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Interest Rate change for Prize Bonds announced

The National Treasury Management Agency (NTMA) has announced a change in the variable interest rate used to calculate the prize fund for Prize Bonds.

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The Prize Bond prize fund rate is now 0.50% (previously 0.85%) – this is the rate that will be used to calculate the prize fund for August 2017 and will continue until further notice.

The new prize structure is as follows: the top weekly prize is €50,000 except in the last weekly draw of June and December, when the top prize will be €1 million. Each week there will continue to be 10 prizes of €1,000 and 10 prizes of €500 respectively. The remaining weekly prize fund will be awarded in €50 prizes.

There are no changes to any other State Savings products. For further information please refer to www.StateSavings.ie.

The interest rate reduction reflects changes across the retail savings market and the fall in the cost of borrowing by the State. However, the change also maintains the balance of remaining competitive and providing good value for the holders of Prize Bonds.

All State Savings money is placed directly with the Government and repayment is a direct unconditional obligation of the Government.