Weddingbee Blog

A few months after we got enagaged, I moved in with my FI. One of the biggest topics that was brought up, was how we would share the expenses. We decided that we would open up a joint checking account to pay for the living expenses and a joint savings as well, because we were planning to pay for the wedding ourselves. Aside from that, we were also maintaining our own personal checking and savings accounts each.

Most importantly, it was very imperative to find a savings account with a high interest rate to get the most bang for our money. Every month after all the living expenses were paid, we would try to dump as much money as possible into our wedding savings. This past weekend we did a brief analysis of how much we have been putting into our wedding savings since we opened the account, and we were pleasantly surprised. We then did a brief analysis of our projected savings (yes, we are geeks. FI even suggested we a graph, but I vetoed this idea :P) by the time of the wedding and I’m proud to say that we are right on target.

What kind of options do you have as far as saving money for the wedding? Well it all depends on how much time you have from now until your wedding and also your current financial institution. Some will not allow you to open a Savings, or CD without an active Checking.

ING Direct

- has a 12 Month CD at a guaranteed 5.10% with no minimums and no fees. (I think this is great for the brides-to-be out there that are planning early for their wedding. It would be good even if you’re not planning for a wedding just for extra cash.)

- 6 Month CD at a 4.9385% rate.

- 9 Month CD at a 5.0185% rate.

- Savings account called “Orange Savings” at a 4.50% rate.

Bank of America

- 7 Month CD at a 5.10% rate. $10,000 minimum to open.

- 9 Month CD at a 4.60% rate. $10,000 minimum open, however you can withdraw funds prior to maturity without a penalty.

Citibank

- E-Savings at a 5.00% rate. No minimum to open. However you must have a Checking account with them, or open one up at the same time you apply for the savings.

- 6 Month CD at a 4.88% rate.

HSBC (thanks yellowlabbie88!)

- 6 Month CD at 5.25% APY rate.

- E-savings ar a 5.05% rate. No minimum to open.

These are only a few that I have looked into. If you know of something that you think I should add to help out other brides-to-be please let me know! Just in case you are curious as to what we have, my FI and I opened up an Citibank E-Savings. It was the most logical and easy for us at the time since he was already using Citibank. It made it all the more easier for us, if I opened up a checking and a savings there as well. And the E-Savings account that we have for the wedding it is a joint account. What makes it easy for me is that since all our accounts are part of the same institution, we are able to make instant transfers between our accounts.

How will you be paying for your wedding? If you are paying for it yourselves how are you saving up for it?

Happy New Year to everyone in cyberspace!