Nude LISA 95 days notice?

Daniel_John_Hurley

I thought ISA providers had to give immediate access to your money if it was needed, hence why fixed rate ISAs can be closed early for a fee but fixed rate savings account can't.

Are the rules different for LISAs?

If not how do Nude get round this?

eskbanker

No, there are indeed some differences for LISAs, but not that fundamental principle of access, so doubt that Nude's term is valid....

Daniel_John_Hurley

Thanks

I knew certain other rules for a Lisa were different obviously such as deposit limit, withdrawal penalties etc but I'd have been surprised if they didn't need to allow instant access. I'd have thought for a first home ISA it would be more necessary than for other types!!!

masonic

Oddly they exclude 'Permitted Withdrawals' from the notice period (permitted withdrawals are those that would not incur a 25% penalty)

https://www.getnude.com/docs/customer-agreement/

eskbanker said:

No, there are indeed some differences for LISAs, but not that fundamental principle of access, so doubt that Nude's term is valid....

I thought so too, but...

However...

https://www.gov.uk/guidance/lifetime-isa-withdrawal-charges-and-charge-free-withdrawals

Clear as mud!

intalex

Anyone tried to transfer out of Nude? Was a 95-day notice applied? TIA

Oasis1

Currently attempting to transfer out to Beehive who have same 3% rate but no £2 monhtly fee... wish me luck!

intalex

Anyone's interest been delayed lately?
My usual interest payment date is either 10th or 12th so far, but this month it's not shown up yet despite crossing mid-day on 13th...

intalex

Found the answer on their FAQs, it’s working day 8 which this month is 14th

intalex

Oasis1 said:

Currently attempting to transfer out to Beehive who have same 3% rate but no £2 monhtly fee... wish me luck!

Hi Oasis1, are they holding you to the 95-days notice?

Oasis1

I'm not sure... things are progressing... watch this space!

Ed-1

Oasis1 said:

I'm not sure... things are progressing... watch this space!

Any update?