An Post Savings Certificate maturing soon

VanZan

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My Dad took out a five and a half year An Post certificate back in January of 2010. So by our reckoning it should be available in July? If so then can anyone tell us what exactly happens? Is it paid into my Dad's bank account or do we get a cheque or what?

If find it sort of worrying we have heard nothing from them. I remember back in 2010 my Dad was getting statements a couple of times a year. Of course now when things are getting interesting we haven't heard a squeak!

Thanks for any help...
 
My Dad took out a five and a half year An Post certificate back in January of 2010. So by our reckoning it should be available in July? If so then can anyone tell us what exactly happens? Is it paid into my Dad's bank account or do we get a cheque or what?

If find it sort of worrying we have heard nothing from them. I remember back in 2010 my Dad was getting statements a couple of times a year. Of course now when things are getting interesting we haven't heard a squeak!

Thanks for any help...
In my experience your Dad will either have his bank account increased by the appropriate amount or will automatically get a cheque depending on which option he chose when initially setting up the certificate.
 
In my experience with these certificates the NTMA will write to your Dad about a month in advance of the certificate maturing. The options are a full reinvestment, partial reinvestment or encashment. They will request return of the certificate and completion of the paperwork to authorise them to proceed with any of the above options.

For quite a number of years now they issue one yearly statement and I don't ever recall receiving statements a couple of times a year and I have been dealing with them for many years. I have also found them to be quite efficient.

http://www.statesavings.ie/products/Pages/SavingsCertificates.aspx
 
You're right about the statements...for the first two years he received one statement annually detailing the state of the investment. However since 2012 he has not heard a thing. I rang up once and asked them about this and bizarrely was told that they never send out annual statements when I had two of them in my hands while I was talking to the lady. I just got tired and gave up to be honest! :D
 
My one matures,and there is no mention or option for reinvestment in the letter and forms sent out. In the past years reinvestment was always possible.
 
The rules for each issue are given here (p.14 for your Dad's one, OP). They say they'll write "at least" 10 days before maturity, so if that time comes and there's still no word then just give them another ring. I just sent them a completed repayment form; cheque came through within days.

No mention of any 'rollover' reinvestment option, but there's nothing to stop you taking out another one on the same terms: see here.

3. Notification of Maturity Date
3.1 At least 10 Business Days in advance of the Maturity Date we will contact you in writing: (a) to notify you of the Maturity Date and the total amount payable to you; and (b) to request your instructions on the payment of such amount.
3.2 We will continue to hold the total amount payable to you until such instructions are received. You should note that no Interest or other amount shall accrue in respect of Savings Certificates in Issue 21 on or after the Maturity Date.
 
The problem with the certs is that you effectively cash them in and if you want to "rollover" the sum you are allocated a new account. It is such a pity that you cannot keep the original account number. My father had a number of these over the years and he had account numbers all over the place, on bits of paper etc
I have a number of these and it is a pain having to encash them and then to re-open the account with the same balance but with a new number.
 
I had a 5.5 year Saving Cert opened in October 23rd, 2012. By my reckoning it should mature April 23rd, 2018. But as of the start of this week I'd had no letter. Anyone know if this is unusual?
 
I would just give them a call if nothing heard by Monday. Seems like a very short lead time to send out paperwork and get instructions back. Is it possible that you requested that the funds be paid into account X on maturity?
 
No, there isn't any facility to specify a repayment method on the application form. I'm pretty sure they say they'll write within ten business days of maturity which was last Monday.
 
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