To be a responsible and healthy business, we need to be profitable and at Nude, our aim is to align our business model with your success. Here’s how:
The Nude subscription fee
We charge all customers £2 per month for access to our app. This helps us cover some of the costs of offering Nude each month, such as performing checks to verify your identity and making sure you’re getting the best ideas to get your home sooner.
We place our customers’ money with UK registered banks for safekeeping. There’s a lot of work involved in partnering with banks and managing the inflows and outflows of money to meet customer needs (we call this our treasury function). In some circumstances Nude will receive interest on this money and we’ll pay interest out to customers at a different, but fair, rate.
Investment accounts, aka: stocks & shares
If you invest through Nude, we’ll apply an annual charge of 0.35% of the value of your account. This helps to cover the costs of providing access to our investment solutions. Investment funds also have their own charging structure, which you can find out more about in the app. The fund we offer currently charges 0.17% per year.
If we help you get a new service or better deal, say save you money on your energy bills, and we receive a fee or commission for this, we’ll be up front and tell you how much at the time. This is to cover the costs of setting this up and running this service. After costs, we’ll then look to share any profit with you.
That’s it, the full story of how we make money. There’s no hidden sources and if you have any questions, hit us up.