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Prize bonds , how they work ? Laymans terms!

  • 05-03-2013 1:13am
    #1
    ronanc1000
    Registered Users, Registered Users 2 Posts: 818 ✭✭✭


    How do prize bonds works if i use all my savings for them will I lose money?
    I've a couple of thousand in savings..:pac:
    Do I lose any money to buy these for the draw each week is my main question?
    Thanks for helping
    Ronan


Comments

  • #2
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    ronanc1000 wrote: »
    How do prize bonds works if i use all my savings for them will I lose money?
    I've a couple of thousand in savings..:pac:
    Do I lose any money to buy these for the draw each week is my main question?
    Thanks for helping
    Ronan

    You buy the prize bonds with your savings and each week they are all entered into a draw. You are free to withdraw your money after holding them for 3 months. You wont lose money unless you take into account inflation which will reduce the real value of your savings over time.

    With that said you could get lucky and win some prizes, but check out the other threads on this forum relating to PB's, i wouldnt be counting on getting much in the way of a return.


  • #3
    Mort5000
    Registered Users, Registered Users 2 Posts: 419 ✭✭Mort5000


    ronanc1000 wrote: »
    How do prize bonds works if i use all my savings for them will I lose money?

    Yes, at the rate of inflation.

    How about picking another type of bond that has an actual return, in place of loaning the government money for free?

    Savings and Investments


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