New State Savings 4 Year "Solidarity Bond" Term Deposit

Discussion in 'Deposits' started by CiaranT, Dec 12, 2010.

  1. theresa1

    theresa1 Frequent Poster

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    I was thinking cheque payment would be the best option - in say 2-3 years time you might have closed that external current account.
     
  2. CiaranT

    CiaranT .

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    Just change the mandate if you close the current account.
     
  3. theresa1

    theresa1 Frequent Poster

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    Also it can be paid into any kind of bank account,building society or credit union.
     
  4. theresa1

    theresa1 Frequent Poster

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    The Deposit Account Plus would be a good option for NTMA to add to the form section 7. I think I'll go with the cheque option and then every year when I get my annual interest I can just hand it back in and get a new bond or lodge it to my bank account . Getting the cheque would save me possibly having to pay for a bank draft.
     
  5. theresa1

    theresa1 Frequent Poster

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    - I went with the cheque option in the end. I also opened my account in a local post office and i must say it was a very pleasant experience - they took photocopies of my passport,bank statement, tax credit statement and no messing about - issued receipt - told me welcome letter sent out in 10 days or so.
     
  6. theresa1

    theresa1 Frequent Poster

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    Just to give people a 'timeline' on how the process went for me:-

    Lodged cheque in local post office and took out 4 year Bond - 5 Nov 2012
    Received 'welcome letter' in the post - 26 Nov 2012 (just over 3 weeks)

    'Welcome letter' itself was dated - 20 Nov 2012

    It included my personalised lodgement card which I can now use to purchase additional 4 year or 10 year Bonds or make lodgements to my new State Savings Account.

    I wonder if They have still opened a State Savings Account for me when I choose the option of getting a cheque each year with my 1% interest. Maybe they have?

    It's a pity you cant use the card to purchase 5 1/2 year certs or 3 year Bonds.
     
  7. The Ghoul

    The Ghoul Frequent Poster

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    I also got my card and welcome letter today (26th Nov) with the letter dated the 20th. I had lodged the money on 22nd Oct.

    I think the card will be convenient for buying more bonds. I wonder do you still have present ID and proof of address etc. when using the card.
     
  8. theresa1

    theresa1 Frequent Poster

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    No simply present yourself at a post office.
     
  9. kennyb3

    kennyb3 Frequent Poster

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    Won't start a new thread, am buying saving certs for the first time.

    Just on the ID can I go to a post office and get it verified there? I don't have to send it off do I?

    If i do have to send it off will a copy do? (wary of sending passport/drivers licence via post).

    Can I give the application form and cheque to them at the post office too or do these have to be sent?
     
  10. The Ghoul

    The Ghoul Frequent Poster

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    You can do everything in the post office. Bring your cheque/cash and your ID/documents to the counter, documents will be photocopied by the clerk. If you don't have the application already filled in you can do it there and then

    If buying a new cert/bond I always do it in the post office as I'm not sure how I'd prove my ID etc. if applying by post.

    When reinvesting I always do it by post as I don't have to provide ID. Reinvesting is a trivial process as NTMA State Savings will write to you in advance of the maturity date with a reinvestment form and a freepost envelope.
     
  11. kennyb3

    kennyb3 Frequent Poster

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    Perfect, thanks that covers everything.

    Exactly what i was hoping to hear.
     
  12. Ship_da_loot

    Ship_da_loot Frequent Poster

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    Last edited: Nov 28, 2012
    Just bought some saving certs myself yesterday. I elected to go for the 3 year saving bonds. Any thoughts if this was a good idea or not? Pretty late now anyway if it was... LOL#

    Pretty straight forward procedure in the Post Office. The clerk did mention that there's loads of people buying them. I'm presuming this is in responese to predicted DIRT rises and deposit rates falling?
     
    Last edited: Nov 28, 2012
  13. theresa1

    theresa1 Frequent Poster

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    I took out a small 10 year bond today using my card -time 1-2 minutes as the girl looked up my details - i didn't need to show ID as previously stated. I wasn't asked about my repayment option so i guess they will go with what i filled out for the 4 year bond i.e. in my case a cheque payment.

    I wonder could they manage different repayment options for each type of bond - 4 or 10 year and even individual bonds?
     
  14. The Ghoul

    The Ghoul Frequent Poster

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    I've also started buying 10 year solidarity bonds with my state savings card and Visa debit card. Super easy process :) I'm going to buy them after each salary payment (every 2 weeks) However I don't plan on keeping anymore than about 10% of my total savings in 10 year solidarity bonds.
     
  15. theresa1

    theresa1 Frequent Poster

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    In my letter from State Savings dated November 2012 when I bought a 4 year bond it stated a statement will be issued in January and July each year which will show all of my holdings of the bond. Anybody get one of these recently or are they running late like with the issuing of the saving certs?
     
  16. theresa1

    theresa1 Frequent Poster

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    "I wonder if They have still opened a State Savings Account for me when I choose the option of getting a cheque each year with my 1% interest. Maybe they have?"

    To answer my own question - yes they have. Each time you purchase a 4 or 10 year bond the money goes into your State Savings Account and shows as a 'Receipt' and then on the same day it shows 'Transferred to your bond' and the particular bond number reference.

    I finally got my statement yesterday showing my holdings of my bonds and a statement for my State Savings Account.
     
  17. theresa1

    theresa1 Frequent Poster

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    Got my first Annual Statement of Account as at 28 May 2013 in the post today. Luckily I had stuck in another €3,000 on the same day 28 May beating the recent rate cut so it was not on the Annual Statement.

    Very clear statement - it gives a maturity value based on the current principal amount remaining in the account until the maturity date and it states the maturity date for each certificate and 4 and 10 year solidarity bonds that i hold.
     
  18. theresa1

    theresa1 Frequent Poster

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    - Got my cheque in the Post today for 1st years Interest - no delay.
     
  19. theresa1

    theresa1 Frequent Poster

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    - Got a cheque in the post today for my 1% interest. I will be due another 7 cheques next year for various purchases of bonds in 2013.

    This made me think another reason why they might have dropped the annual 1% interest might simply be down to the cost for post,issuing cheques etc. to people who requested this payment of method like me.
     
  20. The Ghoul

    The Ghoul Frequent Poster

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    Theresa, that could well be the case. I now have lots of SB bonds (the card encourages frequent purchases) with some worth as little as 50 euro. I have often thought that having lots of low value state savings accounts is inefficient from NTMAs point of view - lots of post, admin, forms, freepost envelopes for reinvestment for small amounts etc.

    Also, I have 100k worth of prize bonds so win regularly (50 quid prizes which I put into SBs) and chose the option of getting a cheque. Every cheque comes with paper, a brochure etc.

    I'm not sure what is happening with my annual SB interest - can't remember what I wrote on the form originally or what the arrangement is. I think it is going into an account but will have to look into how to get at it.