NTMA increases rates for State Savings products

Marsupial said:
Evidently the hamster who turns the flywheel that powers the State Savings website doesn't work on Sundays. (Or perhaps he's buggered off to France for the weekend to watch the rugby!)
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Still not working. The hamster must have a hangover.

(If this was a private sector bank, the usual political suspects would be leaping up and down like deranged kangaroos!)
 
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This apply to prize bonds or just govt. Bonds?
I had prize bonds before in joint account and to withdraw needed paper form. If sole can we withdraw online?
 
An example of an analysis for a client with a rake of State Savings Certificates taken out in recent years.

Depending on the issue and the term left to the next anniversary you can get some very good returns from waiting until the next anniversary to cash in

Days to next anniversaryAnnualised gain to next anniversary
111.00​
6.73%​
194.00​
0.38%​
302.95​
0.54%​
11.00​
92.91648%​
94.90​
2.13%​
182.50​
12.36%​
328.50​
0.50012%​
332.15​
0.49462%​
332.15​
0.49462%​
335.80​
0.48923%​
335.80​
0.48923%​
346.75​
0.47374%​
350.40​
0.46879%​
7.30​
25.55285%​
328.50​
0.55571%​
 
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Can anyone advise which of these statements is correct ? Does early withdrawal of State Savings result in penalties ?


From the Irish Times today ..... https://www.irishtimes.com/your-mon...are-rising-heres-how-to-maximise-your-return/

"If your money is with State Savings, on the other hand, now is the time to take action. While your money is “locked away” for terms of up to 10 years, no charges apply should you wish to access your money early. Instead, you typically need to give seven business days’ notice, and you will get your original investment back, plus any interest earned up to that point. "


From Askaboutmoney .......
  • 10 Years 2.01%* Tax Free
  • *Applies from 1 October 2023.
  • Minimum: €50
  • Maximum: €120,000 (or €240,000 from joint applicants).
  • Access: Early withdrawal is possible but is subject to interest penalties.
  • NB: As the interest penalties for early withdrawal are significant on this account, you should only consider this product if you are certain that you will not need access to your money at any stage over the next 10 years. 10 year term deposits are not suitable for most savers.
  • You should also be aware that you take on considerable upward interest rate risk by fixing for 10 years.
  • Deposit Protection: Unlimited via Irish government sovereign debt guarantee.
 
Mugatay said:
Can anyone advise which of these statements is correct ? Does early withdrawal of State Savings result in penalties ?
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Interest doesn't accrue evenly during the term. Very little is earned in early years, with it 'catching up' in the last year or 2.
So, technically it's correct that there's no charges / penalty, but you forfeit a lot of interest not yet earned.

The brochures for the state savings products set out the interest earned in each year of the term.
 
Very ambiguous I agree, but both are correct. The key words are "interest earned" in the first explanation and "interest penalties" in the second. The following is just a stylistic example:
Interest earned; 1 year 0% 2 years 0.5% 3 years 1.5% 4 years 3% 5 years 6%. Thus the interest earned is significantly delayed.
Thus in the second example you will get 2.01% p.a. if you stay the course but a much less percentage return if you bail out early.
 
An Post on demand account paying 0.75% from Oct 1st. I have existing account. Do I automatically go onto the new rate on that date ?
 
Why is it so awkward to setup an online a/c with State Savings?
I last had Saving Certs before 2014, so thats excluded
I have Prize Bonds given to me as gifts, so I don't have a SSCN (because I didn't buy them)

So, Try to setup a online ac....

 
You could buy €25 worth of Prize Bonds (the minimum purchase) in a Post Office to get a SSCN.
 
You have two options (1) phone them with your details (including your prize bond numbers and any other products you still hold and ask them what exactly you need to do to get registered. If they want documents posted I suggest sending them by registered post to avoid state savings loosing them. Registering a letter to An Post at the GPO is free at any post office. Your other option is to buy €25 worth of prize bonds online using your ppsn. This will then get you an sscn which is the basis of an online account.

Getting an online set-up is painful but well worth the effort in the long term as it saves you having to deal with them most of the time.
 
catch22 .... tried to buy Prize Bonds online using PPSN. I'll have to go to a Post Office anyway...
 
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I was checking the N26 card payment limits today, with a view to buying more 10 year state savings bonds, once rates increase to 22% from October 1st and i got this on support chat, but main item, is N26 have a 20k limit per month.

Several of the Ireland banks, have a much lower limit, meaning dealing online with state savings, can involve multiple purchases.
 

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Freelance said:
@fayf - Doesn't N26 also have an inner per transaction limit as well ?
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Not that i am aware of.

I traded in a car 2 years ago, and transferred the balance via N26, it was a little over 20k, and no issues, allthough, that was a bank transfer, rather than a card transaction, which those limits refer to.

Good luck, doing any of that, with Revolut, allthough i use one for small transactions, also great for currency conversion etc, but N26 is way better, when it comes to larger amounts, support way better also
 
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