Cashing in Prize Bonds

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hazelgreen

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Is the process straightforward? Any tips? would it be best to deal directly with post office branch. We parked a large sum there for over a year now and now wish to move it on. We have the form filled out but putting it into postal system seems slow.
 

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Online encashment is probably the best/most efficient way to do it if you already have a State Savings Online account. Just login and request encashment.

Ireland State Savings - Help & Support | State Savings

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www.statesavings.ie www.statesavings.ie
hazelgreen said:
We have the form filled out but putting it into postal system seems slow.
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What do you mean? If you're going to use the encashment form then you need to stick it into a post box to send it. You don't even need a stamp as it's freepost. What's stopping you from doing that?
 
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We need to move money as soon as possible so dont want to delay things. I think post office might eyeball the form even lodge the application so save a few days? I had to cash some old bonds as an executor and it took 8 weeks but they were not digital.
 
hazelgreen said:
We need to move money as soon as possible so dont want to delay things. I think post office might eyeball the form even lodge the application so save a few days? I had to cash some old bonds as an executor and it took 8 weeks but they were not digital.
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As I said, online encashment via your State Savings Online account would probably be the best/quickest way to empty cash them in. If you don't already have a State Savings Online account then the only other option is probably to post the form in. Why would you involve the local post office at all? Just post the form to the freepost address provided.
 
We have online account. The post office did a lot of legwork when buying the bonds originally. It is Saturday now and our next post collection is Monday evening. Time enough to see if direct application via post office will hasten things.
 
hazelgreen said:
We have online account.
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Why wouldn't you just request encashment via your online account so?
hazelgreen said:
The post office did a lot of legwork when buying the bonds originally.
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I can't imagine what legwork is involved in buying or encashing Prize Bonds. I certainly didn't need any third party assistance to buy mine once I had my online account set up and my SSCN issued.

Ireland State Savings - State Savings Customer Number | SSCN | State Savings

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I just did a test encashment there and at the end of the process I got this:

Thank you for your transaction request​

Your transaction request has been successfully submitted. We will notify you with updates on your transaction request.
Please note that it may take 7-10 days for your transaction to appear in your online account.
If you have any queries please contact us at 0818 20 50 60 / 01 705 7200.
Please note that it is not necessary to return the Bond Certificates associated with this repayment request. Once the repayment is processed the Bond Certificates will no longer be valid and we would advise that you securely destroy them.
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Seems a lot easier to me than filling in a form, waiting a few days to post it, waiting for them to receive and process it etc.
 
ClubMan said:
I just did a test encashment there and at the end of the process I got this:

Seems a lot easier to me than filling in a form, waiting a few days to post it, waiting for them to receive and process it etc.
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I had to go down the postal route, when cashing mine in, a number of years ago.
Probably I didn't have an online account at the time.
This is of course a lot easier. Just a pity they're such lousy value nowadays?!
 
I've cashed in using online account. Money transferred to my bank account within days. Make sure you destroy original bond once cash hits your bank account in order to avoid possible confusion in years to come.
 
theresa1 said:
I've cashed in using online account. Money transferred to my bank account within days. Make sure you destroy original bond once cash hits your bank account in order to avoid possible confusion in years to come.
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Careful Theresa, last time I posted something like that, I was cross examined for about a week:D
 
charlie007 said:
Careful Theresa, last time I posted something like that, I was cross examined for about a week:D
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You mean about destroying the encashed bond certs? That's what State Savings advise:

Cashing in Prize Bonds

Is the process straightforward? Any tips? would it be best to deal directly with post office branch. We parked a large sum there for over a year now and now wish to move it on. We have the form filled out but putting it into postal system seems slow.
www.askaboutmoney.com
Please note that it is not necessary to return the Bond Certificates associated with this repayment request. Once the repayment is processed the Bond Certificates will no longer be valid and we would advise that you securely destroy them.
Click to expand...
 
ClubMan said:
You mean about destroying the encashed bond certs? That's what State Savings advise:

Cashing in Prize Bonds

Is the process straightforward? Any tips? would it be best to deal directly with post office branch. We parked a large sum there for over a year now and now wish to move it on. We have the form filled out but putting it into postal system seems slow.
www.askaboutmoney.com
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It was in a thread about State Savings Customer Service. There was a lot of quite justified criticism.
I simply gave my experience, similar to Theresa above, to add some balance.
I had to defend my position for about a week!:)
 
charlie007 said:
It was in a thread about State Savings Customer Service. There was a lot of quite justified criticism.
I simply gave my experience, similar to Theresa above, to add some balance.
I had to defend my position for about a week!:)
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Ah, this I presume?

State Savings Customer Service.

2 weeks later, money in bank I don't understand this. They say it will be in your bank in 5 working days......but it takes two weeks? Why?
www.askaboutmoney.com
 
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