State Savings - when do you get the interest?

[pebbledash]

Can anyone tell me when interest is paid and when it can be accessed for the 3 year state saving scheme? I can put my deposit away for three years but would want to transfer interest to shorter term account.

Does the state saving differ from other desposit accounts in interest payment and access to the interest?

Also, if you do have to make an unexpected withdrawal is the interest penalty against the full deposit, or just the amount withdrawn?

Final question - how do you set it up? I don't fancy going into my local post office and chatting about large deposits over the counter.

Thanks

 

[mathepac]

Anything here?

 

[pebbledash]

No, that gives details of the 10 year deposit. Only summary on the 3 year.

 

[Protocol]

http://www.statesavings.ie/Downloads/SavingsBondsBrochure.pdf

3-year Savings Bonds.


http://www.statesavings.ie/Downloads/SavingsBondsTermsAndConditions.pdf

 

[moneymakeover]

Can anyone explain

If I save 20k for 5 years

And withdraw 1k after 4 years

Do I lose the 5% interest in the 19k?

 

[dub_nerd]

No, as the general terms and conditions say, "Any partial Early Redemption will reduce the Principal Amount remaining by the amount redeemed by way of Early Redemption". I presume you're talking about 5 year Savings Certs. You can request a partial repayment on the normal repayment application form. You'll get a token amount of interest on the part that's redeemed early. The rest of the principal earns the full interest at the proper maturity date.