The best wedding savings account

By James Story
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Find out all of your options for wedding savings accounts, including joint accounts, notice accounts and ISAs.

Once the buzz of engagement has died down a little bit, the happy couple in question quickly realises what comes next… the wedding! This means lots of things, from browsing the internet for decoration ideas to picking the perfect outfits, but it also means something not so fun; paying for everything.?

If this sounds familiar, you’ll want to consider setting up a savings account to help save towards your wedding:

Solo wedding bank account

Your first option is to set up your own, separate wedding bank account. This means that you and your partner can save separately, from your own incomes.?

If you’re saving alone, don’t underestimate how far even a little bit of money can go. If you need £10,000, for example, dropping in £10 instead of going for lunch might not seem like much, but that could pay for table decorations or part of a DIY sweet shop or veil. It might sound like a cliché, but when it comes to such an expensive occasion, every little really does help.

Joint wedding bank account

On the other hand, a joint wedding savings account means, of course, that you join forces to save! Be sure, however, that it won’t cause any arguments. Agree in advance how much you’re both going to contribute and give each other a break if you take your foot off the pedal a few months in. This is completely normal. Saving lots of money when you aren’t seeing an immediate return can be hard work. ?

Try reminding yourself of what you’re working so hard for in a tangible way. Visit a wedding cake shop and try their samples, for example, or go back to the venue you’ve booked and wander around. This will help re-focus your efforts and get you back on the saving straight and narrow.

Cash ISA wedding savings account

If you don’t already have an ISA, how about setting one up especially for your wedding savings? You can save up to £20,000 a year in a cash ISA and you don’t have to pay any tax on the interest that your savings earn. All major bank or building societies offer them and the minimum deposit can be £1. Plus, not only is it free to open one, but there are also no management or administrative costs.

A Notice account

Another type of savings account you might want to consider is a notice account. You’ll get a higher rate of interest than an everyday savings account. However, you can’t just withdraw your money whenever you want or need. ?

It’s called a notice account because you have to give notice when you want to take back your money. This is usually 120 days, so about four months. This kind of account could work well if you don’t have to pay your suppliers for quite a long time. Say your wedding is 18 months away, and you only have to settle the final bill for the venue and caterers three months before. You could squirrel your money away for 14 months, then withdraw it (along with the interest it will have earned) and make your payments on time.

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