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Premium bond winners for March - is it time to open a cash Isa instead?

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Two lucky premium bond holders have each won £1m in March's National Savings & Investments (NS&I) prize draw. The jackpot winners are from North Yorkshire and Cumbria, while 83 other winners were picked for the next-best prize of £100,
The article from Which? discusses the latest Premium Bond winners for March and raises the question of whether it might be more beneficial to invest in a Cash ISA instead. It highlights that while Premium Bonds offer the excitement of potentially winning tax-free prizes, the odds of winning are slim, with only two £1 million jackpots and a few other large prizes among millions of smaller ones. The article points out that with the current economic climate, including rising interest rates, Cash ISAs are becoming more attractive due to their guaranteed returns and tax benefits. It notes that the top Cash ISAs are now offering rates that could provide a more reliable income than the chance-based returns of Premium Bonds. The piece also includes expert analysis suggesting that for those not needing instant access to their savings, locking into a fixed-rate Cash ISA could be a smarter financial move, especially with the tax implications of savings interest considered.

Read the Full Which Article at:
[ https://www.which.co.uk/news/article/premium-bond-winners-for-march-is-it-time-to-open-a-cash-isa-instead-a7Apt6Y8yImq ]