Yes, you can buy a Prize Bond as a gift for someone else. Prize Bonds are a popular gift in Ireland, especially for occasions like birthdays, Christmas, communions and confirmations.
When you purchase a Prize Bond as a gift, you are buying a chance for the recipient to win prizes. Prize Bonds are essentially a lottery bond issued by the Irish government. They don’t earn interest, but they are entered into a weekly draw where they can win cash prizes between €50 and €1 million.
So by purchasing a Prize Bond for someone, you are giving them the opportunity to potentially win prizes. The bond itself acts as a gift voucher of sorts that keeps on giving.
Buying Process
It’s very straightforward to buy a Prize Bond as a gift. You can purchase them in a few different ways:
– In person at a post office – Just fill out an application form and specify it is a gift. You’ll need the recipient’s name and address.
– Online via the Prize Bond website – Follow the instructions to gift a bond. You can have it sent directly to the recipient.
– Through An Post’s Prize Bond gift service – Fill out a gift form online or in store and they’ll send a gift pack.
– Through a commercial gift service website – Some sites facilitate gift cards/vouchers for Prize Bonds.
So you have flexibility in how you arrange the gift. In most cases you will need the recipient’s details so the bond can be registered in their name.
In Person at the Post Office
Buying a Prize Bond gift at the post office is very easy. Just follow these steps:
1. Go to your local post office branch. Bring ID for yourself and know the recipient’s full name and address.
2. Ask for a Prize Bond gift purchase application form. Fill it out with your details and the recipient’s.
3. Choose the bond denomination you wish to gift. Common amounts are €50, €100 or €250.
4. Pay for the bond(s). You can pay cash or card.
5. The post office will process the application and send the bond(s) to the recipient on your behalf.
6. You’re done! The bond will be registered in the recipient’s name and they can start entering draws.
So it just takes a few minutes at the post office to arrange a Prize Bond gift.
Online Through the Prize Bond Website
You can also easily buy a Prize Bond gift directly on the Prize Bonds website:
1. Go to the State Savings Prize Bonds website.
2. Click “Purchase Prize Bonds” and then select “Prize Bonds as Gifts”.
3. Enter the recipient’s details including name, address and bond amount.
4. Enter your own details for payment. You can pay by debit card online.
5. Confirm the order. The website will send the gifted Prize Bond(s) directly to the recipient for you.
6. You will receive email confirmation when the gift is processed.
Again, a quick and convenient way to organize a Prize Bond gift without leaving home!
An Post’s Prize Bond Gift Service
For a more personalized Prize Bond gift, you can use An Post’s Prize Bond gift service. Here’s how it works:
1. Go online to An Post’s Prize Bonds gift page or ask at your local post office.
2. Choose the number and value of bonds you wish to gift. Common amounts are 1 x €50, 2 x €100, 5 x €100.
3. Enter the recipient’s name and delivery address.
4. Pay for the bonds. You can pay by card or in cash at the post office.
5. An Post will arrange a personalized gift pack. This includes the Prize Bonds, a greeting card from you, and delivery.
6. The gift pack will be delivered directly to the recipient’s address.
So this adds a nice personal touch if you want to gift Prize Bonds for a special occasion. The bonds come presented in a quality gift pack.
Commercial Gift Websites
There are also some commercial gift sites that facilitate Prize Bonds:
– MyGiftGenie.ie – Order Prize Bond gift vouchers online.
– BuyAGift.ie – Select a Prize Bond gift card amount and delivery date.
– GiftVouchers.ie – Buy personalized Prize Bond gift vouchers.
The process is similar to gift sites for regular gift vouchers. Select a Prize Bond value, delivery date, personal message etc. The recipient gets the Prize Bond(s) by post.
These sites provide another convenient gifting option and add a personal touch. The bonds still get officially registered in the recipient’s name.
Can I Buy and Register the Bonds Myself?
A common question is whether you can just buy the bonds yourself and register them in the recipient’s name. Unfortunately this is not possible.
The bonds must be officially registered to the recipient through one of the approved processes above. This ensures their details are properly captured for the draw entries.
If you directly buy bonds and put the recipient’s name on the application, they will actually be registered to you, not the recipient. So the recipient wouldn’t benefit from any prizes won.
That’s why it’s important to only gift bonds using the proper channels outlined already.
How Much Do Prize Bonds Cost as Gifts?
Prize Bonds are sold in set £1 (€1) and £50 (€50) denominations. So when gifting bonds, you need to follow these set amounts.
Some common Prize Bond gift amounts are:
| Gift Amount | Bonds Included |
| €50 | 1 x €50 bond |
| €100 | 2 x €50 bonds |
| €150 | 3 x €50 bonds |
| €250 | 5 x €50 bonds |
As you can see, the gift values are made up from combining the set €50 bonds. This maintains the proper €1 unit value.
So when considering a Prize Bond gift amount, just choose a value from combining multiples of the €50 bonds. This keeps the process simple.
The bonds themselves don’t expire or lose value over time, so they maintain their face value as an ongoing gift.
Are There Ongoing Fees for Prize Bonds?
One advantage of Prize Bonds as gifts is there are no ongoing management fees or charges. The initial purchase price is all that’s needed.
Some key points:
– No account keeping fees apply
– The bonds don’t need renewing or activating
– There are no fees for draw entries or prize payouts
– The bonds don’t expire or lose value
So you just pay the bond face value amount as a once-off. The recipient isn’t saddled with any ongoing fees or charges.
This makes Prize Bonds a simple, maintenance-free gift to give someone. The bonds remain valid and entered in draws indefinitely.
What Prizes Can You Win with Prize Bonds?
Once registered in the recipient’s name, the bonds you gift can potentially win various cash prizes:
– Weekly Draws – Over 4,500 prizes from €50 up to €1 million tax-free
– Quarterly Jackpot Draws – Additional €250,000 jackpot prize
– Annual Millionaire Raffle – 6 prizes of €1 million tax-free
So right from the next weekly draw, the bonds can start winning cash amounts. And they remain eligible for all future draws too.
If you gift multiple bonds, this simply increases the chance of winning. For example 5 x €50 bonds equates to 5 draw chances per week.
The odds of winning any prize are roughly 1 in 2,500 for each €50 bond entered. The bigger prizes have much longer odds up to 1 in 10 million or more.
Prize Bond Draw Schedule
Here is the regular prize draw schedule:
| Draw | Frequency | Prizes |
|---|---|---|
| Weekly | Every Friday | Over 4,500 prizes from €50 to €1 million |
| Quarterly | March, June, September, December | Includes €250,000 jackpot prize |
| Annual | March | 6 x €1 million prizes |
As you can see, there are regular opportunities to win, which enhances the appeal of Prize Bonds as gifts.
Do Prize Bonds Expire?
Prize Bonds gifted to someone do not ever expire. Once registered, they remain valid indefinitely.
Some key advantages of Prize Bonds in this regard:
– No expiry date applies to the bonds
– They don’t need renewing or reactivating at any stage
– Bonds always retain their original purchase value
– The bonds continue entering draws unless cashed in
This open-ended lifespan makes Prize Bonds ideal for giving as a gift. The bonds you buy will keep on giving by potentially winning prizes years into the future.
And if the recipient ever needs the money down the line, they can cash the bonds in at a post office for the original value.
Are There Restrictions on Who Can Own Prize Bonds?
There are no restrictions on who can own and hold Prize Bonds. Some key facts:
– Bonds can be owned by adults or children
– They can be bought by and gifted to Irish residents or foreigners
– There is no maximum holding limit or cap on winnings
The bonds are essentially bearer instruments. Whoever holds and registers the physical bond certificate is recognized as the owner in the official records.
So you can freely gift bonds to anyone. The bonds will be fully valid once registered in their name and address.
This is useful for gifting bonds to children perhaps. Or for sending bonds overseas to recipients living abroad.
Can I Gift Prize Bonds Anonymously?
Unfortunately Prize Bonds cannot be gifted anonymously. The recipient’s full details need to be recorded when buying bonds as a gift.
This is required for the official bond registration and administration. Their name, address, bond serial numbers etc are logged in the State Savings system.
So you need to provide the complete recipient information upfront as outlined earlier. The gift bonds can’t be arranged anonymously or secretly.
But the good news is that Prize Bonds make a great surprise gift anyway! The bonds themselves don’t reveal the value inside. And they can be gifted for any occasion you choose.
What Message Can I Include with a Prize Bond Gift?
When sending Prize Bonds as a gift, you can include a personal message or greeting:
– If using the An Post gift service, you can include a message with the gift pack
– For online or voucher gifts, there is normally an option to include a gift message
– Even gifting in person at the post office, you can include a card and message
So you can make the gift more meaningful and personalized through your message.
Some examples:
“Dear Mary, wishing you a very happy birthday! Here’s a little gift that will hopefully bring you luck. Love John”
“To Michael, congratulations on graduating! Let’s see if these bonds can help with college costs down the line. Aunt Julie x”
“Dearest Anna, enjoy these bonds and remember how much we love you. Mum and Dad xoxo”
Adding a warm, thoughtful message makes the Prize Bond gift more special and personal.
Can I Add Funds to Existing Prize Bonds?
Once you gift Prize Bonds to someone, you can also top up those bonds later on. Additional funds can be added over time.
You have two options to add funds:
1. Buy the person more bonds as another gift. Just follow the normal gifting process.
2. Give the person cash to buy more bonds themselves. They can add bonds at the post office in their own name.
This flexibility makes Prize Bonds ideal for things like:
– Annual birthday gifts that build up each year
– Regular contributions for a child’s future
– Building up a bigger holding for more prize chances
So you’re not limited to a one-off gift. More bonds can be added over time to increase the overall value held.
Can Prize Bonds Be Re-Gifted?
Legally the Prize Bonds belong to the registered owner. So if you gift bonds to someone, they become that person’s property.
This means they can technically then re-gift those bonds to someone else if they wish.
However, there are some important caveats if bonds are re-gifted:
– The bonds must be formally re-registered to the new recipient through the proper channels. Otherwise they remain in the current owner’s name.
– Any prizes won will still be paid to current registered owner.
– Re-gifting may have tax implications if bonds are cashed in.
So while bonds can be re-gifted in theory, it’s often simpler for the current owner to cash them in first. This formally transfers legal ownership.
The other person can then purchase new bonds as a fresh gift in their name. This provides full clarity and transfer of ownership.
Conclusion
Overall, Prize Bonds make an excellent gift idea for many occasions. It’s a simple process to buy the bonds as a gift and have them registered directly in the recipient’s name.
There are no ongoing fees or expiry dates. And the bonds can potentially win cash prizes for years to come!
So whether it’s for a birthday, graduation, Christmas or any special event, consider gifting Prize Bonds. It provides an easy, long-lasting way to give the power of potential prize wins.
