How to buy prize bonds

Written by lisa magloff
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Prize bonds are a type of lottery available in Ireland. Prize bonds cost €6.25 each (around £5.60 U.S. as of March 2011 ) and there is a minimum purchase of four bonds. The bonds are entered into a weekly draw that awards cash prizes, and there is a monthly draw for a prize of €1 million. All winnings are tax free in Ireland. Your bonds remain entered for every draw for as long as you hold them. At any time, after an initial period of three months, you can cash in your prize bonds for their face value.

Skill level:
Easy

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Things you need

  • Application form

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Instructions

  1. 1

    Purchase prize bonds online from the Ireland State Savings website (see Resource) by filling in the online purchase form. Click on the form, and then type in your name, address and the amount of bonds you wish to buy. You also have the option of adding a second bondholder to co-own the bonds with you. Click on "purchase prize bonds" on the bottom of the screen, and you will be taken to a page where you can enter your payment information. Pay using a debit card.

  2. 2

    Purchase prize bonds over the telephone. Telephone State Savings at 001850 30 50 60. Tell the operator you wish to purchase prize bonds. He will take your payment information over the telephone. You will need to use a debit card; credit cards are not accepted.

  3. 3

    Arrange to purchase prize bonds every month or every week with a direct debit mandate. Download the direct debit mandate form from the Ireland State Savings website (see Resource). Fill in the form, and mail it in to the address given. The money will be taken from your account at whatever interval you request.

  4. 4

    Purchase prize bonds in person or through the mail. Download an application form from the State Savings website, or pick one up at any Irish post office. Fill in the form and mail it in to "State Savings, GPO, Dublin 1." No stamp is needed from within Ireland. You also can hand the form in to any Irish post office in person. Pay with a debit card or with a personal check made payable to "NTMA State Savings."

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