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80k in prize bonds, good option?

  • 27-11-2018 8:53pm
    #1
    Registered Users Posts: 14 ✭✭✭ EnlightenedApe


    I have 80k that I need to put somewhere. I ideally want to make some money but have been looking around and there is very little interest on offered anywhere....

    Is prize bonds a good options, as in the best option there is without risk?

    One thing I dont like with prize bonds is there doesnt seem to be any kind of website I can logon and check status/value.

    Any other options someone could recommend?


Comments

  • Registered Users Posts: 5,888 ✭✭✭ Fighting Tao


    80k in prize bonds will be worth 80k regardless of when you wish to check them so no website is really needed.

    The only way to increase your money is by winning prizes and winning is not guaranteed.


  • Registered Users Posts: 14 ✭✭✭ EnlightenedApe


    80k in prize bonds will be worth 80k regardless of when you wish to check them so no website is really needed.

    The only way to increase your money is by winning prizes and winning is not guaranteed.

    How quick is it to convert prize bonds back to cash?


  • Registered Users Posts: 5,888 ✭✭✭ Fighting Tao




  • Registered Users Posts: 14 ✭✭✭ EnlightenedApe


    Does anyone recommend any savings or deposit account over prize bonds?


  • Registered Users Posts: 17,288 ✭✭✭✭ Thargor


    The only thing that elevates Prize Bonds above total junk level is that they're relatively safe and you get the same mild buzz as doing a scratch card every Friday when you check the draw results after lunch (the website allows you to do this with a couple of clicks), apart from that the prizes have been cut down so much in recent years that you basically dont win anything, at all.

    Ive had most of my house deposit that I cant afford to risk in the markets sitting in Prize Bonds for 2 years now similar to the amount you're talking about "investing" and Ive won about €250 (5 * €50) in that time, so basically the overtime my boss asked me to do as a favour this Saturday and Sunday will defeat the total return Ive made on gifting 75 grand for years to some crowd in Kerry, they're a bad joke like most savings options these days.


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  • Registered Users Posts: 14 ✭✭✭ EnlightenedApe


    Thargor wrote: »
    The only thing that elevates Prize Bonds above total junk level is that they're relatively safe and you get the same mild buzz as doing a scratch card every Friday when you check the draw results after lunch (the website allows you to do this with a couple of clicks), apart from that the prizes have been cut down so much in recent years that you basically dont win anything, at all.

    Ive had most of my house deposit that I cant afford to risk in the markets sitting in Prize Bonds for 2 years now similar to the amount you're talking about "investing" and Ive won about €250 (5 * €50) in that time, so basically the overtime my boss asked me to do as a favour this Saturday and Sunday will defeat the total return Ive made on gifting 75 grand for years to some crowd in Kerry, they're a bad joke like most savings options these days.

    Seems pointless, could save the time filling out forms and bringing them in.


  • Registered Users Posts: 17,980 ✭✭✭✭ _Brian


    Prizes have been cut to a level where winning anything is unlikely.

    We’ve €40k in and if it’s getting 1% it would be tops.


  • Registered Users Posts: 2,116 ✭✭✭ koutoubia


    I have put some money into Prize Bonds and my thoughts are is that A) it's not going to cost you anything albeit what you put on is what you can get back out eg put 20k into Prize Bonds and in say 5 years you still have 20k and B) there is a small small chance of getting something back in winnings where as in a deposit/savings account that doesn't happen and could easily cost you money.


  • Registered Users Posts: 17,288 ✭✭✭✭ Thargor


    Just FYI OP, your money is locked up for the first 3 months after you buy PBs, after that you can cash out whenever you want.


  • Registered Users Posts: 14 ✭✭✭ EnlightenedApe


    Thargor wrote: »
    Just FYI OP, your money is locked up for the first 3 months after you buy PBs, after that you can cash out whenever you want.

    Thanks


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  • Registered Users Posts: 10,928 ✭✭✭✭ phantom_lord


    koutoubia wrote: »
    I have put some money into Prize Bonds and my thoughts are is that A) it's not going to cost you anything albeit what you put on is what you can get back out eg put 20k into Prize Bonds and in say 5 years you still have 20k and B) there is a small small chance of getting something back in winnings where as in a deposit/savings account that doesn't happen and could easily cost you money.

    20k in five years isn't worth the same as 20k now. I'm sure there's deposit accounts that beat prize bonds for returns.


    Anyway makes no sense for the state to offer returns for prize bonds when NTMA have been selling bonds at negative yields.


  • Registered Users Posts: 4,423 ✭✭✭ worded


    Get a few K in Uk proze bonds while you are at it?

    https://www.nsandi.com/

    I’ve won Feck all with UK ones and a few 100 on irish PBs


  • Registered Users Posts: 17,209 ✭✭✭✭ dxhound2005


    I have 80k that I need to put somewhere. I ideally want to make some money but have been looking around and there is very little interest on offered anywhere....

    Is prize bonds a good options, as in the best option there is without risk?

    One thing I dont like with prize bonds is there doesnt seem to be any kind of website I can logon and check status/value.

    Any other options someone could recommend?

    With average luck €100K in Prize Bonds will win €350 in a year. No guarantees. I got a letter from my work Credit Union today advising that the dividend will be 0.25% subject to DIRT. That would be about €155 on €100K. And you cannot hold €100K because they brought in an upper limit of €40K last year. The simple fact is that financial institutions and State Savings do not want more deposits.

    If I had €100K to put away for a year I would not care if it did not turn into €100,155 or €100,350. But I would take my chances with Prize Bonds just for the chance of taking part in 52 draws.

    There are plenty of ways to make money with money, but any fair comparison with Prize Bonds must be risk free and instant access. Remembering that most products are subject to DIRT this is a list of what is out there. Not much to be made, but safer than BitCoin.

    https://www.askaboutmoney.com/threads/savings-best-buys.90481/


  • Registered Users Posts: 882 ygolometsipe


    I think its fair to say you will almost certainly loose money in prize bonds.

    The real issue is you don't know what to do with your money.

    In my view
    making money is <1% of the problem, keep it is the other >99%

    If you did noting with it, you will lose about 15K in the next 10 years
    if eurozone inflation remains at ~2%. if it goes up, you loose more.
    @5% inflation, you will have lost half.

    So either learn a lot about keeping it, or loose it.
    Best bet is to pay a trusted financial adviser to plan for you.


  • Registered Users Posts: 4,423 ✭✭✭ worded


    I think its fair to say you will almost certainly loose money in prize bonds.

    The real issue is you don't know what to do with your money.

    In my view
    making money is <1% of the problem, keep it is the other >99%

    If you did noting with it, you will lose about 15K in the next 10 years
    if eurozone inflation remains at ~2%. if it goes up, you loose more.
    @5% inflation, you will have lost half.

    So either learn a lot about keeping it, or loose it.
    Best bet is to pay a trusted financial adviser to plan for you.

    Yes. Ask Gay Byrne or Twink etc
    Or The manager of the base city rollers etc

    Bitcoin and HODL IMHO


  • Registered Users Posts: 882 ygolometsipe


    worded wrote: »
    Yes. Ask Gay Byrne or Twink etc
    Or The manager of the base city rollers etc

    Bitcoin and HODL IMHO

    Ah yeah gay got shafted alright (no pun intended)

    Did he just give his FA all his money and ask no questions or did the guy fake the quartly reports...ok im off to google it.
    If he duped gay with fake results, thats pretty ****ty.
    Not sure about twinks story..


  • Registered Users Posts: 17,288 ✭✭✭✭ Thargor


    Poor Gay has been shafted over and over again by all accounts from Eircom back in the day to property speculation and sticking it all in bank shares circa 2008, he said in an interview after he came back to do that religious show that he has to keep working as he's been cleaned out. That house on the cliff in Howth is a good emergency fund for him though.


  • Registered Users Posts: 1,282 ✭✭✭ scheister


    Thargor wrote: »
    Poor Gay has been shafted over and over again by all accounts from Eircom back in the day to property speculation and sticking it all in bank shares circa 2008, he said in an interview after he came back to do that religious show that he has to keep working as he's been cleaned out. That house on the cliff in Howth is a good emergency fund for him though.

    Gay his first advisior Russell Murphy embazzled his money. Think the losses were put at £160,000. That was in the 80's. Then in the boom Gay put most the money is the safe share that were anglo. he lost 90% of that money.


  • Registered Users Posts: 548 ✭✭✭ paulers06


    worded wrote: »
    Get a few K in Uk proze bonds while you are at it?

    https://www.nsandi.com/

    I’ve won Feck all with UK ones and a few 100 on irish PBs

    Have a small few squid in the Irish one's myself. I see from the UK website that the chances of winning a prize are 24,500 to 1. Do you know how that compares to the Irish draw? Looks as though the UK draw is monthly.


  • Registered Users Posts: 4,423 ✭✭✭ worded


    paulers06 wrote: »
    Have a small few squid in the Irish one's myself. I see from the UK website that the chances of winning a prize are 24,500 to 1. Do you know how that compares to the Irish draw? Looks as though the UK draw is monthly.

    I’m not sure


    To date I’ve won 0 off the UK one but no harm having the eggs in different baskets.


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  • Registered Users Posts: 17,288 ✭✭✭✭ Thargor


    worded wrote: »
    I’m not sure


    To date I’ve won 0 off the UK one but no harm having the eggs in different baskets.
    Id rather not be keeping any money in Sterling right now, lunatics running the asylum :eek:


  • Registered Users Posts: 37,534 ✭✭✭✭ the_syco


    Have a look at this thread;

    https://www.boards.ie/vbulletin/showthread.php?t=2056292513
    pbwinner wrote: »
    Winnings on 30th November 2018: €0
    Last win 31st August 2018: €50
    Total winnings on €25k from Feb 2011 to date: €2550
    2011: €75 x 4 €300
    2012: €75 x 6 €450
    2013: €50 x 12 €600
    2014: €50 x 9 €450
    2015: €50 x 5 €250
    2016: €50 x 5 €250
    2017: €50 x 4 €200
    2018: €50
    AFAIK, you can take the money out within 7 working days.


  • Registered Users Posts: 4,423 ✭✭✭ worded


    paulers06 wrote: »
    Have a small few squid in the Irish one's myself. I see from the UK website that the chances of winning a prize are 24,500 to 1. Do you know how that compares to the Irish draw? Looks as though the UK draw is monthly.

    But every 1 sterling invested is a bond AFAIK so odds not so bad. I could be wrong on that

    It’s tax free but I wonder if that’s for uk residents only. Like I wonder how irish revenue would feel about a one million sterling win as an Irish resident ....

    It’s a predicament I’d love to find myself in


  • Registered Users Posts: 4,423 ✭✭✭ worded


    UK bonds bave a fair few million in unclaimed prizes since it began

    Interesting evolution of random number generators they have used. On version number 6 since it first created.


  • Registered Users Posts: 17,288 ✭✭✭✭ Thargor


    Probably not a great time to be converting your savings into Sterling at the minute though.


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