(Closed) Wedding Fund: Where do you put it?

posted 7 years ago in Money
Post # 3
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

It depends on how easily you want to access it. If you don’t need the money for a while(like 1+ years, a CD may offer the best rate. If you need better access to it, i’d suggest shopping around for high yield savings accounts. Just make sure you have enough minimum balance to start on the account you choose!

Post # 4
Member
5118 posts
Bee Keeper
  • Wedding: November 1999

I think Fiance and I will set up a money market savings account with a checking account tied to it, so that it can be our wedding savings fund from now until March and then we’ll simply use it as our bill paying/main joint account while maintaining our own personal accounts we have now for our ‘fun money.’ 

Post # 5
Member
10288 posts
Sugar Beekeeper
  • Wedding: October 2011

We just use one of our joint savings accounts as the wedding fund. It made a whopping $1.18 interest last year. Whatever will we do with all that extra money?! =)

Post # 6
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

I didn’t use it for wedding money but I love Smartypig!  Better interest rates than most bank accounts, but you can only take out money in total.  If you use it, you could have different “goals” set up for different parts of the wedding to get around this problem (photography, flowers, etc).

Post # 7
Member
1030 posts
Bumble bee
  • Wedding: May 2011

ING – the interest rate is lower than it used to be, but still the best out there. We have a joint one so we can both contribute or drain for deposits and such. 🙂

Post # 8
Member
7300 posts
Busy Beekeeper
  • Wedding: September 2012

I’m using smartypig.com right now for my wedding fund. They offer the highest rate out there right now at 1.35%. I like the goal breakdowns. You can set up: Florist, photography, venue, shoes, dress, ect. 

Also you can convert your cash out to gift cards if you want. They give you an incentive bonus for gift card cash outs. Like Best Buy will add 15% to your card or something like that. If not, you can always transfer it back to your bank. It takes 2 business days. 

I also like the social sharing feature. You can get your friends and family to help with goals if you want. Also they have a referral bonus too. 

Post # 9
Member
337 posts
Helper bee
  • Wedding: September 2010

I put some into low-risk mutual funds, but they were all in the Canadian market so pretty safe. 🙂 I got a 7% return.

Post # 10
Member
216 posts
Helper bee
  • Wedding: June 2011

We opened a joint savings account that we linked to each of our individual accounts so we can easily transfer as needed.

Post # 11
Member
627 posts
Busy bee
  • Wedding: August 2011

we have it in a savings account linked to my checking account. its not earning much interest, but its readily accessible.

Post # 12
Member
2397 posts
Buzzing bee
  • Wedding: May 2010

We put the majority of ours into a “goal setter” type of savings account at our bank.  Once you reach your goal amount, they double your amount of interest earned.  We also put a little in an ING account as well.

Post # 13
Member
948 posts
Busy bee
  • Wedding: May 2011

We’re using a money market account with our bank.  I never heard of smartypig, I’ll have to look into it!

Post # 14
Member
1991 posts
Buzzing bee
  • Wedding: October 2011

I actually use a high yield checking account as my savings account for the wedding. Let me know if you want details.

Post # 15
Member
9056 posts
Buzzing Beekeeper
  • Wedding: June 2010

We only had a 9 month engagement, so we just put it in my savings account. 

Post # 16
Member
762 posts
Busy bee
  • Wedding: October 2011

I opened up a wedding fund with ING. It’s linked to my checking account, and I  have it set up to deposit a certain amount automatically. It’s great!

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