Nude LISA 95 days notice?

Daniel_John_Hurley · 4 July 2022 at 9:59AM

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 · 4 July 2022 at 11:47AM

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 · 4 July 2022 at 12:12PM

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 · 4 July 2022 at 6:40PM

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

Image: https://us-noi.v-cdn.net/6031891/uploads/editor/2d/ur48d9cm2sve.png

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...

Image: https://us-noi.v-cdn.net/6031891/uploads/editor/zz/zu2spct1g5tm.png

However...

Image: https://us-noi.v-cdn.net/6031891/uploads/editor/ml/h1obn9vo6dqu.png

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

Clear as mud!

intalex · 9 April 2023 at 2:03PM

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

Oasis1 · 10 April 2023 at 12:24PM

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

intalex · 13 April 2023 at 11:37AM

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 · 13 April 2023 at 2:10PM

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

intalex · 18 April 2023 at 3:49PM

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 · 21 April 2023 at 10:04PM

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

Ed-1 · 27 April 2023 at 2:01PM

Oasis1 said:

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

Any update?

Nude LISA 95 days notice?

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