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Prize bonds query

  • 26-10-2020 12:32pm
    #1
    Barney224
    Registered Users Posts: 357 ✭✭


    Hi, probably a dumb question, but am considering putting €5k into prize bonds.

    Is my €5k always safe and will never depreciate? And, do I just need to wait 90 days before I decide I want to withdraw my money?


Comments

  • #2
    LawBoy2018
    Registered Users, Registered Users 2 Posts: 1,162 ✭✭✭LawBoy2018


    Barney224 wrote: »
    Hi, probably a dumb question, but am considering putting €5k into prize bonds.

    Is my €5k always safe and will never depreciate? And, do I just need to wait 90 days before I decide I want to withdraw my money?

    How would it depreciate? Via inflation? It would be no different to you storing it under your mattress/leaving it in your bank account.

    They're 100% safe and backed by the state.


  • #3
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,435 Mod ✭✭✭✭Jim2007


    LawBoy2018 wrote: »
    How would it depreciate? Via inflation? It would be no different to you storing it under your mattress/leaving it in your bank account.

    They're 100% safe and backed by the state.


    Actually with the introduction of negative interest rates it is no longer the same....


  • #4
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,807 ✭✭✭The J Stands for Jay


    LawBoy2018 wrote: »
    How would it depreciate? Via inflation? It would be no different to you storing it under your mattress/leaving it in your bank account.

    They're 100% safe and backed by the state.

    A non-serious reply:

    Imagine negative interest applied to prize bonds. A few unfortunates every month would have their bond cancelled when its number is drawn as the "winner". All other bonds continue with no charge.


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