Prize Bonds are an Irish State Savings product: instead of paying regular interest, eligible bonds are entered into prize draws. Any prize you receive depends on chance, so there is no guaranteed return beyond the product’s applicable redemption terms. Bonds can generally be encashed at their face value, subject to the current rules and processing arrangements, and prizes are normally paid without Deposit Interest Retention Tax. Draw frequencies, prize details and tax treatment can change, so check the latest terms with Ireland State Savings or the NTMA before buying, and consider whether the product suits your circumstances.