Prize Bonds

greengirl31

Just looking for a bit of money advice ….

I recently received a bit of back pay in my wages and after I’vepaid my Credit card I have about €1000 left … I know if I leave this in mycurrent account It’ll be gone before I know it so I’m looking for options. I want to put it in an account that I can getto if I absolutely have to if I need it but not an account that I can transfer easily if I’m getting close to my OD limit !!! I was thinking about a post office deposit account…. Then I saw the prize bonds. Would anyone recommend these as a method of saving ??

tenifan

Yea why not. Interest on savings in deposit accounts is so low at the moment that it's all the one whether you have the money in a current account, deposit account, credit union or post office.
It's still state guaranteed.

One thing to note is you must hold them for 3 months before you're allowed to cash them in.

Also, if you have any debt whatsoever (car loan, store cards, etc) pay off the debt first before buying prizebonds or "saving".

Doodah7

Have a look at this thread. Some tremendous analysis has been carried out on the efficacy of prize bonds as a means of saving and making a meaningful return on an investment in them:

http://www.askaboutmoney.com/showthread.php?t=182819&highlight=prize+bonds

greengirl31

Hmmmmm ... Might be better in a deposit a\c