Prize Bonds are looking attractive alternatives to deposits

Balfour

Registered User
Messages
190
Hi

Does the value of your prize bonds depreciate over time, i.e. if one was to buy 5k worth of prize bonds today, will they be still worth 5k in 10 years time.
 

EmmDee

Registered User
Messages
667
Thanks

How much by?

Apologies - I was answering this question.... "if one was to buy 5k worth of prize bonds today, will they be still worth 5k in 10 years time"

The face value of the bonds remain. Buy €5k now - in 10 years time you cash them in, you'll get €5k. Of course the value of €5k will have reduced over time due to inflation. But in absolute cash terms, they don't depreciate
 

time to plan

Registered User
Messages
101
Apologies if this question has already been answered.

I'm saving a rainy day fund and then savings for other purposed over a couple of years with regular monthly savings, but I may need the money back at short-ish notice as I'm self-employed and work could dry up. So rather than put it in our 0% savings account or open a 0.25% (pre-DIRT) regular savings account, it may as well go in prize bonds.

If I need to show evidence to a bank of regular saving for a mortgage (currently have a mortgage but may want to "trade up" in a couple of years), will the bank care that it's gone into prize bonds?

Thanks.
 

theresa1

Registered User
Messages
1,105
I tried last week online to purchase Prize Bonds (already own some) and just a few minutes ago. On both attempts I got my one-time Passcode for Verified by Visa and entered it. I waited a few minutes and then "Technical error" came up on my screen. I'm using Google Chrome. Anyone else try lately and have issues?
 

Monbretia

Registered User
Messages
1,998
I got something similar, went to the end of the process and when I pressed Exit it said error of some sor. I rang them as I tried it twice and both looked perfect until the very end, anyway they said the purchases are actually on the system and they will get around to processing them basically. I did those last Friday and the money has still not come out of my account and no confirmation email either, I expected it to be quicker like most online purchases.

I will wait and see if it actually does work as intended, I have no other option for buying them, I actually got the debit card specially for this reason, they don't accept bank transfers and even if I wanted to pay €10 (I think that is cost now) for a draft my bank won't issue one payable to An Post!
 

theresa1

Registered User
Messages
1,105
Any cheques or bank transfers should be made payable to NTMA State Savings. That's odd with the bank over the draft but as just stated you don't make the cheque/draft out to An Post.

I doubt those purchases will ever go through. You can do monthly direct debit but maximum per month is €1,000.
 

RedOnion

can edit posts
Messages
5,771
That's odd with the bank over the draft
Pretty standard. A bank draft made payable to another financial institution basically becomes a bearer instrument. Anyone can use it. So for both security and anti money laundering purposes, you can't get one.
 
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Monbretia

Registered User
Messages
1,998
Yes exactly the reason the bank won't do it, their explanation was if I dropped it outside the door anyone who found it could use it.

I know it's NTMA etc, just said An Post from habit :) they weren't making it out to either of them anyway, suggested I go next door to the Credit Union!

I actually don't think the purchases I did are going to go through either, still nothing has happened with them, will ring them again next week to see what's the story.
 

Saavy99

Registered User
Messages
705
YAY !! AT LONG LAST !! :):):)

Aha, Gotcha..........
unPleased to say I am continuing my unbroken run of zilch, nada, nowt...........:(
Welcome to the club BTW.

Pleased to say. Just won another €50, hope you can say similiar, I have won €250 since I started purchasing last march. All €50 wins so far..Hoping for bigger wins to start rolling in shortly :cool:
 

STEINER

Registered User
Messages
1,156
Won €400 last year, €350 won so far in 2020. Hoping to get another win or two before year end. Only getting individual €50 wins.
 

Saavy99

Registered User
Messages
705
Yes, I'm probably just having a bit of luck. I'm presently using the bonds as a temporary parking place for funds as I don't feel particulary confident using any other investment strategy at the moment.
 

Saavy99

Registered User
Messages
705
€130k currently. 2 main batches €113k. 5 smaller batches making up the balance with some spare funds.

It's alot of cash tied up. Yes, you would want to be winning 4 to 500 euro a year to at least keep up with inflation.
 
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