Savings Bonds 11th Issue / Certs 16 Th Issue

11.3 SECONDS

Since 2006 An Post made two changes to the limits for Savings Bonds. (Likewise Savings Certificates.)

Firstly, the maximum holding is now Euro 120,000 and that is clear.

Secondly, they introduced a rule to say " that the reinvestment of exisitng accounts on maturity will be excluded for the purpose of calculating the maximum investment limit except where the holder subsequently purchases or seeks to purchase further Savings Bonds or Savings Certificates ".

Does anyone know anything about that second rule relating to limits ?

I read that second rule to mean the following ;

(1) You can only buy new savings bonds up to a maximum holding of Euro 120,000.

(2) You can have as much as you like in savings bonds holdings as far maturing bonds that are being reinvested are concerned. In other words, reinvested bonds are not subject to the upper limit of Euro 120,000.

(3) In summary, you can hold Euro 120,000 in savings bonds and as much as you like over that in matured bonds that are being reinvested.

Any thoughts please ? A mate of mine is having a bit of bother with An Post in trying to get clarification of this and that are not very quick to answer any letters either !

Reyman

Outside the topic - but why on earth would you put that kind of money in Savings Bonds ? The interest rate doesn't compare with what you will get nearly anywhere else