Prize Bonds are looking attractive alternatives to deposits

Nothing again for us this week. Purchased another 10k yesterday bring it up to 30K. I went back through my winnings and it turns out I had 4 X 50 euro wins from the same batch of 2,500 euro that I bought in 2010. All won in the last 18 months.
 
So, I had 19000 in for the past 13 months. I won 4, 50 Euro's, nothing since July (3 of the 4 wins came in a total of 5 weeks). I will probably take the money out now as rates dropped again in October (maybe nothing really worth changing to though as all rates are so bad). I got 200 Euro for 13 months; at a 1.95% rate I would have got about 270 after tax on deposit.
 
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50 euros from the 75k batch last Friday, nothing from the 100k batch.

For the 75k batch I've won 200 euro in 14 draws = 0.99% AER net. Pretty bad - but the best 3 month fixed term deposit rate in the Best Buys thread is only 1.3% gross.

The best variable rate deposit in the Best Buys is 1.75% gross but it's a 30 day notice account. There are some instant access accounts that pay 1.50% gross.

I'm going to continue with the prize bonds for the moment and regard them as a 7 day notice account.

Some of my 3 year savings bonds have matured recently and that money is being reinvested in the 10 year National Solidarity Bond (2.26% AER net if left for 10 years)
 
TomOC said:
So, I had 19000 in for the past 13 months. I won 4, 50 Euro's, nothing since July (3 of the 4 wins came in a total of 5 weeks). I will probably take the money out now as rates dropped again in October (maybe nothing really worth changing to though as all rates are so bad). I got 200 Euro for 13 months; at a 1.95% rate I would have got about 270 after tax on deposit.
Click to expand...

Another 50 last Friday. After 13 months I made about 1.2% AER. I would have needed to get about 1.8% to match it on an account where I paid DIRT.
 
1 x 50 euro from my 75k batch in the draw of the 23rd December (no draw on 26th due to public holiday)

Nothing in the draw of the 2nd January 2015.
 
I heard a quote on famil guy that "the lotto is a tax on stupid people", it made laugh. Is it the same for prizebonds?......
 
I think the small prizes are desinged to keep people hooked, I won 75 a couple of time with 7k invested many moons ago.

Ooo if I won 75eur maybe i'm lucky! LOL, the amount of forms I had to fill out to declare my huge 75eur, just enough to buy a pair of jeans.
I dont think they are a good place to put your money. Security is the reason why people are putting the money there and not really to win the jackpot since its guaranteed by the government.....e'hem......
 
Since changes to the prize structure late last year, Prize Bonds don't make sense as an investment compared to higher yielding deposit accounts.
 
Purchased €800 on 30 Sep 2014 and another €200 on 31 Oct 2014 just to make it an even €1000. I won €50 on Friday's draw - pleasantly surprised from the €800 batch.
 
Perhaps the thread title needs to be changed to

Prize Bonds are looking unattractive alternatives to deposits
 
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