Opening state savings account

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masterboy123

Registered User
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I am trying to open a state savings account. I submitted a paper application, but they responded saying that my passport copy has to be certified, which can be done at a post office or Garda station. They also asked me to submit a cheque My questions are:

1. Is there an easier way to open an account?
2. What kind of cheque are they looking for and what amount?

Savings Products & Prize Bonds | Ireland State Savings

Ireland State Savings Fixed Term and Prize Bonds savings. 100% protected by the Irish State. No fees, sales commissions or transaction charges.
www.statesavings.ie

Thanks
 
2. The cheque should be for the amount you want to deposit in State Savings

Presumably you are not opening an account for the fun if it
 
jpd said:
2. The cheque should be for the amount you want to deposit in State Savings

Presumably you are not opening an account for the fun if it
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Is the cheque same as the draft?
I have never used a cheque before.
 
I am dealing with them at the moment.
They are very bad at customer service. You are talking about an Post.
I was told it would take 4 to 5 months to process a refund.
 
Open your account online and then deal with them going forward using the online account. Their online systems are far from perfect and a pain to get set-up, but at least you don’t end up dealing with their appalling manual processes and paperwork and useless staff for every transaction. The products are reasonably attractive given the state guarantee. The returns are mediocre. Their systems and processes are weak and staff are poorly trained, disinterested and often unhelpful.
 
I can't open an account online. For new users, a paper based application is needed with attested copy of passport, etc.
 
Bring a cheque or a bank draft (or use your debit card if your purchase is within your cards daily limit, note they don’t take credit cards) and the completed application form along with your passport, proof of address, proof of PPS etc to your local post office. They will certify your passport, photocopy what they need and return the originals to you on the spot and they will forward the lot into state savings.

You will get your certs or whatever you bought in the post in a few weeks.
 
What's PB? Pardon my ignorance.
 
Freelance said:
Prize Bond. Apologies I shouldn’t abbreviate.
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Not at all, thanks for the help.

I tried to purchase Prize Bond now online but again it needs Application Form, as I am a new customer.

It seems a bit of hassle alright when everything is online these days. I wonder if there is an alternative to State Savings where the registration is easier? I am with AIB.
 
masterboy123 said:
It seems a bit of hassle alright when everything is online these days. I wonder if there is an alternative to State Savings where the registration is easier? I am with AIB.
Click to expand...
State Savings are quite thorough on the initial documentation requirements and the fact that they want to do it all using paper is a total pain. That said, most of the hassle is up front and relates to the initial investment and getting an online account set-up. Once your first investment is complete you will have completed all the Anti Money Laundering, PPSN, Bank Account confirmation and other documentation checks, and then when you have your State Savings Online Account set-up, you will be able to monitor your holdings, purchase additional products and cash-in your holdings online (online encashment is available for sole holdings only). The only other obstacle you may face when it comes to online purchases is the ludicrously low daily limits that AIB place on their debit cards.

With regard to other possibilities, are you looking for a regular savings option (i.e. saving a sum every month) or a lump sum deposit, and are you prepared to lock the money away for a term or do you want it available on demand ?
 
That's very helpful info.

I am looking to save up children's allowance monthly and lock the money for at least 10 years.
I am well into online transactions and banking, would prefer if I could see balance, interest, etc online and ability to cash out online rather than submitting papers, etc.
 
genuine question; it looks like the savings interest is nothing special. Whats the value proposition here?
 
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