6 top tips for setting up a wedding savings account

With all the preparations that are going on for the big day have you thought about how you are going to pay for it all? It’s all very well keeping the money in your bank, but setting up a wedding savings account means there is somewhere for both you and your partner to pay into as well as taking away the temptation to spend. Here are some of our top tips for setting up an all-important wedding savings account!

Finding the right one

There are so many different savings accounts out there it can be mind-boggling. From long-term investments to short-term accounts, there are a huge variety of different avenues to explore. Comparison sites can help filter the accounts that will best suit your needs by asking a few simple questions. Don’t forget; the perfect savings account may not be with the bank you use at the moment. However, you can always ask your bank if they can offer something special for you as an existing customer.

Accessibility

Some accounts don’t allow you to access any money for a number of weeks or months, while others are designed so you can put in or withdraw money whenever you like. If you know that you won’t need the funds for a long time, then a long-term account could provide better interest rates. However, if you’re paying for your wedding as you go, then you may need an account you can dip in and out of. Make sure you read the small print, as some accounts will give you a much lower interest rate if you make withdrawals in a certain time period.

Look for bonuses

Some banks offer deals or bonuses for setting up specific accounts. Sometimes these can even include giving away money just for using their bank! When you’re shopping around for the right account, it is worth looking out for these offers just in case. After all, this could be one of the quickest ways to make yourself a few hundred pounds richer – meaning more money to spend on your big day!

Interest rates

If you’re putting all your money aside for the big day then why not choose an account with a high-interest rate? It’s all about finding the right deal to suit your needs, but if the bank is willing to hand over free money just for using their account then take advantage of it! Be careful as some offers only last for the first few months before the interest rates plummet. High interest rates are much harder to find nowadays, unless you put into a stocks and shares account (but then you’re not guaranteed to make any profit at all from these). Use somewhere like MoneySavingExpert to see which banks offer the highest interest rates.

Wedding savings specific

Keeping tabs on money can be a hard task to juggle, especially if you have multiple accounts. Therefore it is best to set up a separate wedding savings account. This stops any confusion between savings accounts as well as making sure you don’t accidentally dip into the wrong account to pay the bills. Plus you’ll be able to sit back and watch as your account grows in preparation for the big day. You’ll also know if you need to do any last minute scrimping and saving (which always seems to happen).

Direct debit

Sometimes it can be hard to see money leave your account, so we squirrel it away for another day. If the money is sitting in our bank account, it can be difficult not to spend it on something else. By setting up a direct debit, the temptation is then removed. It doesn’t have to break the bank either. Even a few pounds a week will all add up if both you and your partner are contributing to the fund.

Paying the bills isn’t necessarily the fun part of the wedding, but at least having a wedding savings account you will be covered for any expenses along the way. As the savings continue to grow, it’s time to sit back and enjoy the build-up to the big day. Your next step? Put together a budget for your wedding, so you know how much you need to save up!

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