Everything you need to know about redeeming and winning with State Savings prize bonds

Are you curious about the status of your State’s prize bonds? Reader Derek was, along with thousands of Irish families who have purchased them over the last few decades. It turns out that the weekly draws haven’t gone anywhere, and you could win up to €50,000 in the next one happening on Friday. Additionally, four times a year, there are exclusive draws for a grand prize of €250,000. Prize bonds remain as popular now as they were when they were first introduced in 1957, with over €600 million bought each year, totaling over €4 billion held by Irish people. 220,000 prizes worth around €15 million are awarded annually, with an average prize of almost €70, all tax-free. Despite their popularity, your odds of winning are extremely low. For example, if you have €25 worth of bonds, your chances of winning the top prize is about 140 million to one, the same as winning the Euromillions lottery. While keeping your prize bond tickets forever can be convenient and effortless, with the prize bonds people informing you of your good fortune and the ability to cash in your tickets anytime, given the impact inflation has on savings, consider your decision to invest wisely.