Lifetime Individual Savings Account (Lifetime ISA)

A Lifetime Individual Savings Account (Lifetime ISA) is a tax-free savings account designed to help first time buyers save a deposit for their first home (it can also be used to save for retirement).


  • A Lifetime ISA is Government boosted, for every £4 put in the Government will top it up by an extra £1 (the maximum Government bonus is £1,000 per year). You can add up to £4,000 a year into a Lifetime ISA.
  • Tax-free, the interest earned on your savings with a Nude Lifetime ISA is tax-free.
  • UK wide, you can buy your first home or land up to the value of £450,000 anywhere in the UK.

Things to think about

 


  • The Nude Finance Lifetime ISA is a cash Lifetime ISA and is eligible for the Financial Services Compensation Scheme up to £85,000 in the event that Nude Finance are no longer trading.
  • You need to open your plan at least 12 months before you are planning to buy your home.
  • If you seek a withdrawal for any reason other than your first home purchase (or retirement purposes) a 95-day withdrawal notice period is required. You will also be subject to a 25% government early withdrawal penalty.
  • There is a monthly membership fee of £2. This will be taken directly from your ISA and will total £24 each year. If your Lifetime ISA earns less than £24 interest over the year, its value will go down. To give you an idea of the numbers, if you have £1,000 in the Lifetime ISA for the year, and the interest rate is 3% as it is currently, you would earn £30 interest.
  • To apply you should be between 18 and 39 and you can pay into your Lifetime ISA until you are 50. You must make your first payment before you are 40.
  • Whatever you pay into your Lifetime ISA will count towards your overall ISA limit for the tax-year. This is currently £20,000.

Additional benefits

 

To help you along the road to home ownership, The Lifetime ISA from Nude Finance Limited also offers you an additional range of key benefits within their app:


  • Ideas, personalised ideas that can help you put more money towards your first home.
  • Team up, whether you’re a couple, best friends or family, you can link your Nude accounts and work towards building a deposit together.
  • Learn, all the stuff about money and buying a home that you wish they taught us in school.
  • Explore, keep track of all your spending and income across multiple accounts.

Important things you need to know

PMGI Limited will receive an introduction fee from Nude Finance Limited of £2 a month during the first year of your Lifetime ISA

PMGI Limited, trading as Forces Mutual acts as in introducer for Nude Finance Limited who provide a cash Lifetime Individual Savings Account (Lifetime ISA) for customers. “Nude” is a trading name of Nude Finance Limited, which is authorised and regulated by the Financial Conduct Authority (Financial Services Register No 928010) and regulated as an account information services provider (Financial Services Register No 913654). Registered in England and Wales, company number 12008146. Registered office: c/o CMS Cameron McKenna, Cannon Place, 78 Cannon Street, London, EC4N 6AF.

PMGI Limited, trading as Forces Mutual, is authorised and regulated by the Financial Conduct Authority (Financial Services Register No 114942). Registered in England and Wales, company number 1073408. Registered office: 55 Gracechurch Street, London, EC3V 0RL.