Less chance of winning big as number of top €1m Prize Bond draws reduced again
The National Treasury Management Agency (NTMA) has changed the interest rate used to calculate the prize fund for Prize Bonds.
The fund rate is now 0.5pc, down from 0.85pc, and this new rate will be used to calculate the prize fund for August 2017 and going forward.
The top weekly prize will remain at €50,000 but the chance of winning €1m is now only available twice a year - down from four - in the last weekly draw of June and December.
This will be the second time in just over a year that the number of top €1m prize draws has been reduced.
On a weekly basis, there will still be 10 prizes of €1,000 and 10 prizes of €500 respectively.
According to the NTMA, the interest rate reduction reflects changes across the retail savings market and the fall in the cost of borrowing by the State.
There is more than €3bn invested in Prize Bonds at the moment. The amount of money put into the bonds is up from last year.
Reducing the proportion of the prize fund that is paid out in prizes will mean that the total pay-outs a year will now come down to around €15.5m.
Last year around €28m was paid out in prizes.
Priced from €25 per bond, Prize Bonds are sold by An Post and are commonly given to people as gifts.