Prize Bonds nonsense

luckat

Went to the post office last week to buy my regular prize bond. (Great way of saving: you can't get at the money easily, and you just might win.)

I discovered that the apparatchiki had taken over: I had to produce a PRSI number, passport and driving licence, and an official document (apparently an ESB bill is one) addressed to me at my home address.

Fished around, and happened to be carrying all of these things.

This week I went to a different post office, and was told that I needed not just my RSI number but the white card which, apparently, our beloved government sent to me at some stage. ???

Both post offices said these were new EU rules; however, the Premium Bonds site in Britain doesn't have any of this nonsense - you can even buy the bonds online.

Is the government determined that people won't invest in it, and how much is it likely to lose from this unbelievably stupid carry-on?

grumpytrousers

Over-stringent adherence to anti-money-laundering legislation, innit!

y'see, you could be a terrorist trying to buy prize bonds with dirty money and then flog em back and it's very plausible that somebody would do this in fivers and....

mike65

This was covered on RTE Live Line last week - good show.

Its something to do with tax dispite the fact Prize Bonds are free of both income and dirt tax. It seems many tickets are sold to non-nationals who may be liable to tax in thier own country. Its an EU thing. Of course Logic says Lotto ticks and scratch cards should also require proof not to mention bets placed in a bookies...!

Mike.

grumpytrousers

. It seems many tickets are sold to non-nationals who may be liable to tax in thier own country.

Bastards!!!Who do they think they are?!?Not only do they come over here and take our jobs, but now they have the temerity to try and win our raffles.

luckat

Bloody foreigners want to invest in our government now? Harrumph!

If it's so EU, why aren't the British doing it? No sign of any of this crap on the Premium Bonds website, where you can buy bonds online; or you can just walk into any British post office and buy them.

b20uvkft6m5xwg

Originally posted by luckat
I had to produce a PRSI number, passport and driving licence, and an official document (apparently an ESB bill is one) addressed to me at my home address.

Fished around, and happened to be carrying all of these things.

Jaysus, were you a boy scout!

mike65

https://www.prizebonds.ie/online/purchasing/online.asp

not a mention....

Mike.

b20uvkft6m5xwg

Mike that presumes that you already have furnished the requisite info in order to get a CC as oppossed to turning up at a PO w/ a pile of cash and no ID.

They should give details on their site about what ID you do need when you dont buy them online.

mike65

Originally posted by 80project
Mike that presumes that you already have furnished the requisite info in order to get a CC as oppossed to turning up at a PO w/ a pile of cash and no ID.

They should give details on their site about what ID you do need when you dont buy them online.

Fair point.

Mike.

luckat

Apparently the government takes the view that it's not worth the cost of running the prize bonds, for the amount invested.

Doesn't seem to occur to them that the people who buy prize bonds might not put their money into the government in another way, if the prize bonds option is taken away!

...now where was that website for the Brits' premium bonds....?

RainyDay

The online purchasing form doesn't mention anything about ID requirements at all. I bought some online last year and didn't have to submit any ID. Maybe they rely on the fact that they can link to online purchases to a credit card, and track your identity through that (though they might be on dodgy grounds with data protection legislation - data can only be used for the purpose intended).

Just a general point - they aren't really a great savings mechanism. The value of your savings is losing money through inflation every day. The chances of winning are slim, and the quoted 'average' return of 2.6% is heavily weighted by the tiny number of big winners.

luckat

No, this is a new thing; it's only been required to show all your birthmarks for about a fortnight.

Yeah, I know it's not a good way of saving under normal circs. But bank interest is *so* low at the moment that I'd sooner buy Prize Bonds.

For me, it's a good way to save; my tax money is safe from my greedy little hands because it's a nuisance to cash in the bonds - but at the same time you *can* win. I have, oh, maybe 500 worth, and won 75 last year.

Sure, it would be more sensible to buy a flat in Spain or something, use that for savings; but this is the way I save my tax money at the moment, and I can feel that I'm actually investing in my country as I do so, plus getting a chance to win.

De Rebel

Did you consider setting up a order to purchase every month, paying by direct debit? I do that and its very convenient.

luckat

DeReb, how do you do this? Very handy!

De Rebel

either

phone them on 1850 67 1000

or

go to www.prizebonds.ie then "how to purchase" then "offline" and follow the direct debit link.

I phoned them, they sent out the forms and thats all there was to it. I have varied the monthly amount a couple of times, by just dropping them a letter in the post. Much better than having to visit the post office every month, which I know I would never do.