Glossary of Prize Bond Terms

Plain-English definitions for the terms used across this site and on your Prize Bond paperwork.

Prize Bond

A savings product issued by the Irish state, sold in units of €6.25, where each bond earns no interest but is entered into a weekly draw for a tax-free cash prize instead. See How Prize Bonds Work.

Bond Number

The unique reference for a single bond — a 2–3 letter prefix followed by six digits (e.g. AHU176759). Each bond you hold has its own separate number and its own independent chance to win every draw.

Draw

The weekly random selection of winning bond numbers, held every week. See the full draw schedule.

Jackpot Draw

The draw on the last Friday of each calendar month, which includes one extra €500,000 top prize on top of the usual weekly tiers.

Prize Tier

One of the fixed prize amounts awarded in a draw (for example €100,000, €1,000, or €100) along with how many winners received it. See a draw's full tier breakdown on any results page.

Prize Fund

The total amount paid out across every prize tier in a single draw. Recalculated monthly based on the total value of bonds in circulation and net sales that month — it isn't a fixed figure.

DIRT (Deposit Interest Retention Tax)

The 33% tax deducted at source from interest on an ordinary Irish deposit account. Prize Bond winnings are fully exempt from DIRT, along with Income Tax, PRSI and Capital Gains Tax. See Are Prize Bonds Worth It? for how that compares to a deposit account.

NTMA (National Treasury Management Agency)

The state body that has held overall responsibility for the Prize Bond scheme since 1990. See our History page.

Prize Bond Company

The company that has run the Prize Bond scheme on behalf of the Minister for Finance since 1989, with day-to-day administration (sales, prize payments, customer service) handled by An Post through Ireland State Savings, and overall oversight held by the NTMA since 1990. See our History page for the full timeline.

Ireland State Savings

The public-facing brand, operated through An Post, under which Prize Bonds and other Irish state savings products are sold, registered and administered. Their official site is statesavings.ie.

SSCN (State Savings Customer Number)

The customer number issued once you're registered with Ireland State Savings, needed before your first purchase. See How to Buy and Cash In.

Encashment / Repayment

Cashing a bond in for its face value. Once repaid, a bond becomes inactive and stops being entered into future draws.

3-Month Rule

Newly purchased bonds must be held for a minimum of 3 months (90 days) before they can be cashed in. This only restricts encashment — a new bond is entered into draws immediately. Bonds received through reinvested winnings are exempt from this wait.

Reinvestment

Automatically using a prize win to buy new Prize Bonds in the winner's name, rather than paying it out to a bank account. This is the default if you haven't registered bank details.

Location

The county (or, for overseas holders, country) officially associated with a winning bond, as published by Ireland State Savings. See our County Stats page for how wins break down by location.

Nominated Parent/Guardian

The adult who must confirm any transaction — cashing in, claiming a prize, and so on — on a bond held by a minor, until the child turns 18. See Buying Prize Bonds for a Child.

Grant of Probate

Court confirmation of a will's executor, required by Ireland State Savings only where a deceased person's sole-name holdings totalled €25,000 or more. See Unclaimed and Inherited Prize Bonds.