There will be even less Prize Bonds winnings up for grabs from next month as winnings are reduced for the fifth time in four years. There will now only be €1 million prizes paid out four times a year (March, June, September and December) instead of the previous six times a year. The move is part of a major reduction of interest rates on State Savings schemes, many of which are tax-free.
A spokesman for the NTMA defended the interest rate decreases and the smaller Prize Bond pay-outs, saying: “The new issues and interest rates reflect changes across the retail savings market and the fall in the cost of borrowing by the State. However, the changes also maintain the balance of remaining competitive and providing good value for the holders of State Savings products.
“All State Savings money is placed directly with the Government and repayment is a direct unconditional obligation of the Government.”
From next month there will be 10 weekly prizes of €1,000 and 10 of €500 with the rest of the prize fund being paid out in €50 prizes. 0.85pc of the amount of money put into Prize Funds will now be paid out in comparison to the current 1.25pc.