €300

pbtracker

Winnings on 28st August 2020: €50
Last win : €50 Aug 14th
Investment : €72K
Total winnings to date: €150

adox

Nothing for me.

pbwinner

Winnings on 28th August 2020: €0
Last win 19th June 2020 2020: €50
Total winnings on €25k from Feb 2011 to date: €3000
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 4 €200
2018: €50 x 2 €100
2019: €50 x 6 €300
2020: €50 x 2 €100