Prize Bonds are looking attractive alternatives to deposits

I'm also of the belief that I'm ahead on return.Invested Feb 2013 and 1.9% after 1 year..Even slightly better this year,but will do the maths at weekend...Will be cashing in soon as something else has come up,but enjoyed `that Friday feeling and the fact that cash was available at short notice...
Was surprised that I could not be notified by email of wins,,,I share a mailbox and it was blatantly obvious when letters arrived informing me of each win...I would have thought in this day and age ,it would be cheaper and easier to send notifications via e-mail.
 
dub_nerd said:
Thanks Ghoul.

Another question popped into my head about the way the Prize Bonds draw is conducted. Having just re-read the Prize Bond FAQ I think I've been making a wrong assumption. Is each bond entered into a separate draw for each individual prize?

There are two (main) ways it could be done. There are over 9,000 x €50 prizes each week. You could have a separate draw for each one. The logistics of this would be no problem since it's computerised. You would draw a winning bond randomly from among all the bonds for the first €50 prize. Then repeat for the second, and so on.

The alternative is that there is a single weekly draw. 9,000+ bonds are drawn randomly from the full set to be the winners for the €50 prizes. The major difference would be that in the first scenario, a single bond could win more than once. (In theory it could win all the prizes in one week, although the odds would be one in some number with over 75,000 zeroes after it). In the second scenario, each bond can only win once per week.

FAQ #7 says: "With Prize Bonds you are eligible to win not just once, but every week for as long as you hold your bonds. Each individual bond is eligible to win one prize in every draw."

That doesn't answer it conclusively, but then #8 suggests that there is a single weekly draw, not 9,000+. Furthermore, the single weekly draw would seem to include not just the €50 prizes, but all the others too.

This will make some sort of difference to the odds. Quite likely it won't be a significant one ... but I need to go back and figure out how you would even mathematically model the second scenario.
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I have always assumed that it's one big draw and every bond is entered into that and can only be pulled maximum once every week. Prize bonds have been going for a long time, longer than the widespread availability of computers, haven't they - it might be completely unrealistic but I've always had this image of men in brown suits with the equivalent of a big giant hat, pulling numbers out while someone on the side with a clipboard carefully notes them down. :D I would never have thought each bond has a chance to win 9,000 draws every week. Each bond has a chance to win one prize in one big draw every week.
 
Yep, Janet, that sounds a whole lot more sensible than my hare-brained notion. :eek:

Unfortunately, that makes the maths a whole lot harder. Until now I only had to muck around with the number of 23-digit subsets of a 470,000 digit number :eek: :D
 
Janet said:
I have always assumed that it's one big draw and every bond is entered into that and can only be pulled maximum once every week. Prize bonds have been going for a long time, longer than the widespread availability of computers, haven't they - it might be completely unrealistic but I've always had this image of men in brown suits with the equivalent of a big giant hat, pulling numbers out while someone on the side with a clipboard carefully notes them down. :D I would never have thought each bond has a chance to win 9,000 draws every week. Each bond has a chance to win one prize in one big draw every week.
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Interesting. I wonder has the same Prize Bond ever won twice during the same draw?
 
The Ghoul said:
Just posted repayment form (3/9/14). Let's see how long it takes for the funds to appear in my bank account via electronic transfer.
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I seem to have won 50 euros from this batch today so they have not processed the repayment yet - assuming of course that the numbers have not already been sold and purchased by someone else! Will have to await the cheque to confirm.
 
€50 today.. as a sidenote never received my cheque for last weeks win, rang them said they will reissue the cheque once I sent a note to confirm same,anyone else have a problem?
 
Haven't won anything since march on 25k investment. I look at is as my lotto draw every week. I see lots of people around me spending upwards of €20 a week on lotto and winning nothing. At least I get to keep my money even if its earning f**k all..
 
usual said:
Zero today,,,but 3x50 last week so was not expecting a win again today...
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The draws are all independent events, so winning any number in a previous week has no bearing at all on your chances of winning again.
 
postman pat said:
€50 today.. as a sidenote never received my cheque for last weeks win, rang them said they will reissue the cheque once I sent a note to confirm same,anyone else have a problem?
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If you weren't checking your numbers and you never received your cheque would you even know if you had won?

If the cheque is not cashed is another re-issued or are you sent a reminder?

If someone interferes with your win and claims it for themself would you be any the wiser?
 
dub_nerd said:
Unfortunately, that makes the maths a whole lot harder. Until now I only had to muck around with the number of 23-digit subsets of a 470,000 digit number :eek: :D
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Well, at least it'll give you something to do over the weekend. Keep you out of mischief, like. :p
 
Laramie said:
If you weren't checking your numbers and you never received your cheque would you even know if you had won?

If the cheque is not cashed is another re-issued or are you sent a reminder?

If someone interferes with your win and claims it for themself would you be any the wiser?
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Good questions!!

I rarely check my PB numbers online, and assume the cheque will just arrive whenever I win (as it has in the past, many times). After postman pat's recent experience of not receiving his winning cheque it would make you wonder??

I've been following this thread with great interest...being a PB 'investor' too :)
 
Just on the repayment procedure timeframe

3/9/14 - sent repayment form with instruction to repay by EFT to my current account. Form went in that day's post.
4/9/14 - checked my current account online, no repayment yet
5/9/14 - one of the bonds that I had requested repayment for won 50 euros, the question is had the bond already been issued to someone else. Checked my current account in the early afternoon after the draw, no repayment yet
6/9/14 - the repayment funds are now showing up in my current account with the transaction dated 5/9/14

I would say that that demonstrates very good efficiency by the PB company. They say that "Repayments are subject to 7 working days notice from the date of receipt" However in my case it looks like it took 1 working day and I may well have won a prize on the same day that the bonds were repaid.

So now I need to wait a few days to see if I did indeed win a prize - will have to wait for a cheque in the post as I setup that batch to pay prizes by cheque rather than EFT.
 
Silvera said:
Good questions!!

I rarely check my PB numbers online, and assume the cheque will just arrive whenever I win (as it has in the past, many times). After postman pat's recent experience of not receiving his winning cheque it would make you wonder??

I've been following this thread with great interest...being a PB 'investor' too :)
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Could explain the theory about older bonds winning less often. Once someone in the "supply chain" notices regular cheques going past, they start mysteriously disappearing. :eek:

Just kidding! :D
 
The Ghoul said:
Just on the repayment procedure timeframe

3/9/14 - sent repayment form with instruction to repay by EFT to my current account. Form went in that day's post.
4/9/14 - checked my current account online, no repayment yet
5/9/14 - one of the bonds that I had requested repayment for won 50 euros, the question is had the bond already been issued to someone else. Checked my current account in the early afternoon after the draw, no repayment yet
6/9/14 - the repayment funds are now showing up in my current account with the transaction dated 5/9/14

I would say that that demonstrates very good efficiency by the PB company. They say that "Repayments are subject to 7 working days notice from the date of receipt" However in my case it looks like it took 1 working day and I may well have won a prize on the same day that the bonds were repaid.

So now I need to wait a few days to see if I did indeed win a prize - will have to wait for a cheque in the post as I setup that batch to pay prizes by cheque rather than EFT.
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Got my cheque today :) that means I "missed" one draw on the way in and no draw on the way out.

15 draws + 1 missed = 16 draws/weeks

5 x 50 wins on 33,000

Annual interest rate works out at 2.46% NET - well ahead of what I would have gotten on deposit.

Also, last Friday after 12:30 I purchased another batch of PBs to the value of 75k. Hopefully I'll receive them before this Friday's draw!
 
2x€50 today for me. I invested €55k on 2nd April 2014. I have won €1350 in total so far (1x€1000+7x€50)....2.7% return in ~5 months....very happy!
 
"And here are the results from the Prize Bond jury...................Sparkrite........Nul Point"

:mad::mad:
 
not a bean either today....also sent off letter to prizebond company about missing cheque, no response yet.
 
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