Prize Bonds: are they kosher?

vanla sighs

I'm just wondering about Prize Bonds. Are they kosher? I'm asking because a couple of years ago we invested about €6000 in Prize Bonds but never won anything, no surprise there. Then one day I phoned them up out of curiosity to ask whether all numbers go into each and every prize draw, as I wasn't sure whether that was the case, and was told yes. I may have been asked for my numbers or maybe not, can't recall exactly. However, the very next week we won an amount of money. Pure coincidence? Probably I guess.

I'm wondering can we trust the Prize Bonds regulator - the NTMA if I'm not mistaken, I mean look at the former banking regulator!!! We still have some money in Prize Bonds but of course never win, lol. It seems there is very little transparency when it comes to winners etc.

By the way, I am not saying Prize Bonds are fixed - I am simply asking a question and relating our experience with them. Thanks.

RR2026

Same here, I had Prize Bonds worth 3500 and for last 4 year but never had any winning numbers - 2 weeks ago, I rang them looking for the 'return forms' - she asked for full details and very next week I won 75 Euro .... coincidence? Probably ?? not sure !!.

D-Generate

Can I ask why you have Prize Bonds at all? It is a lottery and frankly lotteries are for idiots. Sure you might hit that elusive £1m prize but from what I most often read is that you will end up not winning anything of size comparable to the rate of return on other Fixed Income bonds.
The purchasing power you had with €3500 four years ago was significantly stronger back then than it is now due to inflation.

Prize Bonds to me are basically akin to buying a lottery ticket each week with the price of a ticket equal to the amount lost due to inflation and poor interest rates.

RoadKillTs

Don't know how you can compare prize-bonds to lottery tickets.

Firstly you get your money back, secondly interest rates on deposit accounts are crap and thirdly we are going through a period of deflation at present so imo prize-bonds are a good idea at the moment.

RR2026

Any Chance, if Prize Bonds draws are fixed --Unlikely ??

D-Generate

RoadKillTs wrote: »

Don't know how you can compare prize-bonds to lottery tickets.

Firstly you get your money back, secondly interest rates on deposit accounts are crap and thirdly we are going through a period of deflation at present so imo prize-bonds are a good idea at the moment.

Our rate of deflation for the past two years wouldn't cover the rates of inflation that have occurred since the prize bonds were incepted 4 years ago.

A fixed term deposit account should get you around 1.5% to 2.0% rate of interest if not more which to me is better than having the possibility of having no return on your initial savings. If you are buying bonds you want a fixed income and as such I don't know how anyone could subscribe to the notion that having a possibility of winning a €1,000,000 possibly outweighs the even higher probability of winning nothing. Does anyone know if Prize Bonds provide information as to what the annual equivalent rate averaged across all bonds is?

Oh one thing that prize bonds do have which is handy is tax free winnings... if you win. I think on fixed term deposits you are also able to be exempt from DIRT up to a certain limit, I am open to correction on this though.

In regards to the OPs question, I really don't know if they are legit. I would like to think they are but it is massively coincidental that the two of you have had similar experiences.

Fighting Irish

D-Generate wrote: »

Can I ask why you have Prize Bonds at all? It is a lottery and frankly lotteries are for idiots. Sure you might hit that elusive £1m prize but from what I most often read is that you will end up not winning anything of size comparable to the rate of return on other Fixed Income bonds.
The purchasing power you had with €3500 four years ago was significantly stronger back then than it is now due to inflation.

Prize Bonds to me are basically akin to buying a lottery ticket each week with the price of a ticket equal to the amount lost due to inflation and poor interest rates.

There's always one

D-Generate

Fighting Irish wrote: »

There's always one

Do elaborate...

Jesus Wept

They are very lucky according to the ad I saw on tv last night.
I'm inclined to believe them.