Time to dump Prize Bonds

skippy2

After the recent announcement I for one have decided enough is enough. Time to dump Prize Bonds. The banks have now taken managed to get their dirty hands into them also, albeit in a roundabout way. Is nowhere safe from there money grabbing paws. Maybe if everyone cashes in their prize bonds An Post might sit up and take notice. Once again the spineless Government of Edna Kenny rolls over for the banks

bri007

I am cashing mine out this week, it will pay towards my holidays and a course

d@rk l0rd

Cashed them in ages ago, found them a total waste of money!

king02

Why cash them in now. They are no different than they were five years ago.
I for one like to get the letter every now and again with Killorglin, Co Kerry on the top left corner of the envelope. You know its from the prize bond company, you have a good idea its going to be a cheque for 50 euro but you still have the 30 seconds when it goes through your mind that it might be a decent prize.

BloodBath

And then realise it always isn't and that you are losing money with the prize bonds rather than gaining any.

hfallada

Do you get what they were worth when you got them or is their value now?

NinjaTruncs

king02 wrote: »

Why cash them in now. They are no different than they were five years ago.
I for one like to get the letter every now and again with Killorglin, Co Kerry on the top left corner of the envelope. You know its from the prize bond company, you have a good idea its going to be a cheque for 50 euro but you still have the 30 seconds when it goes through your mind that it might be a decent prize.

The prize amounts and odds of winning changed earlier this year. So not exactly the same as the last 5 years

king02

Prize Bonds are always worth what they cost to purchase. You can encash them with 7 days notice once they are invested 3 months. More than can be said for a lot of investments made in the last 10 years. I do not by any means have a huge amount invested in prize bonds but I generally average 4 to 5 cheques(50 euro I admit) per year. It won't make me rich I know but I would prefer to have it in prize bonds than in a bank deposit account at the moment.

bonzos

Am I right that the more people that cash in the prize bonds the better the chance those who don't cash in have of winning?

NinjaTruncs

In theory yes, however is enough people cashed in their bonds to affect the odds of winning a prize, I would imagine the number of prizes would be adjusted.

bonzos

Todays development only affects the €1m prize which lets face it you have a very small chance of winning anyhow....the chance of winning the other prizes remain the same. Maybe they should have a €500k prize every month instead.

Qualitymark

It's puzzling that they should halve the number of €1m prizes (only six per year now) at a time when there are more people than ever saving their money in Prize Bonds.
They've always seemed to me to be a sensible way of saving your money - you're investing in the country, and the chance of winning a prize is worth it, especially with the bank interest so pointless at the moment.
I wonder if they've cut the prizes to try to force people into the lotto, where your money is lost once you've gambled with it; an inestimably worse deal for the citizen, and free money for the government.

moneymad

king02 wrote: »

Prize Bonds are always worth what they cost to purchase. You can encash them with 7 days notice once they are invested 3 months. More than can be said for a lot of investments made in the last 10 years. I do not by any means have a huge amount invested in prize bonds but I generally average 4 to 5 cheques(50 euro I admit) per year. It won't make me rich I know but I would prefer to have it in prize bonds than in a bank deposit account at the moment.

Inflation?

The J Stands for Jay

Why do people say they've "invested" in Prize Bonds? Shouldn't they be saying they've lent money to the government in return for a refundable raffle ticket?

Qualitymark

McGaggs wrote: »

Why do people say they've "invested" in Prize Bonds? Shouldn't they be saying they've lent money to the government in return for a refundable raffle ticket?

Isn't investment always like that?

socratesden

I got a letter today from the prize bonds company wanting to update my details with them. They want my pps number.

Did anyone else get that letter?

I have a monthly direct debit with the Prize Bond company. Are they only looking for pps numbers for regular bond purchasers?

What happens if a person withdrew their savings from the bank and put them into bonds. Will they also be asked for their pps number?

ravima

I also buy regularily, but by cheque. I got a cheque returned recently that I could get my ID proved. I've been buying for years with no problem, so perhaps they are tightening up on checking ID's

ScottStorm

I buy intermittently online and have never been asked for my pps number nor would I be impressed were they to ask me.

gordongekko

ScottStorm wrote: »

nor would I be impressed were they to ask me.

why?

ScottStorm

gordongekko wrote: »

why?

In order to loan money to our government at very little and recently diminished chance of any return I have already proved them with more than enough personal information.

gordongekko

ScottStorm wrote: »

In order to loan money to our government at very little and recently diminished chance of any return I have already proved them with more than enough personal information.

im sure if you heard drug dealers or mafia or a terrorist group were laundering money through prize bonds you would be ask why did they not at least look for some id.

ScottStorm

gordongekko wrote: »

im sure if you heard drug dealers or mafia or a terrorist group were laundering money through prize bonds you would be ask why did they not at least look for some id.

That wouldn't concern me in the slightest, what concerns me is further intrusions upon my freedoms.

ozzie3032

A raffle ticket is a purchase that CANNOT be exchanged once bought with a view to winning a prize of some kind, a prize bond can be cashed in after a 3 month waiting period and YOUR ORIGINAL SUM OF MONEY RETURNED.

ITS NOT ROCKET SCIENCE

Qualitymark

ScottStorm wrote: »

That wouldn't concern me in the slightest, what concerns me is further intrusions upon my freedoms.

I'd be concerned about the same, ScottStorm, but I can't *really* see the Government wanting to know who's saving money in Prize Bonds as a huge incursion.

How would you feel if, for instance, you discovered that the Loyalist Hatred Force and Kill-the-Taigues Secret Brotherhood had stashed their arms-buying millions in Prize Bonds, and nobody knew because it was utterly anonymous?

(I know this is a bit of a whataboutery, but really, why *shouldn't* the Government be able to know who's investing with it?)

adr1984

Does anybody know where u can find out what prize bonds are worth if they were bought over 20 years ago its only a £50 cheque but I know its in my name? The thing is the flipin thing got misplaced on me.

RayCarley

adr1984 wrote: »

Does anybody know where u can find out what prize bonds are worth if they were bought over 20 years ago its only a £50 cheque but I know its in my name? The thing is the flipin thing got misplaced on me.

I'd say if you filled out this form with as much detail as you can and post/email it into the address at the bottom, they should be able to tell you what you have:
http://www.statesavings.ie/Downloads/CS_StatementRequestForm.pdf