Nude Launches ‘Team up’ feature to help first-time buyer couples save for their first home
Nude — the recently launched finance app for first-time buyers saving for a home — today launches its first-to-market ‘Team up’ feature to give couples, friends and family members, for the first time, the tools to collaborate on a huge financial milestone — building the deposit for their first home together.
‘Team up’ is not a joint savings account. Instead, each person can choose to save or invest their deposit in a Nude Lifetime ISA and receive a government bonus of up to £1,000 per year for free. As a duo, this could add an extra £2,000 towards their home every single year.
Nude’s aim is to make it easier than ever before for anyone looking to own a home, by bringing the whole process into one app. It’s the one place where partners can open savings or investment accounts for their deposit, keep track of their joint progress and count down to the day they buy their first home together.
Crawford Taylor, CEO and Founder of Nude commented “Before, people buying a home together would have separate apps, who-saved-what spreadsheets and the whole thing would be so disjointed that it would take all the fun out of it. With ‘Team up’ we want building a deposit together to feel collaborative and exciting.”
“Plus, when you consider the impact of two Lifetime ISA bonuses, it can be, quite literally, life-changing for people. An extra £2,000 a year could help them buy their first home months or even years sooner.” he added.
Once each person has set up their own Nude Lifetime ISA, they can then link their apps to ‘Team up’. It works by first creating a ‘joint goal’ based on their first home budget and the percentage they want to pay for their deposit. It then displays the balance of each person’s Lifetime ISA side-by-side. With every contribution, partners can see themselves move closer and closer to achieving their goal.
On top of this first-of-it’s-kind feature, what makes Nude unique is that it’s the first finance app in the UK that uses time as a motivator.
This means that partners not only work towards a financial deposit goal, they can also see how long it could take. As they save or invest more, the in-app countdown shows how the money they put aside impacts the time it’ll take them to buy their first home together.
“Our early customers keep telling us how motivated the countdown makes them feel”, Taylor said.
“By transforming ‘how much you need’ into ‘when you’ll buy your home’ we’re making it real. No one’s excited about handing over a deposit worth thousands of pounds. But when they can picture themselves collecting their keys and decorating their own space together, they want to experience it sooner and so, feel encouraged to save more.” he added.
Nude has plans to launch more accounts and money-saving features later this year.
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