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Prize bonds value

  • 08-08-2018 7:48pm
    #1
    CiDeRmAn
    Moderators, Category Moderators, Computer Games Moderators, Society & Culture Moderators Posts: 34,679 CMod ✭✭✭✭


    I've been left 44 year old prize bonds worth £45 old money.
    What sort of money are they worth now, is it simply face value or have they accrued anything over the years?


Comments

  • #2
    EverythingGood
    Registered Users, Registered Users 2 Posts: 2,003 ✭✭✭EverythingGood


    They don' accrue. IRL £45 is approx €57. £1 = €1.27.


  • #3
    Spocker
    Moderators Posts: 6,900 ✭✭✭Spocker


    I recently transferred some Prize Bonds I got from my own Dad eons ago in IRL£ to my own son, and there was just a straight IRL£->EUR conversion on the value. No accrual as EverythingGood said, but it might be worthwhile checking the numbers, to see if there are any unclaimed winnings : https://www.statesavings.ie/prize-bonds ; see Check my Numbers, but it only goes back six months, you can always ring them as ask for them to check


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    Prize Bonds are part of the national debt but instead of paying interest direct to investors as happens with regular Govt. Bonds (also known as 'gilts'), the payout to Prize Bond investors is via the prize draws. The nominal value never changes and you can redeem than at any stage for the original value. Clearly inflation is the downside for this type of investment, especially if you never win a prize.


  • #5
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    @Spocker, how did you transfer them? The company that looks after Prize Bonds is a nightmare to deal with. I was trying to transfer bonds and they basically told me it was not possible. You cash them and rebuy. Is that what you did?


  • #6
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    Transfer (of any Govt. savings bond) is only possible in the event of the death of the holder and where the executor asks that they be transferred to a named individual entitled to receive them. Otherwise they have to be cashed.

    See clause 17.2 on page 9 .....

    https://www.statesavings.ie/StateSavings/media/PDFs/NSB-General-terms-Conditions.pdf


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  • #7
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    @coylemj, that is the exact scenario I found myself and they were impossible to deal with.


  • #8
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    Makenzie Colossal Mariner wrote: »
    @coylemj, that is the exact scenario I found myself and they were impossible to deal with.

    Ok but I guess they (Fexco) would see as an exercise in paperwork which yields them nothing. If I was an executor, I wouldn't bother attempting a transfer, I'd just cash them and lodge the money into the executor account.

    Someone in my family notified them of a change of address a few years ago and sent back the Prize Bonds with their new details. The people in Fexco simply stuck on a label with the new address and sent the original bonds back. So a pretty amateurish and low-cost operation by the looks of it. Which is probably why they got the business in the first place, it used to be run by Bank of Ireland from an office in Mount St, Dublin.


  • #9
    Spocker
    Moderators Posts: 6,900 ✭✭✭Spocker


    Makenzie Colossal Mariner wrote: »
    @Spocker, how did you transfer them? The company that looks after Prize Bonds is a nightmare to deal with. I was trying to transfer bonds and they basically told me it was not possible. You cash them and rebuy. Is that what you did?

    For the Prize Bonds transfer, I just got the form from here: https://www.statesavings.ie/help-support/help-articles/how-do-i-add-names-to-the-title-of-my-state-saving
    filled it in, and just sent it off in the post with all the original bonds. My kids got the reissued bonds back in the post a few weeks later, and I received a letter saying the transfer was complete.

    Caveats: my kids already have Prize Bonds, and already in the State Savings system for AML, etc


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