INVESTMENTS IN State guaranteed prize bonds hit a record high in 2008. The bonds recorded a surge in popularity last Autumn before the Government stepped in and rescued the banks.
The Prize Bond Company revealed at a spring jackpot launch in Cork yesterday that monthly investment figures shot up to three times their normal level last Autumn as member s of the public looked for a safe place to deposit their money.
Speaking at the Clarion Hotel yesterday, chairman of the Prize Bond Company Michael O’Keeffe said figures for 2008 show investments of more than €130 million over a two-month period last Autumn.
“In September before the Government bank guarantee came in we had very large sales of prize bonds – gross sales of €87 million. The figures in October were also unusually high at €47 million. We would probably under normal circumstances have seen maybe €40 million over those two months but that was €134 million. Once the Government guarantee came in that stopped, and from November onwards we were back on to a little more than the normal levels.”
Meanwhile, announcing prize bond’s €1 million jackpot draw, the company said that €279 million had been invested in 2008, almost double the figure for 2007 (€143 million).
The spring draw, the first of four €1 million jackpots this year, will take place on March 27th.
The value of the prizes awarded in 2008 was more than €20 million, the highest awarded in any year to date.
Referring to the spring draw Mr O’Keeffe described Mother’s Day as an ideal occasion to give prize bonds as a gift, giving mothers a chance to win €1 million or one of thousands of other cash prizes.
“Buying prize bonds is popular across all ages, in all regions of the country and across all social backgrounds. Of course, every prize bond is entered in every draw, every week. This is a major part of the appeal . . . We have found that bond holders who originally receive prize bonds as a gift often go on to purchase prize bonds for themselves – a great vote of confidence in the product.”
The bonds are a risk-free, State savings scheme offering investors the chance to win big cash prizes every week.
There are four €1 million jackpots annually and a further eight jackpots of €500,000 to be won throughout the year. More than 3,500 cash prizes are won each week. All winnings are tax free.
Prize bonds can be purchased at the Post Office, online at wwwprizebonds.ie or callsave 1850-671000. A direct debit scheme for regular investors is also available.
