NTMA Cut State Savings Prize Bond Rate Significantly

Thanks for the update paper-folder. I invested in state saving certs last week and the savings cert issue was 22. It is a poor return for a five year investment but I suppose that in the current investment climate it's better than a kick from a donkey:)
From Nov 2016:
Logo said:
I was lucky enough lately to have 15K in a current account and invested in saving certificates. Now I'm wondering if the time & effort was worth the hassle - given the paltry sum of €917 after five years.
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The pdfs on the website are dated August also.
Changing the issues seems odd, if the rates are not changed. This would allow us invest more in the new issue, would it not?
 
Apologies if I posted incorrect info earlier. I purchased saving certs last week and the application form said issue 22.
 
Well I purchased some of the 10 year Solidarity Bonds this week at a rate of 16% over 10 years. I was hesitant to do this but I do not need the money just now.
What are the views on tying up money for 10 years?
 
IsleOfMan said:
Well I purchased some of the 10 year Solidarity Bonds this week at a rate of 16% over 10 years. I was hesitant to do this but I do not need the money just now.
What are the views on tying up money for 10 years?
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for that kind of measly return , id rather just have it in a current account in case i needed it to buy something
 
galway_blow_in said:
for that kind of measly return , id rather just have it in a current account in case i needed it to buy something
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Maybe you would, but the other person has the option of taking the 16% and also getting the cash back any time he/she wants to.
 
paper-folder said:
Would the NTMA go to the trouble of printing new paperwork and issuing it this week if they were going to change the rates at the weekend?
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The NTMA had not choice. The last page of all the leaflets gives the rates on all NTMA products including Prize Bonds. Given that Prize Bond rates fell on 1 August 2017, all leaflets had to be updated. The update can not wait until other rates change, the update must occur on the effective date of the change or they would have been giving out incorrect rates which is serious.
 
Can anybody confirm if my figure for the Prize bond fund is correct ???
I estimate the fund is now at €3,160,440,000 which if my figure is correct is a growth of 91.3 million for the month of July.
 
I believe your figures are correct!
Invested 165k€ 6yrs ago in PBs which returned 17k up to last year..however, in the past 12 months very poor..make my mind up time!
 
Odea said:
I have noticed a fall off in the number of "wins" in the past year. I guess this will get worse now. It may be time to cash in and place the funds in one of the other State Savings Products.
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Agreed, but what other State guatanteed product is the most advisable?
 
The 10 year return equates to slightly less than 10% but one has to bear in mind that other state products were also paying higher rates during this time. With the reduced prizes and likelihood of decreases in the rates applicable on other state and bank products it is hard to beat the current rate on saving certificates.The rates are miniscule but the best available on guaranteed products.
 
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