How do Prize Bonds work?

How do Prize Bonds work?

Prize Bonds are available in units of €6.25. There is a minimum purchase of 4 units costing €25. Prize Bonds are entered into a weekly draw with prizes ranging in value. Weekly prizes range from €50 to €50,000, with a €1m prize twice a year.

Thousands of cash prizes are awarded each week.
You can choose how to receive your prizes. 
 
All customers who currently receive prizes into their bank account will continue to do so. 
 
From February 2020, Customers who receive prizes by cheque have two options:

1. You can provide your bank account details and your prizes will automatically be paid into your bank account

OR

2. Your prizes will be automatically reinvested into new Prize Bonds.

If you don’t choose either option, your prizes will be automatically reinvested into new Prize Bonds. Prize Payments by cheque will cease.
 
If at any time in the future you wish to choose a different option simply complete the Prize Payments Option Form and return it to State Savings.