Prize Bonds - Ways to Purchase From 7 Day Savings Acc?

[flyingfolly]

Hi there wondering if anyone can answer this for me. We have 90K in cash savings (no debt) and want to put it into prize bonds for 1 year while we're deciding what to do with it.

I had a look at the application form and it seems the only way to buy them is via direct debit (or debit card for up to 2k or so at a time). However, the money in a 7 day notice account with AIB so my question is:

1. Does a direct debit mandate work on a 7 day notice account?
2. Is there any other way to buy them like a bank transfer so that we don't have to have 90k in a current account (I'm worried about having that sum in a current account)

 

[Monbretia]

No a dd won't work on a notice account.

You can't buy by bank transfer, last year when I wanted to buy a large amount (not nearly as big as yours but big for me!) the only option was to get a bank draft. Helpfully UB would not issue a bank draft to NTMA/An Post or whatever it said on the form because I could have lost it outside the door and someone else found it and used it! Possible I suppose. The CU next door to them had no such problem so I just posted off the application and the draft, you could also go to the local post office with the form and draft if you don't want to post it.