Savings Certificate Maturation
- Thread starter halfacup
- Start date
I'm not sure what the options are (I have one maturing myself in the new year). But you may have an additional problem -- they won't repay it at all until you respond to the notice they send you in writing to your home address:
T's & C's linked from the Savings Certs page: http://www.statesavings.ie/products/Pages/SavingsCertificates.aspx
3. Notification of Maturity Date
3.1 At least 10 Business Days in advance of the Maturity Date we will contact you in writing:
(a) to notify you of the Maturity Date and the total amount payable to you; and
(b) to request your instructions on the payment of such amount.
3.2 We will continue to hold the total amount payable to you until such instructions are received. You should note that no Bonus or
other amount shall accrue in respect of Savings Bonds in Issue 17 on or after the Maturity Date.
3.1 At least 10 Business Days in advance of the Maturity Date we will contact you in writing:
(a) to notify you of the Maturity Date and the total amount payable to you; and
(b) to request your instructions on the payment of such amount.
3.2 We will continue to hold the total amount payable to you until such instructions are received. You should note that no Bonus or
other amount shall accrue in respect of Savings Bonds in Issue 17 on or after the Maturity Date.
T's & C's linked from the Savings Certs page: http://www.statesavings.ie/products/Pages/SavingsCertificates.aspx
Just got a maturity notice for a 5 year Savings Certificate from 2018. Nowhere in the letter does it mention a need for me to return the original certificate but on the back off the FREE return envelope supplied it mentions - "Enclose original Savings Bond/Certificate".
I find this a bit bizarre it only mentioned on the FREE return envelope. Do they really actually need the original certificate?
Anyone any recent experience?
I find this a bit bizarre it only mentioned on the FREE return envelope. Do they really actually need the original certificate?
Anyone any recent experience?
"It is optional to return the original Bond or Certificate with the form. If you are not returning the original Bond or Certificate please complete the relevant details on the form."
On the form sent out I can't find anywhere to complete the relevant details if I'm not returning the original Certificate.
By the way I have the original Certificate so you might be wondering why I'm making a deal about it but the process is far from clear. I think the wording on the maturity letters for the solidarity bonds might be clearer from recollection as I definitely remember being specifically asked to return the original Bond in the letter and not just on the back off the FREE envelope.
Actually, mine was a solidarity bond.
"It is optional to return the original Bond or Certificate with the form. If you are not returning the original Bond or Certificate please complete the relevant details on the form."
On the form sent out I can't find anywhere to complete the relevant details if I'm not returning the original Certificate.
By the way I have the original Certificate so you might be wondering why I'm making a deal about it but the process is far from clear. I think the wording on the maturity letters for the solidarity bonds might be clearer from recollection as I definitely remember being specifically asked to return the original Bond in the letter and not just on the back off the FREE envelope.
State savings redemption instructions change frequently and are often ambiguous. The processes differ greatly depending on whether you operate an online account or operate exclusively using their paper based procedures. I’d strongly recommend getting yourself set up online (which in itself can be tortuous, but at least it’s a one off). Thereafter you can redeem without needing to return certs/bonds etc. also avoids paper and gives you some oversight and something of an audit trail. I’ve redeemed a few products recently (Solidarity Bond, Savings Certs and Prize Bonds) and it’s much more straight forward and faster doing it online.
I am set up online with State Savings and have a bank account registered to be repaid by EFT. They still insist on sending me out a cheque for the annual interest from early years off the Solidarity Bonds rather than do it by EFT.
They send me e-mails about Payment Advice Notice and then post me out a letter. Bit more joined up thinking is needed with them.
They send me e-mails about Payment Advice Notice and then post me out a letter. Bit more joined up thinking is needed with them.
Am I right in thinking though that this can only be done when its a sole holder rather than joint? What happens to the old cert after cashing it in? Could get quite confusing if not disposed of.
Yes, Sue Ellen, that is correct - good spot. Sole holdings are completed online, Joint require the completion of a paper application form with both signatures.
You can either keep them or shred them. Agree about it being confusing - only State Savings could go paperless and still continue producing the same amount of paper. Efficiency isn't a strong point with them.
DirectDevil
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If OP is in no hurry for the funds could they use the maturity option of reinvesting in one of the States Savings products shown on the option form ?