Joint Savings Account to save for Wedding

Hi! We did this and it's working out really well for us. I would look into credit unions because they're usually better with rates. Also depending on how long you're planning on saving/how much of a lump sum you already have, you can look into a CD. They have higher rates, but you have to leave the money in there for a specified amount of time.

I am currently doing this with my fiancé but our savings account only offers a rate of .20% APY. I would do some research with big banks if you are looking for a good rate.

We were looking at doing that, but it really just complicated everything a bit more. Instead, I have a separate savings account solely for the wedding and he just venmos me his monthly contributions. I think it also stopped us from going two different directions or as many impulse buys.

My husband and I opened a joint account when we moved in together for housing expenses and a joint savings account not long after.

Bankrate.com is a great resource to direct you to the banks with the best rates. We found most of them to be online. For example, we live in Pittsburgh and use a small bank in California for our checking for the whopping 0.35% interest lol. For our savings we use Synchrony Bank because they offer 2.2% which is really good right now too.

Check the fine print on the accounts too. For our Synchrony account we have ATM cards which do NOT work as debit cards and it takes up to 5 days to transfer funds. If you're going to need your money quickly, it might not be for you. If you can plan for a few days ahead of time, then it's a good deal.

And whatever you do, make sure your account is FDIC insured. There are newer banks popping up (like Robinhood) offering higher rates saying they're insured by the SEC and the SEC strongly disputes this, so if the bank failed you'd be out of luck and money.

My FH and i first started out by saving money into my savings account and he would just venmo me every paycheck. That was tedious and became and issue when he would want to make a purchase for the wedding without me the as all the money we saved was under my account so we decided to open a joint savings account at a CU. Initially it was a wedding savings account but now it's more of a future house savings account.

We have a joint checkings & savings and did prior to us being engaged since we lived together. We went with USAA.

We have 2 joint accounts (a joint checking and joint savings) at this point our joint checking is our “wedding fund” and joint savings is long term savings for house/kids and such lol. We’re just using Bank of America for ours because that’s where both of us have our main accounts so it’s easier to transfer money

We have joint savings/checking/holiday accounts. All payments for wedding funding come out of the wedding checking account. The holiday and savings accounts are for our future home and of course Xmas savings.

View Quoted Comment This is great info. I was looking at synchrony. So you deposit money into the account from your own checkings account right, Could you set up two checking accounts to transfer the money to? The atm is just for withdrawals?
Thanks again

We have a joint checking aand a joint savings account for wedding funds. It’s through USAA and we love it! It’s super easy to transfer funds to and from the accounts.

View Quoted Comment We have our set up to have direct deposit from our paychecks, but you can set it up to transfer to and from external accounts not held with Synchrony - like Bank of America, Citizens, PNC... It just takes a few days for the transfers to actually happen.

The ATM is just for withdrawals, but you can only use it at actual ATM machines.

They also have mobile deposit for checks, so if someone wrote you a check you could deposit it directly to that account using your phone.

My FH and I did this and it worked out great! We put any extra money we have in this account and also do regular transfers. We also plan on using it for our honeymoon money. We will be keeping most of our funds separate, even after we are married.

Advice from a banker: open a joint checking account versus a savings account to avoid the federal law/guideline "only 6 withdrawals a month from a savings account" penalty. Obviously, some banks/credit unions will offer better products than others!

We opened a joint account when we bought our house together in 2017. We decided that was the easiest way to pay bills instead of worrying about paying each other each month. We still have our separate accounts, but this has worked for us. We've also used this to save up for the wedding, house projects, and vacations.

We just use Bank of America because that's who all of our accounts are with.

We did get one for wedding savings and plan to keep it. We got one at a credit union worked better.

Me and FH did this when we first got engaged at SRP Credit Union. We opened a checking account to save for our wedding and savings to save for our house we plan on buying the end of this year!

We still have our own separate accounts too.

My fh and I did this. We went thru Ally bank which is online only with higher interest rates than regular banks. It's been great. We both put in x amout of dollars each week or so, and it has paid for all our deposits so far. Good luck!