How do prizes to 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 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 account which may result in a financial loss.

When will my money arrive in my account?

EFTs to bank accounts are only processed on business days. On receipt of confirmation that your payment has been processed by State Savings, the funds should appear in your bank account within 3 - 5 working days.  

Please note the above timeframe is based on valid IBAN details being provided with the request. In the event invalid or incorrect IBAN details are provided it will result in delayed payment or credited to the wrong account which may result in a financial loss.  

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

Simply complete and return a Prize Payment Option Form to our office with a copy of a bank statement header verifying the account to which Prize Bond winnings will be lodged.

What Bank Details do you require?

The bank details we require are Bank name(s), 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 for the relevant account.

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 is an IBAN?

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.

Where do I find my BIC and IBAN?

You can locate your BIC and IBAN on 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 for future prize payments, 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, State Savings requires one set of Bank Details for an individual customer.

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?

Prize Bonds accept financial accounts within the Single Euro Payment Area (SEPA) which have a Sort Code and Account Number e.g. Bank Account or 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.

Prizes can be transferred to a personal bank account located within the Single Euro Payments Area (SEPA). 
Prize payments can only be processed in euro.

Your Security

Do not use shared networks such as a coffee shop or hotel when using State Savings Online.
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.