€25k invested in prize bonds

I've moved a substantial sum away from PB this year and I'm minded to continue doing so. Takes a bit of time and effort to decide where to move to in order to maximise returns. Here are some of my thoughts.

In the case of PB, the current notional rate is 1%. When you exclude the the larger prizes (which are statistically irrelevant) the actual likely average return based on the current PB Fund of €4,390,280,000, current prize structure and average luck is .77%. This is DIRT free, which needs to be grossed up for comparative purposes, which leaves us with a gross return before DIRT of 1.15%.

Thee are no demand accounts among the Irish "pillar" banks offering anything like this for Demand accounts. There are a few with headline 3% rates (BOI Supersaver and AIB' Online Regular Saver which offer headline rates of 3%, but they are more trouble than they are worth).

I've been using Raisin for 4 years and like it. You have access to a lot of different banks, products and rates and I have a substantial amount spread across a number of banks/products/terms. And I've found the platform easy to use and support good. You do have to do your own tax returns, as DIRT is not deducted at source. And some (but not all banks) deduct withholding tax which is another bit of administration (I avoid these). When I first tested the water a few years ago it was simple enough to add my "EU Deposit Interest" to my Form 12 Return. When I started transferring larger amounts to Raisin (and other EU banks directly) I had to change to using Form 11 for my tax returns. This took a bit of effort, and Revenue were really appalling to deal with, but once I got the first year out of the way it's been very manageable since as I'm just following the same steps each time.

More recently, I moved money to Advanzia, MoCo and BankInter. This is a mix of demand and term deposits. I did use BUNQ for a while but their robotic support is absolutely woeful (makes Revolute look world class) and I would never deal with them again having had a few sleepless nights. And while I am an avid user of Revolut for day to day transactions, I wouldn't consider ever having a balance of more than few hundred with them given their attitude towards support. I also avoid the trading platforms/brokers (i.e. deposit takers but not banks) as they are not all covered by the EU €100k Deposit Guarantee Schemes.

Bankinter are currently offering 2.7% for 6 months and 2.3% for 12 months, with 25% available for withdrawal after 8 weeks. They deduct DIRT. Platform is weak. Support is 4/10.

MoCo are currently offering 2.6% promotional to 2/11/2026, thereafter 2.1% variable. Again they deduct DIRT. Platform good, Support fairly good.

Advanzia are currently offering 3.5% for three months from opening (with occasional extensions) and 1.5% thereafter. Platform is OK, support weak. Do your own tax.

There have been a number of other great offers over the last few years, e.g. Britline (a branch of Credit Agricole) offered 4% for 12 months in 2024 which was very nice.

In general, it takes a bit of time and effort, I do a review of my portfolio once a month, usually taking a couple of hours. This allows me to look at demand rates and consider any moves, and term deposits nearing completion. But the results are satisfying. In 2025, my non state savings deposits yeilded a multiple of the rate that my state savings gave me, hence my decision to start transferring away from PB and other State Savings products.

I will also be taking a look at the government's savings scheme when it eventually moves from being one of simple simon's soundbites and we get details of the actual risk and reward it offers.

State Savings products and returns (including PB) were gutted approx 10 years ago and have never recovered. They are no longer the decent home for deposits that they once were. For a reasonable return it is necessary to look elsewhere, which is disappointing.

Edit: Just to add, there is a mine of useful information about Deposits on AAM https://www.askaboutmoney.com/threads/savings-best-buys.90481/

(1) Do I need to register her for an account to check her holdings? (I'm trying to register her but it's a really painful process)

No. Complete this form, have your mother sign it and send it off

https://www.statesavings.ie/getmedia/79666b3c-29c8-49f0-9206-7634a1fccdf0/ss_statementrequestform.pdf

(2) Can prize bonds be sold without having a registered account?

Yes. Complete this form, have your mother sign it and send it off https://www.statesavings.ie/getmedia/08e807f6-a641-4606-8adc-2022c822e7bb/prizebonds_repayment_form.pdf

A couple of suggestions. Having a registered account makes it easier to manage your holding on an ongoing basis, but if your plan is to sell all prize bonds in one go in the short term you are as well off just using the forms.

You can’t sell jointly owned using a registered account, you must use the forms

In terms of establishing the holding, State Savings are very poor at conducting searches unfortunately. Their hit rate/ accuracy level can be as low as 50%. To help with this, when sending off the ”statement request form” include a page with all possible forms of your mother’s name including nicknames (e.g. Mary, Marie, Mags, May, Maire, Marie and her maiden name - Irish and english). And give all addresses, past and present. If relevant/appropriate also include the same details for your mother’s husband/partner in case any bonds were purchased jointly. Finally, I’d suggest including a sheet with all holding that you are aware of, and ticking the boxes for Fixed Term Products and Deposit Accounts as well as Prize Bonds on the statement request form.

State Savings can be anal about follows the rules they make-up from time to time. I’d suggest dealing with them by paper/e-mail (rather than phone) whenever possible. They may phone the number you give them to confirm security details, so be ready for this. I’d also suggest sending the forms by registered post and include a covering letter with each form stating that the statement/money is very urgently required for blah blah reasons. And ensure that all dealings are in your mother’s name and appear as though they she originated and sent them - if you mention that you are doing this on her behalf because she is incapacated you will waste months.

Feel free to post any follow up questions.

That’s exactly the type of borderline moronic response that they carry on with. Best of luck with it, I hope you get it resolved quickly and without too much unnecessary stress. You have enough to be coping with looking out for your mother.

Nothing for me today. 

€50k weekly top prize on it's way to Cork, this week’s is bond no ASF906681 issued June 2020.

8no. of the 20no. €1k prizes gone to Dublin, 3no. each gone to Cork and Wicklow, 1no. gone to the Antrim, the rest scattered.

And another repayment form going off in the post this afternoon.