What are my Prize Bond winnings payment options?

Prize Bond winnings payment options

There are Prize Bond winnings payment options to choose from:

1. Prizes can be automatically paid into the registered Bondholder(s) bank account on provision of a SEPA IBAN and proof document validating the IBAN.
OR
2. Prizes may be automatically reinvested in new Prize Bonds in the name(s) of the registered bondholder(s), on their behalf, for inclusion in future draws.

Please note: Where bank details are not provided, the prize payment option will default to automatic reinvestment in new Prize Bonds in the name(s) of the registered bondholder(s). Both options provide customers with quick and easy access to prizes.

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

A) Completing a Prize Payments Option Form and sending it by post to Ireland State Savings, Fexco Centre, Killorglin, FREEPOST, Co Kerry, V93 WN9T
OR
B) Signing into Ireland 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 or online.

Watch Video: ‘Your Prize Bond winnings payment options’

FAQs

Can I request that my Prize Bond winnings be paid straight into my nominated bank account in Ireland State Savings Online?

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

Bondholder(s) will be notified of the prize by post or online. Customers registered for Ireland State Savings Online** will receive an online prize win notification following the draw.

*EFT is a facility where funds can be transferred electronically to your bank account. Please be careful when providing bank account details for EFT as if you enter the incorrect details (i.e., your IBAN and BIC) your payment might be delayed or credited to the wrong.

**Get timely notifications of your prizes by registering for Ireland State Savings Online where you can receive online notification of any prizes on the day of the draw, and you can view details of any recent and previous prizes.

To change your Prize payment option for sole holdings:

  • Sign in to Ireland State Savings Online.

  • Go to ‘Profile and Settings’ and select Prize Bond Settings.

  • Enable ‘Transfer winnings to my nominated Bank Account for Ireland State Savings’.


See How do I manage my Bank Account details?

This IBAN will be saved and used for all of your future Ireland State Savings sole payments (online and/or offline) and the transfer of any sole Prize Bond winnings to your bank account if you have previously instructed us to process prize payments to your Bank Account.

If you have previously provided IBAN details to Ireland State Savings the IBAN you provide here will replace the existing details on our records.

Please note that your selection will apply to sole holdings only. You can manage the Prize Bond winnings payment option for joint holdings by completing the Prize Payment Option Form.

Please be careful when providing your IBAN as if incorrect details are entered your payment might be delayed, or credited to the wrong account.

What is automatic reinvestment?

Automatic reinvestment is one of two Prize Bond winnings payment options available to customers.

The value of a prize won is automatically reinvested in new Prize Bonds in the Bondholder(s) name, for inclusion in future draws.

The Bondholder(s) will be notified of the prize by post or online and be provided with details of the value of the prize and their new bond numbers.

Alternatively, prizes can be automatically paid into the registered Bondholder’s bank account on provision of a SEPA IBAN and proof document validating the IBAN.

How do I avail of automatic reinvestment for my Prize Bonds?

Choose your payment option (automatic reinvestment or payment via EFT) at any time by completing and returning a Prize Payment Option Form or by selecting your preferred option in Ireland State Savings Online.

How will I know if I won?

Prize Bonds notify all Prize Bond winners by post or online. You can check to see if you have won a prize online at statesavings.ie.

It is important that you keep your name and/or address up to date with Ireland State Savings to ensure you receive notification of any winnings. Click here for information on how to update your personal details with Ireland State Savings including the Change of Name and or Address form or contact us on 0818 20 50 60 / 01 705 7200.

Get timely notifications of your prizes by registering for Ireland State Savings Online where you can receive online notification of any prizes on the day of the draw and view details of any recent or previous prizes.

How will I know my winning Bond Number?

You have two options available to find out your winning Bond Number.

OR

  • Phone us and quote the account number on the new bond certificate. We may ask additional security questions to verify your identity.

Customers registered for Ireland State Savings Online will receive an online prize win notification following the draw and can sign in to view details of the prize win including the winning bond number.

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

If you have not chosen a preferred Prize Bond winnings payment option your Prize Bond winnings will be automatically reinvested in new Prize Bonds in the name(s) of the registered Bondholder(s).
If you wish to transfer the value of this prize to your bank account, please see ‘How do I request a repayment of my Ireland State Savings products?’

Customers registered for Ireland State Savings Online (SSO) may choose the Prize Bond winnings Payment Option online.

I don’t have an Irish bank account?

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

What if I win a jackpot prize of €50,000 or €500,000?

The winners of the jackpot prizes are issued a Prize Claim Form. The form allows you to choose how you wish the jackpot prize to be paid i.e. automatic reinvestment in new Prize Bonds in the name(s) of the registered bondholder(s) or automatically paid into the registered Bondholder(s) bank account on provision of a SEPA IBAN and proof document validating the IBAN.