Lifetime ISA

Boost your deposit with a 25% government bonus that could help you buy your first home faster.

Install Nude today and start the countdown to buying your first place.

What's a LISA?

A LISA (Lifetime Individual Savings Account) is an account for first-time home buyers with a 25% boost from the UK government.

Government-boosted

For every £4 you put in, the government will top it up by an extra £1. Every tax year, you can put up to £4,000 into your Nude Lifetime ISA (that’s £333.33 every month) and score an extra £1,000 towards your first home.

Tax-free

The interest you earn on your savings, any money through investing and the 25% government bonus — it’s all tax-free with a Nude Lifetime ISA. Nice.

UK-wide

With a Nude Lifetime ISA, buy your first home or land up to the value of £450,000 anywhere in the UK.

FSCS

With us, your savings and investments are eligible for protection by the Financial Services Compensation Scheme (FSCS). This means if anything happens to our business, your money is eligible for protection under FSCS up to £85,000.

Save or invest

There are two ways to grow your deposit with Nude — save it or invest it.

If you save in cash, your money and the government bonus gains interest over time. Nice and simple!

If you choose to invest, your money and the 25% government bonus will go into a fund which buys shares of companies and other assets. Investing tends to be a good long term option (think five years plus), but the value of your investment could go down, which would mean it could take longer to reach your goal. It all depends on how much risk you want to take and when you want to buy your home.

Either way, we’ve got options for you:

Nude Cash Lifetime ISA

Save into a cash account with Nude, and we'll hold the money on your behalf with our partner bank(s).

Get a 25% government bonus on your cash savings, up to £1,000 each year.

Earn 0.1% interest AER (annual equivalent rate — aka: per year) variable on the balance of your account, including the 25% government bonus.

Open your account at least 12 months before you plan on buying a home.

Bonus and interest are tax-free.

Eligible for FSCS-protection up to £85,000.

Give 95 days notice before withdrawing.

25% early withdrawal charge to the government.

Nude Stocks & Shares Lifetime ISA

Invest in the BlackRock MyMap 5 Select ESG (ethical, sustainable and governance) Fund.

Get a 25% government bonus on the money you put into your account, up to £1,000 each year.

You don't earn a fixed rate of interest, instead you invest into assets that can go up or down.

Open your account at least 12 months before you plan on buying a home.

Bonus and return on investments are tax-free.

Eligible for FSCS-protection up to £85,000.

No notice period for withdrawals.

25% early withdrawal charge to the government.

Capital at risk

Need to knows

Who can open a Lifetime ISA?

Lifetime ISAs are designed to help people who could really benefit from that 25% government bonus — first-time home buyers who want to boost their deposit, and people retiring over the age of 60 who want to boost their pension.

If you want to use a lifetime ISA to buy your first home, here are some things you should know before opening one:

  • You need to be a UK resident (this is for tax purposes).
  • You can open a LISA between ages 18 – 39.
  • This has to be your first home (i.e. you don’t already own a home or have any interest in another property).
  • The property you’re planning to buy has to be in the UK and worth no more than £450,000.
  • You need to be using a mortgage to buy the property (i.e. you can’t pay for it in full upfront).
  • You have to live in the property once you buy it (i.e. you can’t use a LISA to buy a property you want to rent out).
  • Your lifetime ISA needs to have been open for at least 12 months before you can withdraw your money to buy your first home.

🚨 IMPORTANT

Just so you know, if you withdraw your money for any other reason than buying your first home (or for retirement once you’re 60), you’ll have to pay an early withdrawal charge of 25% to the government. This means you would get back less than you paid in (you’d lose the government bonus and pay the government an extra £6.25 for every £100 you deposited).

Can I open a Nude Lifetime ISA if I already have a Lifetime ISA?

You can only pay into one cash lifetime ISA or one stocks and shares lifetime ISA every tax year (April 6th to April 5th).

If you have paid into your current lifetime ISA this tax year, but want to open and pay into another one with Nude, you can either transfer these to Nude or wait until the new tax year begins on April 6th.

If you want to close your current lifetime ISA and move everything over to Nude, we can help you make the full transfer from the Nude app and you can continue saving or investing for your first home straight away.

Can I open a Nude Lifetime ISA and an ISA?

Yes, you can have both a lifetime ISA and an ISA across multiple providers.

The annual £4,000 lifetime ISA allowance is included within the overall £20,000 annual ISA limit.

How can I withdraw my money from a Lifetime ISA?

You can let us know you’d like to make a withdrawal through the Nude app.

If you’re withdrawing money from your lifetime ISA to buy your first home, here are some things you need to know:

  • The property you’re planning to buy has to be in the UK and worth no more than £450,000.
  • You need to be using a mortgage to buy the property (i.e. you can’t pay for it in full upfront).
  • Your lifetime ISA needs to have been open for at least 12 months.
  • If you are using a Nude Cash Lifetime ISA, we ask that you give us at least 95 days notice before you want to withdraw your money.
  • You’ll need to have a solicitor who’ll need to send us a form requesting funds.

🚨 IMPORTANT

Just so you know, if you withdraw your money for any other reason than buying your first home (or for retirement once you’re 60), you’ll have to pay an early withdrawal charge of 25% to the government. This means you would get back less than you paid in (you’d lose the government bonus and pay the government an extra £6.25 for every £100 you deposited)

How secure is a Nude Lifetime ISA?

  • Nude is authorised and regulated by the Financial Conduct Authority.
  • We use encryption technology to keep your data safe.
  • Money in the Nude Cash Lifetime ISA is held with regulated UK banks.
  • Investments and cash held with Nude are eligible for protection by the Financial Services Compensation Scheme.

How is a Nude Stocks & Shares LISA sustainable?

With a Nude Stocks & Shares Lifetime ISA you can choose to invest in a fund that takes ethics, sustainability and governance into account. For more info on our approach to sustainability, visit our pact page. For the fund manager’s approach, click here.

Investing is risky business

If you open a Nude Stocks & Shares Lifetime ISA, please be aware that the value of your investment could go up as well as down. You could get back less than you put in, which means it would take you longer to buy your first home. Past performance is not necessarily a guide to the future and investing is not intended to be a short-term option. We can’t and don’t provide financial advice, so please be sure that investment risk is right for you.

Much more than a Lifetime ISA

Find these features in the Nude app to help you buy your first home sooner.

Personalised ideas

Connect your bank and get customised ideas that may help you drop months or even years off your time to goal!

Share your goal

If you’re buying with someone else, you can share your goal, contribute together and potentially both benefit from your own Nude Lifetime ISAs. That’s one deposit with double the 25% bonus 🚀

Your first home link

The easy way for friends and family to send money direct to your Lifetime ISA and help you buy your first home sooner.