Nude LISA 95 days notice? 4 July 2022 at 9:59AM in ISAs & tax-free savings 3 replies 254 views

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!