Fixed Term Rates

The fixed term rates effective on the new issues from Sunday 1st October 2023 are:

¹ AER = annual equivalent rate. The AER assumes no early encashment.
² AER on Instalment Savings assumes an average term of 5½ year (12 equal monthly lodgements followed by a 5 year term).

There is no new issue of the 4 Year National Solidarity Bond.

Deposit Account

The new variable interest rate, effective on 1^st October 2023 for the Deposit Accounts is:

³ Subject to Deposit Interest Retention Tax (DIRT) at the prevailing rate. Interest calculated daily and credited yearly on 31 December.

Prize Bonds

The new variable interest rate for the prize fund, from 1^st October 2023 is:

This is the variable rate that will be used to calculate the prize fund for October 2023 and will continue until further notice.
 
The new Prize Structure is as follows:

• €500,000 - Jackpot Prize awarded in the last draw of each month

• €50,000 - 1 prize each week

• €1,000 - 20 prizes each week

• €500 - 20 prizes each week

• €75 - all other prizes*

*The number of €75 prizes will change monthly in line with the changes in the value of the Prize Fund.

Who sets the interest rates for Ireland State Savings products?

Rates for Ireland State Savings products are determined by the National Treasury Management Agency (NTMA) with the approval of the Minister for Finance.

The NTMA reviews rates to ensure that products remain competitive in the savings market generally, whilst providing value to the Exchequer in terms of borrowing costs.

I have existing savings with you, will my rates change?

All previous issues of Savings Bonds, Savings Certificates, Instalment Savings, 4 and 10 Year National Solidarity Bond are now closed.

The new rates will have no effect on existing product holders of the fixed-term products. Money which has already been placed in previous issues of these products will continue to receive the fixed term rates applicable when the product was purchased, for the remaining term.

There is no new issue of the 4 year National Solidarity Bond.

I have just invested with you, what interest rate will I receive?

All purchases made in a post office prior to 1^st October 2023 or made online or by post prior to 1^st October 2023 will be at the interest rates applicable before that date.

All purchases made on or after 1^st October 2023 will receive the interest rates of the new issues (listed above).

Maturity Dates/Reinvestments

I received a maturity notice for my investment which matures after the 1^st October 2023. What will I earn if I reinvest? 

Where you have received a maturity notice and reinvestment form you can invest as per the options shown on the reinvestment form subject to you returning your choice to us. If you choose to reinvest online, the available options will be presented to you online.

All previous issues of Savings Bonds, Savings Certificates, Instalment Savings, 4 and 10 Year National Solidarity Bond will close on the 30 September 2023. There is no new issue of the 4 year Solidarity Bond.

We will continue to hold the total amount payable to you until such instructions are received.

No interest, bonus or other amount shall accrue in respect of a Product on or after the Maturity Date.

I have investments maturing on or after 1^st October 2023 and have not yet received any notice from you. What rates will I be offered for reinvestments?

The rates that will be offered to you will be the new rates effective from 1st October 2023.

I have the maximum invested in the current issues. Can I now purchase the new issues?

Yes. The new issues are available from 1^st October 2023.

What are the minimum and maximum purchase amounts?

The minimum purchase amount for Savings Bonds, Savings Certificates and National Solidarity Bonds is €50.00;

The maximum investment for Savings Bonds, Savings Certificates and National Solidarity Bonds is €120,000 for individuals.

The maximum overall limit for Deposit Accounts is €250,000 per individual customer.

Who can buy Ireland State Savings Products?

An individual over 18 years of age can buy Ireland State Savings Products. Anybody under 18 (a minor) can own Ireland State Savings products as long as a parent or guardian of such Minor either makes the application on the Minor’s behalf or gives his or her written consent to the application.

A charity registered with the Revenue Commissioners, an unincorporated body that does not carry on business can also apply to purchase Ireland State Savings products.

Companies are not eligible to purchase hold any fixed term Ireland State Savings products or Prize Bonds.

Ireland State Savings products are subject to Terms and Conditions.

Do these changes affect the security of my investment in ireland State Savings?

No, all Ireland State Savings money is placed directly with the Government, the repayment of which is a direct obligation of the Irish Government.

Can I early encash my existing holdings and purchase new issues?

Yes.  All Ireland State Savings products are subject to Terms and Conditions.

When was the last change in interest rates and Prize Structure?

The last change in interest rates:

• March 2023 for Fixed Term products (Savings Certificates, Instalment Savings and 10 Year National Solidarity Bonds)

• February 2021 for the Prize Fund rate and Variable Rate Deposit Account

How was the change of rate communicated?

Notice on Ireland State Savings website from 1 September 2023
Notice in Post Offices
Call Centre IVR (Interactive Voice Response) Message
Notices in the following National Newspapers:

1^st October 2023

• Sunday Independent

• Sunday Mirror

 
2nd October 2023

• Irish Times

• Irish Independent

• Irish Examiner

​Prize Bonds

What is the new prize fund rate?

From 1^st October 2023 the new variable interest rate for the prize bond fund is 1.00%

This is the variable rate that will be used to calculate the prize fund for October 2023 and will continue until further notice.

What is the new Prize Structure? 

The new Prize Structure is as follows:

• €500,000 - Jackpot Prize awarded in the last draw of each month

• €50,000 - 1 prize each week

• €1,000 - 20 prizes each week

• €500 - 20 prizes each week

• €75 - all other prizes*

*The number of €75 prizes will change monthly in line with the changes in the value of the Prize Fund.

How are the number of prizes calculated?

The National Treasury Management Agency (NTMA) sets the variable percentage rate used to calculate the prize fund. Effective from October 2023 this variable percentage rate is set at 1.00% of the total value of Prize Bonds outstanding.

The value of the prize fund is recalculated at the end of every month, in line with the monthly net sales of Prize Bonds. 

The rate of interest used and the number and value of prizes are variable and can be changed by the NTMA. Any changes to the Prize Structure will be notified through press advertisements and on the StateSavings.ie website.

Who sets the rate?

Rates for Ireland State Savings products are set by the National Treasury Management Agency with the approval of the Minister for Finance.

The NTMA reviews rates to ensure that products remain competitive in the savings market generally, whilst providing value to the Exchequer in terms of borrowing costs.

Who can buy a Prize Bond?

An individual over 18 years of age can buy Prize Bonds. Anybody under 18 (a minor) can own Prize Bonds as long as a parent or guardian of such Minor either makes the application on the Minor’s behalf or gives his or her written consent to the application.

A charity registered with the Revenue Commissioners, an unincorporated body that does not carry on business can also apply to purchase Prize Bonds.

Companies are not eligible to purchase any fixed term Ireland State Savings products or Prize Bonds.