What happens if I choose to have my Prizes automatically paid into my Bank Account?

How do prizes paid into a Bank Account work?

Prize Bonds pay the value of the prize directly to the Bondholder(s)’ Bank Account by Electronic Funds Transfer (EFT*).

Bondholder(s) will be notified of the prize by post with a prize notification letter.

*EFT is a facility where funds can be transferred electronically and directly to account. Please be careful when providing bank account details for Electronic Fund Transfers as if you enter the incorrect details for your IBAN and BIC your payment might be delayed, or credited to the wrong account and may result in a financial loss.

When will my money arrive in my account?

EFTs are only processed on business days. Prize Bond winnings should appear in your bank account within 3 - 5 working days of the draw.  

How do I arrange for my Prize Bond winnings to be paid into my Bank Account?

Choose a different payment option at any time by completing and returning a Prize Payment Option Form with a copy of a bank statement header verifying the account to which Prize Bond winnings will be lodged.
Please note prizes must be paid to a Bank Account in the name of the Bondholder and in cases of joint Prize Bonds it must be a joint Bank Account in the name of the Bondholders.

What Bank Details do you require?

The bank details we require are Bank name(s) of Bank Account holder(s), BIC and IBAN. In order to verify these details we also require a copy of a bank statement header displaying the relevant account.

What are IBAN and BIC?

An IBAN (International Bank Account Number) is an internationally agreed standard created to uniquely identify the account of a customer at a financial institution.  It is unique to your account.
The IBAN consists of up to 34 alphanumeric characters; the first two letters denote the country code, then two check digits, and finally a country-specific Basic Bank Account Number (BBAN), which includes the domestic bank account number, branch identifier, and potential routing information.
There are standard lengths and formats of alphanumeric characters for IBANs in respect of each country – e.g. in Ireland, the standard length of an IBAN is 22 characters.
A BIC is a Bank Identifier Code. It is unique to your Bank.
The combination of your BIC and IBAN enable you to make and receive payments internationally or within Ireland.

Where do I find my BIC and IBAN?

You can locate your BIC and IBAN from your Bank Account Statement

Can I change the bank details which my Prize Bond winnings are paid to?

If you need to provide new Bank Details, please complete the Prize Payment Option Form and ensure to provide a copy of a bank statement header verifying the account to which Prize Bond winnings will be lodged.

Please note prizes must be paid to a Bank Account in the name of the Bondholder and in cases of joint Prize Bonds it must be a joint Bank Account in the name of the Bondholders.

Can I have more than one set of bank details associated with my Prize Bonds?

No, Prize Bonds require the same Bank Details for an individual Bondholder(s)’ Prize Bond holdings.

How will I know if I won?

If you are successful in a prize draw, you will receive a prize notification letter to your registered address.

I don’t have a bank account?

Prizes Bonds accept financial accounts within Republic of Ireland which has a Sort Code and Account Number e.g. Credit Union, and are in the name of the Bondholder(s).
If you do not have such a financial 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.

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.

Your Security

Do not make online payments from public premises such as a coffee shop or hotel
Do not disclose your security information to anyone. State Savings will never contact you requesting your security information.
As per State Savings Terms and Conditions, we will not be responsible for any delay that may arise in the processing of any payment by your bank.