What are my Prize Bond winnings payment options?

Prize Bond winnings payment options

From February 2020, Prize Payment by Cheque Ceases

  • Customers who currently receive prize payment into their bank account or automatically reinvest into new Prize Bonds 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.

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

  • If neither of the above options is chosen, prizes will be automatically reinvested into new Prize Bonds for inclusion in future draws.

  • Choose a different payment option at any time in the future - complete and return a Prize Payment Options Form.  Please phone us at 1850 30 50 60 if you require further assistance.

  • We will continue to notify Prize Bond winners by post.

 

Why will prize cheques no longer be available?

The Prize Bond Company is offering two prize payment options i.e. automatic reinvestment into new Prize Bonds and Electronic Funds Transfer (EFT) direct to your bank account. This change offers enhanced efficiency through fast payments to customers. 

Why are cheques being phased out?

Cheques are becoming increasingly inconvenient and costly for customers.  Banks transfers result in customers receiving prizes efficiently.

Do I have to hold Prize Bonds reinvested from Prize Bond winnings for 90 days?

No, Prize Bonds that have been reinvested from a prize win are not subject to be held for a minimum of 90 days. These bonds are eligible for repayment to your bank account once issued.
In order to repay these Prize Bonds please download, complete and return the Repayment Form with the Bond Certificate.

How can I update my bank details for Prize Bond winnings to be paid to my bank account?

Please complete the Prize Payment Option Form and ensure you provide a copy of a bank statement header verifying the account to which Prize Bond winnings will be lodged.

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 at your registered address confirming the value of the prize(s) and the winning Bond Number(s).

What is the benefit to me?

The options of auto reinvestment into Prize Bonds and EFT payments provide fast and efficient methods of processing Prize Bond winnings.
In comparison to a cheque payment, EFT payments will appear quicker and more seamlessly into your account with no effort on your part. 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 payment method, we will complete the reinvestment process and you will receive your new Bond Certificate within 10 Working days of your Prize Win. This Bond Certificate will be eligible to win a prize in the following weeks draw.

I don’t have a bank account?

We also offer automatic reinvestment of Prize Bond winnings into new Prize Bonds whereby the value of your prize is invested into new Bond Numbers. Instead of a cheque you will receive new Bond Certificate.

What happens if I don’t choose either?

If you have not indicated to us which is your preferred prize payment option prior to the February 2020 your Prize Bond winnings will be automatically reinvested into new Prize Bonds.

I don’t have an Irish bank account?

Currently Prizes can only be automatically lodged into a current Irish bank account. Please contact us to discuss your payment preferences and arrangements.

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

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

Will this affect my existing Prize Bonds?

Yes, we advise that you have one standard prize payment method for all your holdings.  As cheque payment will no longer be available from February 2020 all your holdings will be transitioned to automatic reinvestment into new Bond Numbers unless you have provided bank details to lodge the prize to your bank account.

What if I win a large prize?

Our larger weekly prizes are currently the jackpot prizes of €50,000 or €1 million biannually. 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 account.