What are my Prize Bond winnings payment options?

Prize Bond winnings payment options

From February 2020, Prize Payment by Cheque Ceased. Prize Bond customers have two prize payment options to choose from:

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

Prize Bonds notify all Prize Bond winners by post with a new Bond Certificate for automatic reinvestment or confirmation letter for prizes paid to bank account.
Prize payment method can be chosen when completing a purchase application form or alternatively by completing a Prize Payment Option Form at any time. 

‚ÄčIf one of the above options is not specified, the prize payment method will default to prizes automatically reinvested into new Prize Bonds.

Watch Video: 'Your Prize Bond winnings payment options'

FAQs

Can I receive my prize by cheque?

From February 2020, prize payment by cheque ceased and customers who previously receive prizes by cheque had the option to choose from our two other alternative prize payment options detailed above. If these customers did not choose an alternative prize payment option before the first draw in February 2020 their prize payment method defaulted to automatic reinvestment into new Prize Bonds for inclusion in future draws.

Prize payment option can be changed at any time in the future by completing a Prize Payment Option Form at any time. 

Cheque cessation did not impact customers who had already opted for one of the alternative prize payment options.

Watch Video: 'Your Prize Bond winnings payment options'

Why will prize cheques no longer 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.

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 or confirmation letter for prizes paid to bank account.

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 5 working days of your Prize Win. This Bond Certificate 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 payment option prior to 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 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.

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.