Product Period Interest Rate Net AER** Deposit Account* On Demand 0.05% 0.03% Savings Bond 3 years 1.00% 0.33% Savings Certificates 5 years 5.00% 0.98% Instalment Savings (incl. Childcare Plus) 6 years (1 year saving plus 5 years on deposit) 5.50% 0.98% National Solidarity Bond 4 years 2.00% 0.50% National Solidarity Bond 10 year 16.00% 1.50% Prize Bonds n/a 0.35% n/a Notes: * Subject to DIRT, currently 33% **AER is Annual Equivalent Rate for period of the product. For the deposit account the calculation reflects the current DIRT rate. Who sets the interest rates for State Savings products? Rates for State Savings products are determined by the National Treasury Management Agency (NTMA) with the approval of the Minister for Finance. The NTMA constantly reviews rates to ensure that products remain competitive in the savings market generally, whilst providing good value to the Exchequer in terms of borrowing costs. I have existing savings with you, will my rates change? All previous issues of Savings Certificates, Instalment Savings and 10 Year National Solidarity Bond are now closed. The new rates will have no effect on existing product holders. Money which has already been placed in previous issues of these products will continue to receive the fixed rates applicable when the product was purchased, for the remaining term. I have just invested with you, what interest rate will I receive? All purchases made in a post office prior to 26th March 2023 or made online or by post prior to 26th March 2023 will be at the interest rates applicable before that date. All purchases made on or after 26th March 2023 will receive the interest rates of the new issues (listed above). Are more rate changes planned for 2023? Interest rates on all products are kept under constant review. Maturity Dates/Reinvestments I received a maturity notice for my investment which matures after the 26th March 2023. What will I earn if I reinvest? Where you have received a maturity notice and reinvestment form you can invest as per the options shown on the reinvestment form subject to you returning your choice to us. If you choose to reinvest online, the available options will be presented to you online. All previous issues of Savings Certificates, Instalment Savings and 10 Year National Solidarity Bond are now closed. We will continue to hold the total amount payable to you until such instructions are received. No interest, bonus or other amount shall accrue in respect of a Product on or after the Maturity Date I have investments maturing on or after 26th March 2023 and have not yet received any notice from you. What rates will I be offered for reinvestments? The rates that will be offered to you will be the new rates applicable from 26th March 2023. I have the maximum invested in the current issues. Can I now purchase the new issues? Yes. What are the minimum and maximum purchase amounts? The minimum purchase amount for Savings Bonds, Savings Certificate, and NSB is €50.00; The maximum investment for Savings Bonds, Savings Certificates and the National Solidarity Bonds (4 & 10 year) is €120,000 for individuals. Who can buy State Savings Products? All State Savings products are subject to Terms and Conditions. An individual over 18 years of age can buy State Savings Products. Anybody under 18 (a minor) can own State Savings products as long as a parent or guardian of such Minor either makes the application on the Minor’s behalf or gives his or her written consent to the application. A charity registered with the Revenue Commissioners, an unincorporated body that does not carry on business can also apply to purchase State Savings products. Companies are not eligible to purchase hold any fixed term State Savings products or Prize Bonds. Do these changes affect the security of my investment in State Savings? No, all State Savings money is placed directly with the Government, the repayment of which is a direct obligation of the Irish Government. Can I early encash my existing holdings and purchase new issues? Yes. All State Savings products are subject to Terms and Conditions. When was the last change in interest rates and Prize Structure? The last change in interest rates for Fixed Term products and Prize Bonds was in January 2021. How/where was the change of rate communicated? Notice on State Savings Website Notice in all Post Offices Call Centre IVR (Interactive Voice Response) Message Notices in the following National Newspapers: 26th March 2023 Sunday Independent Sunday Mirror 27th March 2023 Irish Independent Irish Times Irish Examiner Prize Bonds Why is there no change to the Prize Bond Fund Rate? The recent review of interest rates resulted in changes being applied to Savings Certificates, Instalment Savings and 10 Year National Solidarity Bonds. At this time, the variable interest rate used to calculate the Prize Bond Prize Fund remains unchanged (i.e., 0.35%) however the NTMA keeps the interest rates for all products, including Prize Bonds under constant review to ensure that the products remain competitive in the savings market generally. Who can buy a Prize Bond? An individual over 18 years of age can buy Prize Bonds. Anybody under 18 (a minor) can own Prize Bonds as long as a parent or guardian of such Minor either makes the application on the Minor’s behalf or gives his or her written consent to the application. A charity registered with the Revenue Commissioners, an unincorporated body that does not carry on business can also apply to purchase Prize Bonds. Companies are not eligible to purchase any fixed term State Savings products or Prize Bonds. Prize Bonds - General changes including Prize Structure How are the number of prizes calculated? The number of prizes are determined by the application of an interest rate to the value of outstanding prize Bonds (“Prize Fund”) at the end of each month. The rate of interest used and the number and value of prizes are variable and can be changed by the NTMA. Any changes to the Prize Structure will be notified through press advertisements and on the StateSavings.ie website. Who sets the rate? Rates for State Savings products are set by the National Treasury Management Agency with the approval of the Minister for Finance. The NTMA constantly reviews rates to ensure that products remain competitive in the savings market generally, whilst providing good value to the Exchequer in terms of borrowing costs.