€25k invested in prize bonds

lorenzo87

jrmb wrote: »

You make your first purchase at the post office. It's just like opening any other savings account - you need proof of identity, address and PPS number.

When you get the certificate in the post, you'll be able to buy more online using your debit card.

You can make your first purchase online too.
I opened in the post office, gave them all the necessary documentation.
But then when I bought 160 units online, they rang me and told me they didn't have my documentation. It took a whole bloody month to get it sorted. Bought on December 15th, got them today in the post. Even when they received the documentation on the 9th of January they never sent out my bonds, they waited til I rang.. Not happy with their customer service, not one bit.

sasta le

These tax free winnings?Also having your ops number involved would this go against you if you had to claim welfare in the future

lorenzo87

sasta le wrote: »

These tax free winnings?Also having your ops number involved would this go against you if you had to claim welfare in the future

You can have €20,000 in savings and would still be entitled to the same welfare benefits. Any more than that and I think you wouldn't.

Taylor365

lorenzo87 wrote: »

You can make your first purchase online too.
I opened in the post office, gave them all the necessary documentation.
But then when I bought 160 units online, they rang me and told me they didn't have my documentation. It took a whole bloody month to get it sorted. Bought on December 15th, got them today in the post. Even when they received the documentation on the 9th of January they never sent out my bonds, they waited til I rang.. Not happy with their customer service, not one bit.

Usually takes 2 weeks for my bonds to find their way to my door using a DD at the start of every month. :rolleyes:

Wonder which draw they actually go into...

Negative_G

I've been following this thread for quite some time and I am finally going to take the plunge.

With the interest rates on offer for fixed term deposit accounts at the moment coupled with having to pay DIRT makes them a very unattractive option with poor return. I remember signing up to an 18 month regular saver account with BOI back in 2007. Needless to say, that rate didn't last too long. I'm willing to take my chances with bonds for a short-medium period.

My problem is that I currently do not have a chequebook and would like to avoid having to acquire one for the sake of using one cheque. The funds will be coming from PTSB and I'm looking to invest quite a large amount in one go with minimal fuss. To the best of my knowledge they can't issue cheques on behalf of account holders.

I note on the statesavings website that it does not mention the use of Bank drafts. This is my only option apart from cash (which I want to avoid at all costs). Has anyone had any success with paying for bonds with Bank Drafts?

eamonn147

Negative_G wrote: »

I've been following this thread for quite some time and I am finally going to take the plunge.

With the interest rates on offer for fixed term deposit accounts at the moment coupled with having to pay DIRT makes them a very unattractive option with poor return. I remember signing up to an 18 month regular saver account with BOI back in 2007. Needless to say, that rate didn't last too long. I'm willing to take my chances with bonds for a short-medium period.

My problem is that I currently do not have a chequebook and would like to avoid having to acquire one for the sake of using one cheque. The funds will be coming from PTSB and I'm looking to invest quite a large amount in one go with minimal fuss. To the best of my knowledge they can't issue cheques on behalf of account holders.

I note on the statesavings website that it does not mention the use of Bank drafts. This is my only option apart from cash (which I want to avoid at all costs). Has anyone had any success with paying for bonds with Bank Drafts?

As far as I know in the post office they accept a bank draft best of luck.

jrmb

You can pay by credit/debit card at the post office counter

Negative_G

Thank you for the quick responses. Hopefully they will accept a bank draft, I don't know why they would have reason not to. I'll call them tomorrow and confirm.

I'm aware that they take credit/debit cards. Unfortunately I only have a debit card and there is a maximum daily limit of €1500 for all transactions, so I'd rather avoid the ordeal of maxing out my limit for days on end, not to mention the inconvienance of having to visit the post office on several occasions.

Thargor

Its a bank draft, it tells you exactly who to make it out to on the application form you fill out.

bp_me

Negative_G wrote: »

Thank you for the quick responses. Hopefully they will accept a bank draft, I don't know why they would have reason not to. I'll call them tomorrow and confirm.

I'm aware that they take credit/debit cards. Unfortunately I only have a debit card and there is a maximum daily limit of €1500 for all transactions, so I'd rather avoid the ordeal of maxing out my limit for days on end, not to mention the inconvienance of having to visit the post office on several occasions.

It's one trip to the post office then once you get the account number you can buy online with your debit card.

lorenzo87

What time does the draw take place on a Friday lads?

CarpeDiem85

^12.30 I think.

robwen

Negative_G wrote: »

I've been following this thread for quite some time and I am finally going to take the plunge.

With the interest rates on offer for fixed term deposit accounts at the moment coupled with having to pay DIRT makes them a very unattractive option with poor return. I remember signing up to an 18 month regular saver account with BOI back in 2007. Needless to say, that rate didn't last too long. I'm willing to take my chances with bonds for a short-medium period.

My problem is that I currently do not have a chequebook and would like to avoid having to acquire one for the sake of using one cheque. The funds will be coming from PTSB and I'm looking to invest quite a large amount in one go with minimal fuss. To the best of my knowledge they can't issue cheques on behalf of account holders.

I note on the statesavings website that it does not mention the use of Bank drafts. This is my only option apart from cash (which I want to avoid at all costs). Has anyone had any success with paying for bonds with Bank Drafts?

Yes I payed for mine via bank draft from BOI made out to myself last October

tuisginideach

No win today sadly

pbwinner

Winnings from last three draws: €0
Last win 3rd October 2014: €50
Total winnings since Feb 2011 on €25k: €1850

lorenzo87

Nothing today here either, but I'm in it for the long haul.

Total Bonds: €1,100

sleepyheadh

lorenzo87 wrote: »

Nothing today here either, but I'm in it for the long haul.

Total Bonds: €1,100

If you are in it for the long term, you should really look at a different option. You are looking at maybe getting a return of 20euro per annum.

lorenzo87

sleepyheadh wrote: »

If you are in it for the long term, you should really look at a different option. You are looking at maybe getting a return of 20euro per annum.

Go tell that to the guy that won a million, or the guy that won 50k today.

sleepyheadh

That is exactly how the are tricking you. The million is counted in the return, so the 1.95 whatever the apr is is not actually that.. So you probably won't even earn 20quid a year

lorenzo87

sleepyheadh wrote: »

That is exactly how the are tricking you. The million is counted in the return, so the 1.95 whatever the apr is is not actually that.. So you probably won't even earn 20quid a year

So how has PBwinner earned €1,850 in around 3+ years?
Christ go away. Shoo.
If I make nothing, I don't care! It's a savings account to me, any return is a bonus. You get horrendous interest from the banks, and they bore the life out of me.

Taylor365

lorenzo87 wrote: »

So how has PBwinner earned €1,850 in around 3+ years?
Christ go away. Shoo.
If I make nothing, I don't care! It's a savings account to me, any return is a bonus. You get horrendous interest from the banks, and they bore the life out of me.

When you have a sizable amount (€10K+), updates could actually have a winner in them.

Your updates will be 5 years of 'Nothing Today'..maybe even more! :pac:

I'm in he same boat though. Might have something sizable to report on in 2 years :P

sleepyheadh

if you think about it for a minute guys you can see that you are making a terrible decision!

The rate quoted on the site is 1.25%. This of course includes the 6 one million euro prizes, which are equivialant to 20,000 50euro prizes. On yes 6 people every year are making a million, but everyone else is getting f*&ked. If you invest 10k stand to earn 1.25 interest. Nationwide are currently given 2.2%.

And that is not taking account of the fact that you could earn nothing. It is a game of chance, with a big flashy prize that you don't stand a chance of winning to trick people who do not understand basic maths into parting with there money.

PBwinner would have earned 1,600 in interest if he had just put it in the bank. or he could have won 50 quid, but you obvisously only see the winning aspect of the game.

There are 338million prize bonds, and you expect to win the million??? 1 in 338,000,000 chance. Play the lotto, you have a better chance of winning!

Thargor

sleepyheadh wrote: »

if you think about it for a minute guys you can see that you are making a terrible decision!

The rate quoted on the site is 1.25%. This of course includes the 6 one million euro prizes, which are equivialant to 20,000 50euro prizes. On yes 6 people every year are making a million, but everyone else is getting f*&ked. If you invest 10k stand to earn 1.25 interest. Nationwide are currently given 2.2%.

And that is not taking account of the fact that you could earn nothing. It is a game of chance, with a big flashy prize that you don't stand a chance of winning to trick people who do not understand basic maths into parting with there money.

PBwinner would have earned 1,600 in interest if he had just put it in the bank. or he could have won 50 quid, but you obvisously only see the winning aspect of the game.

There are 338million prize bonds, and you expect to win the million??? 1 in 338,000,000 chance. Play the lotto, you have a better chance of winning!

Are you talking to someone with only one bond? Because I dont think anyone like that exists in this thread and thats the only person that statement in bold makes sense to.

Did you subtract DIRT and fees from Nationwides 2.2%? Not so pretty after that. This thread is a response to the dire returns for savers at the minute, Prize Bonds are an okay place to park a lump sum that you cant lock up for 10 years on state savings and dont want to risk it in the increasingly dodgy looking markets, thats all. Nobody is using it as an actual investment strategy.

I once got a manager in Anglo Irish bank in Galway to give me 7% for a year on a 20k lump sum during the good times, if rates were even half as good as that this thread would be a ghost town, as it is its just a bit of craic while savers wait for things to improve.

lorenzo87

sleepyheadh wrote: »

if you think about it for a minute guys you can see that you are making a terrible decision!

The rate quoted on the site is 1.25%. This of course includes the 6 one million euro prizes, which are equivialant to 20,000 50euro prizes. On yes 6 people every year are making a million, but everyone else is getting f*&ked. If you invest 10k stand to earn 1.25 interest. Nationwide are currently given 2.2%.

And that is not taking account of the fact that you could earn nothing. It is a game of chance, with a big flashy prize that you don't stand a chance of winning to trick people who do not understand basic maths into parting with there money.

PBwinner would have earned 1,600 in interest if he had just put it in the bank. or he could have won 50 quid, but you obvisously only see the winning aspect of the game.

There are 338million prize bonds, and you expect to win the million??? 1 in 338,000,000 chance. Play the lotto, you have a better chance of winning!

Who here said they expect to win the million? Not one of us.
You say we should do the lotto, you do realise if you do a 4 euro quick pick for a year that would cost you €416 per annum. Good work professor, I'll take a free stab at a million instead of paying €416. Also, that 2.2% is a big pile of nonsense, the end figure is much less than that.

CarpeDiem85

I used to buy a scratchcard or lotto ticket every week and never won a thing. It ended up as another ball of paper in the bin. At least with PBs, I still have money in the pot and a chance of winning something. It'll get me started with saving a college fund too. My bank are only giving 0.88% interest on savings accounts at the minute.

lorenzo87

CarpeDiem85 wrote: »

I used to buy a scratchcard or lotto ticket every week and never won a thing. It ended up as another ball of paper in the bin. At least with PBs, I still have money in the pot and a chance of winning something. It'll get me started with saving a college fund too. My bank are only giving 0.88% interest on savings accounts at the minute.

That would be €9 interest a year on my initial €1,100.
I'll take my chances with the bonds. If I ever won one 50 euro prize, I'd be happy. As I said, it is 99.9% to save money and forget about it, as I find it's too easy to take money out of the banks.

sleepyheadh

CarpeDiem85 wrote:

I used to buy a scratchcard or lotto ticket every week and never won a thing. It ended up as another ball of paper in the bin. At least with PBs, I still have money in the pot and a chance of winning something. It'll get me started with saving a college fund too. My bank are only giving 0.88% interest on savings accounts at the minute.

A college fund? Jesus Christ are you American. You are able to move back by the way it's not written in stone! How old are you? Old enough to buy a lotto ticket but not in college?

CarpeDiem85

A college fund for my child! I already have the t-shirt.

XrayMike235

Winnings since mid November: €100

[€50 on 28th Nov 2014 & 09th Jan 2015]

Date of previous win: 07th November 2014: €50.

Total winnings since Feb 2008 on €18k: €1800

Negative_G

I was sucessful today with my bank draft. I rang the state savings office prior to going in and they did confirm that they accept them so it was a relatively efficient process.

I've invested 50k. I would be happy to leave it there for a year and take my chances. I might not win a penny but as I and others have said, current rates on offer from the banks are awful. The meagre interest earned then is hit by DIRT which adds further insult to injury. I haven't the knowledge or time to commit to stocks/shares, so for me this is a risk free way to potentially see modest returns whilst always having peace of mind.

I guess I just have to wait for my confirmation letter to arrive so hopefully will be processed in time to be in the next draw.

I'll post results if and when they happen!