Prize Bonds

MagicSean

What benefit, if any, do prize bonds provide to the buyer or to the economy.

oppenheimer1

Ever heard of wikipedia? http://en.wikipedia.org/wiki/Prize_Bond

Winty

You can win a lot of money and the state can use your money to pay poor people on the dole

Inquitus

I assume you have to check your prize bonds to claim winnings, and had the few hundred euro worth my kids were bought by relatives, that I have never checked, won money, it has long been eaten by the state due to the fact I have lost the bit of paper, moved since they were issued etc. ????

MagicSean

oppenheimer1 wrote: »

Ever heard of wikipedia? http://en.wikipedia.org/wiki/Prize_Bond

I wasn't aware we were supposed to use wikipedia before boards.ie

oppenheimer1

Well you seemed to be looking for information about what Prize bonds are. This is a discussion forum, not a fact finding service.

MagicSean

No I was looking for their benefits.

Winty

Inquitus wrote: »

I assume you have to check your prize bonds to claim winnings, and had the few hundred euro worth my kids were bought by relativesQUOTE]

Update your address and they will contact you if you win, its not like the Lotto they contact you

Winty

k_mac wrote: »

No I was looking for their benefits.

The benefits are you cant loose, you get your money back when you want to leave, the only drawback is inflation, if you put E100 in 2010 its still E100 in 2050 even with the cost of living going up and up

bamboozle

Winty wrote: »

The benefits are you cant loose, you get your money back when you want to leave, the only drawback is inflation, if you put E100 in 2010 its still E100 in 2050 even with the cost of living going up and up

for the above reasons i regard prize bonds as an absolute waste as they do not take into account the time value of money.

Winty

bamboozle wrote: »

for the above reasons i regard prize bonds as an absolute waste as they do not take into account the time value of money.

That is not what I found, I have £5,000 English bonds and ever year I win on average 2 x £75 prizes, no UK bank would pay me £150 interest on £5000 and the chance to win £1,000.000

JoeB-

It's not fair to say that inflation robs your prize bonds... if you lodge money in the bank and withdraw it in fifty years it's still the same amount.

If you leave any interest gained on your bank deposit in the bank then your money increases... but if you buy new prize bonds with your winnings then your prize bonds increase also ...

RichardAnd

I've had prize bonds for the last 15 years and I've never won a penny . They probably aren't providing much to the economy but they hardly do any harm.