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Prize Bonds

  • 24-07-2008 2:44pm
    #1
    gaz wac
    Registered Users, Registered Users 2 Posts: 1,333 ✭✭✭


    Hi Lads,

    Just wondering what your views are. I have 30k in the credit union that I wont need for the next few years, should I put it into a 3yr or 5yr bond with one of the banks or..... buy prize bonds for one year..and if no luck, just cash them in and then put it into a bond with a bank? I only loose a year! Just liking the idea that I would get alot of prize bonds for that cash and just might come out with somthing big/small as a prize?

    Anway, your views please

    p.s if I do decide to take my cash out after the year, I defo get the whole 30k back, yea?

    Cheers
    Gaz


Comments

  • #2
    gaz wac
    Registered Users, Registered Users 2 Posts: 1,333 ✭✭✭gaz wac


    Hi lads,

    Anyone got any comments?

    Thanks


  • #3
    [Deleted User]
    Posts: 281 ✭✭ [Deleted User]


    Hi Gaz,

    I think the reason you have not got a reply is because you are little bit short on detail.

    Why have you not considered a high yield deposit account? What is the attraction of the 3 or 5 year bond with the bank (I presume these are tracker bonds?)?

    The prize bonds are a punt on 'winning' some interest but, yes, you do get the full €30K back.

    It might be a good idea to sit down and plan if you may need to call on this cash in the short, medium or long term and then develop a savings/investment strategy from there, depending on what your attitude to risk is etc.


  • #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    http://www.boi.ie/personal/savings_and_investment/savings/18_month_frd/index.html

    8% gross over 18 months. On 30k that should turn into a nice sum.


  • #5
    kenny1986
    Closed Accounts Posts: 1 ✭kenny1986


    Deleted User wrote: »
    Hi Gaz,

    Hello Gerard..

    Would you recommend putting 30k+ into a 5 year savings bond as an investment.. i was put onto first active with theyre auto pilot bond??

    Should i go with that or go else where ??

    anybody with any suggestions at all id like to hear from you.

    Thankin you:D


  • #6
    OfflerCrocGod
    Registered Users, Registered Users 2 Posts: 6,334 ✭✭✭OfflerCrocGod


    stepbar wrote: »
    8% gross over 18 months. On 30k that should turn into a nice sum.
    5.26% EAR; I'd be looking at more then that for an account with those restrictions!


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  • #7
    Scottie99
    Registered Users, Registered Users 2 Posts: 1,289 ✭✭✭Scottie99


    They say prize bonds work out at 4.6% over a 12 months period and is tax free.


  • #8
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Scottie99 wrote: »
    They say prize bonds work out at 4.6% over a 12 months period and is tax free.

    I'd question that one TBH.
    OfflerCrocGod wrote: »
    5.26% EAR; I'd be looking at more then that for an account with those restrictions!

    You'd get it hard to find better. But good luck if you can. Let me know because I would be interested.


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