€25k invested in prize bonds

I won €75 today… my 3rd this year.

Happy with that.

Exact same this week, on all three counts !

Looking back over the last few months at the number of €75 wins shows how much winnings can vary:

My holding has actually increased by 10% approx over this time. Go figure !

I am hoping a little bit more than usual for a win on 28 November. It would complete a grand slam of wins in the calendar month. Looking back, it only ever happened once before, in March 2013. That was a month with 5 draws, but the interest rate was higher and prizes being €50 made the odds better. On the other hand, I had considerably less in bonds at that time.

AI OverviewIn 2013, the prize bond interest rate for the prize fund changed from 3% to 2.25% effective from January 1, 2013, and was further reduced to 1.75% starting June 2, 2013. The rate is variable and used to calculate the total value of prizes for each weekly draw, not to calculate individual interest for a bond holder. 

As every draw stands alone, my odds next Friday are the same as any other draw. During the current 1% era, I have experienced runs of 7 draws with a win, and 7 with no win. Back when the odds were a lot worse, I went 5 months with no win. And my GI bonds worth €10K had a run of 6 years with no win. We all know the ups and downs.

Draw Date Winning Bond Number(s) Win Value

20/01/2023 MC932635€50.00

30/06/2023 AZL252942€50.00

Did you think about withdrawing your funds at all though?

Yes, under active consideration. I have been using PB in spite of the poor returns because I needed the level of guarantee offered combined with on-demand availability and PB was one of the few options open to me. I have been using Raisin extensively over the last two years and I am very impressed by the way they conduct themselves and I am lookiing at transferring a large part of my PB holding in the new year and spreading it across a number of deposit banks which would satisfy my guarantee requirement. At current interest rates, the after tax return on a mix of demand/3month/6month deposits would be approx double what I am getting from PB.

MoCo look good and are on my radar but aren’t around long enough to be able to judge their support which can be so important when you need it. I had one issue getting a Raisin Deposit repaid and was very impressed by their escalation and subsequent handling of it. I use Revolut for a lot of day to day stuff but never have more than a grand or so with them and top it up as and when needed; the many horror stories you hear about their support would turn me right off using them for large deposits. Exact same goes for BUNQ who treated me to the worst banking experience of my life. Their support is almost totally AI based now and getting through to a human has been made close to impossible. StateSavings for all their failings and shortcomings are ultimately safe which counts for a lot. But the rates on offer are costing me too much to justify staying with them. Also my needs have changed slightly and 3/6 month term deposits have become viable for me for this pot.