Right now, when you save into a Nude Cash Lifetime ISA, the interest rate is 0.1% a year, which could go up or down in the future (in finance jargon, that’s 0.1% AER variable). We’d like to see our interest rate go up one day, but it’s not what’s going to have the biggest impact on your goal. Here’s why:
With UK interest rates at its lowest in decades…
Choosing an account for its interest rate isn’t as worthwhile as it used to be. For example, if you saved £1,000 with a rate of 0.5%, you’d get just £5 each year. Every penny helps, but we want to help you save a lot more than an extra fiver. What if we could help you save ten times that? Or a hundred times that?
Small changes = huge impact
With Nude, you get way more than an interest rate — you get a stack of ideas and tools to help you put more towards your first home. Let’s say we help you save an extra £50 each month. That’s an extra £600 towards your deposit in a year, in fact, with the LISA bonus that’s an extra £750. That’s more like it!