How much can you invest in State Savings certificate's online?

[Jacko1]

How much can you invest in State Savings certificate's online i.e transfer from your bank (AIB) and is it the same for single and joint holders. Thanks

 

[mct1]

Inconveniently, State Savings don't accept bank transfers for online purchases, only debit card payments - which somewhat limits your options. My BOI account has a daily max of €25k for single debit card transactions but I think AIB's is €5000.

To my knowledge there's no upper limit on State Savings products, which can also be bought at a post office. To buy online you need to have purchased a SS product since October 2014.

 

[Marsupial]

To my knowledge there's no upper limit on State Savings products, which can also be bought at a post office.

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I assume that the following upper limits will apply:

The maximum investment for Savings Bonds, Savings Certificates and National Solidarity Bonds is €120,000 for individuals.

The maximum overall limit for Post Office Savings Bank Deposit Accounts is €250,000 per individual customer.

 

[mct1]

​

I assume that the following upper limits will apply:

The maximum investment for Savings Bonds, Savings Certificates and National Solidarity Bonds is €120,000 for individuals.

The maximum overall limit for Post Office Savings Bank Deposit Accounts is €250,000 per individual customer.

Ah yes, thanks for the correction. It seems that this €120k limit applies per product, ie Savings Cert, Savings Bond and Solidarity Bond, plus €250k for Prize Bonds. So for an individual, there's a total max in SS of €610k, or €1,220k for a joint account. And no upper limit on the amount protected.

 

[Des Pondent]

How much can you invest in State Savings certificate's online i.e transfer from your bank (AIB) and is it the same for single and joint holders. Thanks

If you want to spend more than your debit card allows, you can download the forms, fill them out and hand the lot in to your local post office with a cheque. If you don’t have a cheque book a bank draft will be accepted, your bank will charge for a draft.

If ID is needed you can also hand that in at the same time in the post office. They will photocopy what they need and give the originals straight back to you.

 

[fayf]

The online state savings account is far easier to use, totally paper free, once it is setup, after your 1st manual purchase.

No filling out and posting forms to redeem them, or queing up in post offices to buy them, no cheques or bank drafts, no having to lodge cheques once they have matured, or you want to cashin early.

With the state savings online account, when you want to cash in, you select it online, it takes about 5 to 8 working days to be credited to your bank account, but there are unfortunately debit card limits, in using it.

You can make up to 20k card debits per month. from an N26, on the standard & free N26 account, i have made a few of these from N26 to state savings online, but each was around 15k, but bear in mind the 20k is the total monthly card debit limit on the free N26 account, it resets after a month, and your other card debits, impact the monthly limit.

So to manage this, i tend to make the state savings online payments on the 1st of the month, so i can track other N26 card payments going out, just in case, the limit is exceeded, if for example, one was
making a large household purchase on the N26 card. Then once 1st of next month comes, one has a fresh monthly 20k limit on the N26 standard account card for that month.

I have stayed away from joint state savings investments.
For “offline” joint purchases, when you cash in, there are forms to be filled in and posted back, and the redemption cheque, can only be lodged to a bank account in joint names.

I find it better, to split the overall purchase into half each, in a sole account each, enabling you both, to do everything online, buy more (subject to debit card limits) and redeem etc. all paperless.
It would also be faster, if one needed the funds quickly, than posting back a form, waiting for a cheque to arrive, and then lodging the cheque.

My understanding is you cannot either buy or redeem, in joint names- 100 % paperless, via a state savings online account, as manual forms are required, making it less flexible, allthough, you can see the details of the joint holding, on the online state savings account.

 

[mct1]

My understanding is you cannot either buy or redeem, in joint names- 100 % paperless, via a state savings online account, as manual forms are required, making it less flexible, allthough, you can see the details of the joint holding, on the online state savings account.

You can buy in joint names online. Redeeming does require downloading and posting off a form. It adds a couple of days to the redemption time but I've not found that to be a problem.

 

[Dr Strangelove]

Why won’t they accept bank transfers for purchase?

There are services out there that set up one-time direct debits even.

 

[fayf]

You can buy in joint names online. Redeeming does require downloading and posting off a form. It adds a couple of days to the redemption time but I've not found that to be a problem.

Good to know, but it suits me better personally. to have online only, and be paperless.

 

[Jacko1]

Thanks Fayf..ya i made the mistake of joint names on the Certs. Seems crazy that you can not do anything online with a joint account!!

 

[Jacko1]

You can buy in joint names online. Redeeming does require downloading and posting off a form. It adds a couple of days to the redemption time but I've not found that to be a problem.

If you have provided all the info required to purchase online its annoying that after that its all actions are offline.