Prize bonds - one million prize now every second month

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laois1

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Is it true that the million euro prize has now been dropped from every month to every second month ? Is this some sort of joke ? Do they seriously expect people to buy/retain these bonds now especially as they have also dropped the min prize from 75 to 50. I see there is no reduction in the cost of the bonds. Is the government using the 1 mill every 2nd month to pay back the troika ?
 
laois1 said:
Is it true that the million euro prize has now been dropped from every month to every second month ?
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Yes, it is true

laois1 said:
Do they seriously expect people to buy/retain these bonds now especially as they have also dropped the min prize from 75 to 50.
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Most people will be blissfully unaware of the change. Hopefully, some people will close their accounts.

laois1 said:
I see there is no reduction in the cost of the bonds.
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There has been a huge reduction in the yield on Irish sovereign debt in recent times.
 
"Previously there was a €1 million prize each month, but now, with immediate effect, there will be a €1 million prize in the last weekly draw of each second month, viz. February, April, June, August, October and December." - NTMA
 
Lovely. Put a few bob away in them last month (thankfully not much) and now am stuck with them for a few months with the new terms. Wouldn't have bothered seeing those changes.
 
I bought a significant amount 3 weeks back, regret not putting it into 3 year State Savs now as that rate has also fallen, I have been a fan of PB's but after this I have to cash in just as soon as I can, I recall that I am stuck for maybe 3 months before I can access it.

Not a happy camper about this.
 
How do I cash in my Prize Bonds?

Prize Bonds can be cashed in at any time after an initial holding period of three months. Simply complete a repayment form
(available online at www.StateSavings.ie or at any Post Office) and send it to
State Savings
Prize Bonds Repayment Section
Fexco
Killorglin
FREEPOST
Co. Kerry

Local Kerry Postman is going to be busy!
 

On 2nd June 2013 the National Treasury Management Agency announced a reduction in all State Savings interest rates. This changed, from 2.25% to 1.75%, the rate used to calculate the monthly prize fund.
The prize structure was changed to ensure that, despite the reduced interest rate, approximately the same number of prizes will be awarded each week.
The new weekly prize structure is as follows:​
€1 Million bi-monthly prize awarded on the last Friday of every second month (Feb, Apr, Jun, Aug, Oct, Dec).

€20,000 awarded each week, other than when the €1 Million prize is awarded.
5 €1,000 prizes.
500 €100 prizes.
Over 8,000 €50 prizes.
 
Moneytalks said:
Have you ever heard of anybody who won even a small prize- I haven't
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Grandfather bought prize bonds in the 1960's. When he died, they were transferred to his widow. When she died, they were transferred to an aunt. Never won anything! Address remains the same btw.
 
I will also be getting out, I think these are best regarded as returns rather than winning as such. I got €50 last Friday previously received €75 as the minimum return.
 
Have won twice (both €75) in the past three years from a block of about €2000. I have other single prizebonds, some of which would be close to forty years old that have never come close...
 
I have about £500 from the 1970's, never won anything. I have about €3500 in more recent times and I have won 3 x €75.

I bought the children some over the years. They never won anything and Prize Bonds are "lost", so I am not sure if you can get replacements for lost PrizeBonds?
 
I guess now that more people are going to cash their bonds in, the better the chance of the remaining bondholders ? I have 1500 euro worth since last September with no wins. I don't really need the money at short notice so might just leave them in for another 6 months and then put the cash to work in the savings AC.
 
johnfrancis said:
I guess now that more people are going to cash their bonds in, the better the chance of the remaining bondholders ?
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No. The prize fund is a fixed percentage of the overall value of bonds in issue. So as bonds are redeemed, the prize fund will shrink.
 
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