YOU MAY GIVE or receive a gift of Prize Bonds this Christmas and you won’t be the only one by a long shot.

Demand for State-backed savings schemes has skyrocketed in the last five years, with the NTMA reporting a near €7 billion increase in uptake.

In response to a parliamentary question from Fine Gael TD John Deasy, Finance Minister Michael Noonan said that Prize Bonds and Post Bank customers in particular had been a major player in that rise.

“I am informed by the NTMA that the overall level of investment in State Savings products, including in Post Office Savings bank deposits, has increased from just under €12.7 billion at end-2010 to just under €19.5 billion at end-2015.”

Noonan revealed the last five years have seen:

• Holders of Prize Bonds increased by some 230,000
• Customers of Fixed Term products (such as Savings Certificates, Savings Bonds) increased by some 81,000; and
• Post Office Savings Bank deposit customers increased by some 250,000.

Noonan said that the figures “demonstrate the demand for State Savings products”.

“These products offer a range of options to suit the needs of personal savers and they are at competitive interest rates.”

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