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Prize Bonds

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  • 23-06-2014 4:19pm
    #1
    greengirl31
    Registered Users Posts: 416 ✭✭



    Just looking for a bit of money advice ….

    I recently received a bit of back pay in my wages and after I’vepaid my Credit card I have about €1000 left … I know if I leave this in mycurrent account It’ll be gone before I know it so I’m looking for options. I want to put it in an account that I can getto if I absolutely have to if I need it but not an account that I can transfer easily if I’m getting close to my OD limit !!! I was thinking about a post office deposit account…. Then I saw the prize bonds. Would anyone recommend these as a method of saving ??




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    #2
    tenifan
    Closed Accounts Posts: 523 ✭✭✭tenifan


    Yea why not. Interest on savings in deposit accounts is so low at the moment that it's all the one whether you have the money in a current account, deposit account, credit union or post office.
    It's still state guaranteed.

    One thing to note is you must hold them for 3 months before you're allowed to cash them in.

    Also, if you have any debt whatsoever (car loan, store cards, etc) pay off the debt first before buying prizebonds or "saving".


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    #3
    Doodah7
    Registered Users Posts: 3,753 ✭✭✭Doodah7


    Have a look at this thread. Some tremendous analysis has been carried out on the efficacy of prize bonds as a means of saving and making a meaningful return on an investment in them:

    http://www.askaboutmoney.com/showthread.php?t=182819&highlight=prize+bonds


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    #4
    greengirl31
    Registered Users Posts: 416 ✭✭greengirl31


    Hmmmmm ... Might be better in a deposit a\c


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