State Savings (NTMA) bonds and certs looking good

State Savings account opening process

I opened a 3 year state savings account at my local Post Office today, to say it was a simple and fast process undersells it. I am a person who has moved funds about to get the best rates possible over the past few years and I have often been frustrated by the time taken to get an account opened.

An Post at least on this occasion well...take a bow ;-)
 
Palerider said:
I opened a 3 year state savings account at my local Post Office today, to say it was a simple and fast process undersells it.
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People are filling their boots so the An Post staff are getting lots of practice :)

Buying certs and bonds is hassle free.

Buying Solidarity Bonds is even easier because unlike with bonds and certs, after your first purchase, you get an ID card with your details on it. Go to the post office with your card and your money (cheque, draft, cash or debit card) and it takes about two minutes at the counter.
 
Anyone have any idea the max. cash that a post office would take at a counter in notes as a lodgement?
 
Indo: State Savings Rate Cut Likely

http://www.independent.ie/business/banks-put-an-posts-haven-for-savers-under-pressure-3324872.html

One option for savers would be to put more money into the state savings schemes sold by An Post. These bonds and certs have eye-watering interest rates and are tax free.

Some €17bn is invested in savings products sold by An Post. But pressure is coming from the banks, many of which are state-owned, for the Government to force down the interest on the tax-free bonds and certs.

That is likely to happen.

This means that it will be increasingly hard for savers to get decent returns.
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Quick question:

If person A owns a Savings Cert is it possible for it to be directly transferred to person B as a Savings Cert or as a different product eg Solidarity bond?

There is a process and form (see below) for changing names and addresses but it's not clear to me if you can also change to a different product at the same time.

www.statesavings.ie/Downloads/CS_ChangeNameAddressForm.pdf

Edit: re: the form - it seems to be to facilitate person A changing their name rather than to facilitate person A transferring their savings to person B. Question still stands however.
 
To answer my own question:

From SI No. 827 of 2007

A Savings Certificate or its benefits may not be assigned or otherwise transferred save as provided in paragraph (2) of this Rule.

2) Subject to Rule 15 hereof, Savings Certificates held by a deceased holder may be transferred to a third party who is legally entitled to the proceeds.
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I took out a 5.5 year Savings Cert on 4th December 2012 and have still had no letter from State Savings - anyone else waiting along time? I would imagine they have been very busy. The receipt mentioned 21 days before you would get confirmation.
 
I also took a 5.5 year savings cert out on 22 November and got confirmation about a week ago so I would say its on the way
 
Hi Guys,
Yes - Its taking at least 6 weeks at the moment. Just received two of mine this morning, and I purchased them late Nov / early Dec.

Be patient .. They will come ;-)
 
I was on to them today , they were processing the work of Dec 7th today.
So bear with them for a while .
 
Pinesky said:
I was on to them today , they were processing the work of Dec 7th today.
So bear with them for a while .
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Rang to-day because cert. still not received since early December. Request for update of identification on way because they now require same to be updated every 2 years.
 
Was just reading back on these posts and read posts from Dec about rates dropping. Just wondering if they did drop since then or if still the same? Thanks
 
tiv said:
Was just reading back on these posts and read posts from Dec about rates dropping. Just wondering if they did drop since then or if still the same? Thanks
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The rates changed mid-Dec (16th I think). See here for new rates. Not sure if this info applies to all but definitely does to certificates.

Update: Previous thread with details of reduction in rates here.
 
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