Getting your money back from Prize Bonds vs. the automatic prize access on modern savings apps.
Have you decided it's time to access the money you've saved in Irish Prize Bonds? Whether you need the funds or want to explore other options, this guide explains how to cash in prize bonds (also known as encashment or repayment) through the official State Savings channels.
Key Things Before You Start
90-Day Rule: You need to hold Prize Bonds for a minimum of 90 days after purchase before you can cash them in. (Note: Prize Bonds bought automatically from reinvested winnings don't have this waiting period).
Information Needed: You'll need your Prize Bond number(s) and your bank account details (IBAN) for the repayment.
How to Cash In Your Prize Bonds
There are two main ways to redeem prize bonds Ireland:
1. Via State Savings Online (Sole Holdings Only)
If you are registered for State Savings Online and the Prize Bonds are held solely in your name, this is often the quickest method:
Log in to your account on www.statesavings.ie.
Navigate to view your Prize Bond holdings.
Select the option to 'Manage/Cash In'.
Follow the on-screen instructions to request repayment to your nominated bank account.
Ensure your correct bank details (IBAN) are registered on your profile.
2. Using a Repayment Form (Sole or Joint Holdings)
This method works for bonds held in single or joint names:
Download the 'Prize Bonds Repayment Form' from the State Savings website or pick one up at any Post Office.
Complete the form carefully, including the specific Prize Bond numbers you wish to cash in. (Returning the physical bond certificate is optional, but you must provide the numbers).
If your bank details haven't been previously verified by State Savings, or if they have changed, include a copy of a bank statement header showing the account name(s) and IBAN.
For joint holdings, both holders must sign the form.
Mail the completed form (and bank statement copy, if needed) using the Freepost address provided on the form (usually to the Prize Bonds Company DAC, Fexco Centre, Killorglin, Co. Kerry). You can also submit forms via An Post counters, but mailing directly is standard.
How & When Do You Get Your Money?
State Savings processes repayment requests after a notice period (typically 7 business days from receiving a valid request). Once processed, the funds are sent via Electronic Funds Transfer (EFT) to your nominated bank account. This transfer usually takes another 3-5 business days to appear in your account. Online requests are generally processed faster than postal applications.
Important Note: Cashing In vs. Prize Winnings (A Key Difference)
It's crucial to understand that cashing in your Prize Bonds relates to getting back the original amount you saved. Handling any prize winnings is a separate matter:
Prize Bond Winnings: When you win, you're notified (post/online). You have two options for receiving prizes, which you can set via a form or online:
Automatic Reinvestment (Default): Your prize money is automatically used to buy more Prize Bonds for you.
Bank Transfer (EFT): You can choose to have prizes paid directly to your nominated bank account.
Qache Comparison: This differs significantly from how winnings are handled in modern prize-linked savings apps like Qache. With Qache, any prizes won are automatically added directly to your main savings balance. There's no separate process, no need to claim, and no forms – the increased balance is instantly visible in the app, ready to use or withdraw.
Accessing Funds & Future Draws (More Differences)
Prize Bonds: When you cash in specific Prize Bonds, those bond numbers are permanently removed from all future draws. Accessing the funds takes the processing time plus the bank transfer time.
Qache Comparison: With Qache, prize money simply boosts your existing balance. This entire balance (your original savings plus any prizes) remains eligible for future draws automatically, potentially increasing your chances over time. Furthermore, your full balance, including prize winnings, is withdrawable immediately (subject only to standard bank processing times), offering much faster access compared to the Prize Bond encashment timeline.
Conclusion: Getting Your Savings Back
To cash in prize bonds in Ireland, you can use the State Savings online service (for sole holdings) or submit a repayment form by post (for sole or joint holdings), remembering the required details and processing times.
However, if seamless access to both your savings and any winnings is important, and you prefer automatic prize handling without extra steps, modern app-based alternatives like Qache offer a significantly different and often faster experience for managing your prize-linked savings.
