Nude Cash LISA? 23 July 2022 at 5:17PM in ISAs & tax-free savings 7 replies 368 views

Blackbriar_040

Looking to potentially transfer my current cash LISA, to Nude!

I am mostly considering them for the 1.25% interest rate, rather than the quirky saving functions!
The interest earned will cover the monthly fee.

Am looking for any feedback from anyone who has previously held a Nude Cash LISA and then

went on to use it for their property purchase?
Specifically if they had any issues with the process and how they would rate Nude overall?

I have emailed them to ask a few questions and was impressed with their detailed responses!
I was also told they only currently have 1 person working in their support team, but are training 2 more people!

All feedback appreciated!

masonic

They are quite new, so it is unlikely anyone would have gone through a property purchase with them yet. Your transfer experience could be a good guide to how efficiently they process penalty free withdrawal requests.

Oasis1

I was considering this too, though the £2 fee feels annoying even if increased interest covers it. However, worth noting that Moneybox is now 1.2% (though 0.2% is 12 month bonus) without a fee. I'm trying to find out how difficult it will be transferring back as I have a closed LISA with them already...

Oasis1

Noticed Nude has dropped off MSE's LISA Top Picks... any idea why? https://www.moneysavingexpert.com/savings/lifetime-isas/#cashlisa

masonic

Oasis1 said:

Noticed Nude has dropped off MSE's LISA Top Picks... any idea why? https://www.moneysavingexpert.com/savings/lifetime-isas/#cashlisa

I think it had to be included originally as it was market leading. Moneybox now beats it in year 1 for new contributions only. It is perhaps a little too complex to include in the table, with the fee having a variable impact on rate. It's not unusual for the best products not to feature in best buys for reasons such as this.

Oasis1

It's back with 1.75% interest. Very tempted now, as it's a big jump from my 0.9% with Beehive.

ptkloon

Can i Hijack this thread to ask a question about LISAs?  Would it be possible for my wife to open one to aid with her retirement and put in the maximum £4k amount until she is 50 to make the most of the 25% from the government, or are there rules against it?  We already have a mortgage on our house, she is 38 and I am 41 so I realise I can't as I'm too old now

eskbanker

ptkloon said:

Can i Hijack this thread to ask a question about LISAs?  Would it be possible for my wife to open one to aid with her retirement and put in the maximum £4k amount until she is 50 to make the most of the 25% from the government, or are there rules against it?  We already have a mortgage on our house, she is 38 and I am 41 so I realise I can't as I'm too old now

Probably better to have posted on a more general LISA thread (e.g. https://forums.moneysavingexpert.com/discussion/5431681/lifetime-isas-guide ) rather than hijacking a product-specific one, but what you describe is compliant with the rules.