Purchase of State Savings products?

S

Silvera

Registered User
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I have a State Savings account and I cannot find a clear answer to my query online, namely

Can I use funds from my Prize Bond holdings to directly purchase other State Savings products?

I.e. Can I give them an instruction to transfer x amount from my prize bond holdings to purchase x amount of e.g. 10-Year National Solidarity Bonds
 
I suspected as much. It would be asking too much for a seamless online transfer of funds
 
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The only seamless transfer they allow that I am aware of is where a bond or cert matures you can reinvest, buying a new product. For everything else it’s cash out and purchase. They would have saved a ton of work for themselves over the last 8 weeks if they allowed online reinvest for early/general encashments.
 
State Savings have just amazed me!!!

In answer to my question above..YES.. you can do a seamless online transfer of funds!!

I have just transferred money out of my prize bonds holdings directly into the 10-Year Solidarity Fund!

All at the click of a few buttons in my state savings account!

Amazing!
 
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Silvera said:
Omg! State Savings have just amazed me!!!

In answer to my question above..YES.. you can do a seamless online transfer of funds!!

I have just transferred money out of my prize bonds holdings directly into the 10-Year Solidarity Fund!

All at the click of a few buttons!

Amazing!
Click to expand...
Where is this option?
I can't see it on statesavings.ie
The only option for payment that I get is this - no option to use my Prize Bonds to pay.
They even say up front that the only payment method accepted online is debit card.



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Below the amount in your prize bonds section there is the option to 'manage/cash in'

Click on this and you will see 'Cash In' and 'Reinvest'

Click on 'Reinvest' and you can then select which state savings product you wish to purchase

I also discovered that this has been an option since 2021!
 

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Silvera said:
Below the amount in your prize bonds section there is the option to 'manage/cash in'

Click on this and you will see 'Cash In' and 'Reinvest'

Click on 'Reinvest' and you can then select which state savings product you wish to purchase

I also discovered that this has been an option since 2021!
Click to expand...
Ah - OK - thanks. I was looking in the wrong place so.
I'll correct my ealier post.
 
No problem. Glad to be of help

It's actually ridiculous that we can't use bank transfers as a payment method with them?!
 
On a side note....am I thinking correctly when it comes to the 6-Year Instalment savings...

It's based on 12-monthly instalments left on deposit for a further 5 years.

Therefore, the whole process will take 11 years in total to finalise?
 
So when do contributions made in Year 6 mature?

i.e. contributions have to be left on deposit "for a further period of five years"

Year 6 contributions - left on deposit for a further five years = 11 years before it all matures

...or am I misunderstanding it all?
 
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