What are my Prize Bond winnings payment options?

Prize Bond winnings payment options

Prize Bond customers have two prize payment options to choose from:


Please note: Where bank details are not provided, your prizes will default to automatic reinvestment in new Prize Bonds on your behalf.

Both options provide customers with quick and easy access to prizes.

Prize payment method can be chosen when completing a purchase application form. Alternatively you can change your prize payment method at any time by:

A) Completing a  Prize Payment Option Form and sending it by post to State Savings, Fexco Centre, Killorglin, FREEPOST, Co Kerry, V93 WN9T

OR

B) Signing in to State Savings Online and selecting your Prize Bond winnings payment option in your Prize Bond settings. 

Prize Bonds notify all Prize Bond winners by post either with your new bond certificate for automatic reinvestment or confirmation letter for prizes paid to your bank account.

Watch Video: 'Your Prize Bond winnings payment options'

 

FAQs

How will I know if I won?

You can check to see if you have won a prize online at www.statesavings.ie. You will be notified by post with a new bond certificate for automatic reinvestment in new Prize Bonds or confirmation letter for prizes paid to your bank account.

What is the benefit to me?

The options of auto reinvestment in new Prize Bonds and EFT payments provide fast and efficient methods of processing Prize Bond winnings.
As EFT payments are not subject to clearing times they are accessible immediately once they appear in your account.
If you choose automatic reinvestment as a Prize Bond winnings payment option, we will complete the reinvestment process and you will receive your new bond certificate within 5 working days of your Prize Win. Your new Prize Bonds will be eligible to win a prize in the following week’s draw.

What happens if I don’t indicate my Prize Bond winnings payment option?

If you have not indicated to us which is your preferred Prize Bond winnings payment option prior to February 2020 your Prize Bond winnings will be automatically reinvested in new Prize Bonds on your behalf.
If you wish to transfer the value of this prize to your bank account, simply return the bond certificate with a fully completed Prize Bond Repayment Form, at post offices, or by phoning us. Customers registered for State Savings Online (SSO) may choose the Prize Bond winnings payment option online.

I don’t have an Irish bank account?

Currently Prizes can only be automatically lodged into a SEPA account.
If you do not have such a financial account you can avail of the alternative prize payment option i.e. automatic reinvestment of Prize Bond winnings in new Prize Bonds.

I don’t want new Prize Bonds and I don’t have a bank account?

From February 2020 cheque payments are no longer available and if we have not been notified of a preferred Prize Bond winnings payment option your winnings will be automatically reinvested in new Prize Bonds on your behalf.

Will this affect my existing Prize Bonds?

Yes, we advise that you have one standard Prize Bond winnings payment method for all your sole holdings.  As cheque payment is no longer be available all your holdings will be transitioned to the Prize Bond winnings payment method of automatic reinvestment in new Prize Bonds on your behalf unless you have provided bank details for the payment of the prize to your bank account.

What if I win a large prize of €50,000 or €250,000?

Our large weekly prizes are currently prizes of €50,000 or €250,000 paid four times a year in March, June, September and December. The winners of these prizes are issued a Prize Claim Form.  You may decide how the prize is issued. The Prize Claim Form will have two options available the prize can be reinvested into new Prize Bonds or lodged to your bank.