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Wedding Savings Accounts: What You Need to Know

Wedding Savings Accounts: What You Need to Know

Jenius Bank Team6/2/2023 • Updated 5/9/2024
An engaged couple looking excitedly at a laptop considering their wedding saving account options.

Saying “yes” to the right wedding savings account may help you turn your dream into reality.

We know how exciting planning for a wedding can be. But we’re also aware that the price tag may feel overwhelming for some couples.

According to The Knot, the average wedding cost in 2023 was a whopping $35,000.1 If that number raises your heart rate, you’re not alone. Creating a wedding savings account may help you handle these expenses without forcing you to take out a loan or rely on high-rate credit cards.

Here’s what you need to know.

Key Takeaways

  • Keeping money in a separate savings account may help reduce stress when planning for a wedding.

  • Look for savings accounts with no minimum balance requirements, no fees, and auto transfer options.

  • Consider breaking your overall wedding budget into smaller, more manageable milestones and celebrate when you reach those milestones.

What Is a Wedding Savings Account?

A wedding savings account is an account you set up to house the savings you build for your wedding expenses. Set up this account at a bank and make regular contributions to the account to help grow your savings. Using a high-yield savings account as your wedding fund could help you save faster because of their higher rates.

Ideally, this account should be separate from your other savings accounts. This helps you track your wedding-specific savings more accurately and ensures that you don’t end up using the money for something else, like a new vacuum to make sure your home is ready to entertain your future in-laws.

Even better, watching your savings grow over time may help you and your future spouse stay motivated to continue building your savings.

How to Choose a Wedding Savings Account

Just as you carefully picked the perfect partner, your wedding savings account should also meet your high standards.

Here are some of the top considerations to keep in mind when choosing an account to have and hold your hard-earned cash.

  • Competitive rates: Choose accounts that offer competitive rates, expressed as Annual Percentage Yield (APY). The higher the rate, the more you could earn in compound interest each month, potentially speeding up your savings.

  • No balance requirements: Minimum balance requirements mean you may be charged a fee if you don’t keep a set amount in your account. Choose an account that doesn’t have balance requirements so you’re able to save as much or as little as possible — and pay vendors as needed without worry.

  • Easy Withdrawals: Look for an account that allows you to transfer funds quickly and easily to a checking account. This allows you to enjoy the higher rate but still access funds when you need to make a payment.

  • No fees: Account fees could eat into your savings. Look for an account that doesn’t charge fees to maximize your savings opportunity.

  • Joint account holders: Opening a joint savings account with your partner could make saving for your wedding easier. Make sure both of you are able to contribute to the account and easily monitor your progress toward your shared goal.

  • Auto Transfers: Most savings accounts let you set up transfers from your checking account to automate your savings. Ask how to set up those automatic transfers so saving is on autopilot.

  • Deposit insurance: Choose a financial institution that is NCUA or FDIC insured. This guarantees that you get your money back (up to certain limits) if the institution goes under or fails. Some neobanks may offer high-yield savings accounts with great rates, but they may not be insured, which could put your money at risk.

For Long Engagements Consider a Certificate of Deposit Account

If you’re looking to maximize your savings and still have time before your big day, opening a certificate of deposit (CD) account may be a good option.

These accounts earn a fixed rate over a set time, ranging from a few months to up to five years. Rates on CDs may be higher than what you’d find with a traditional savings account.

Just keep in mind that most CDs lock your funds away for a specified time period, so they might not be the best option if you need to access your funds soon. Additionally, there may be penalties for early withdrawal if you take money out before the account matures.

Some CDs, usually called no-penalty CDs, allow you to withdraw your money during the term as long as the money has been in the account for a specified period of time. This may be a good option that lets you earn a higher rate but won’t subject you to penalties if you need the money sooner than anticipated.

How to Budget for Your Dream Wedding

Your total wedding cost can vary widely based on your goals and circumstances. Start by setting a budget so you know what number you’re saving toward.

Create a comprehensive list of all wedding expenses, from the wardrobe to the cake. To give you a starting point, here are some of the most common wedding costs to keep in mind, according to The Knot.2


Average Cost

Reception Venue


Wedding Photographer


Wedding/Event Planner


Reception DJ





$85 per person

Wedding dress


Don’t forget to include your honeymoon as you’re budgeting and saving. After all that planning, you deserve to unwind and enjoy a few days of relaxation.

Tips to Help You Save for Your Big Day

Using a dedicated wedding savings account is a great way to effectively manage money for your wedding. But making sure you’re saving the right way is just as important as choosing the right account.

Here are a few tips to help you build your savings in a way that works for you, your partner, and your goals.

Plan Ahead

Many vendors require deposits or regular payments in the weeks, months, and even years before the actual wedding day.

Note these important dates and make sure you have enough cash on hand to make any necessary payments on time. By doing so, you may be able to avoid last-minute financial stress or surprises.

Shop Around

It’s a good idea to shop around for all aspects of your wedding. Get quotes from several venues, caterers, bakeries, dress shops, and other vendors before you make your decision.

This may help you choose vendors who best fit your budget and set more accurate savings goals.

Create Milestones and Celebrate as You Reach Them

Consider establishing milestones for your wedding budget. This allows you to break your goal into smaller, more manageable targets.

There are two ways to approach these saving targets. One is to establish a monthly savings goal to help you stay on track and avoid overspending. Another option is to break down your budget by individual expenses such as the venue, catering, flowers, and other similar categories.

By setting specific goals, you may be able to create an achievable plan of action. And once you reach your goals, celebrate those wins with your partner to help you stay motivated to keep saving.

Final Thoughts

Taking the time to consider the broader financial picture around your wedding could help you on your way to wedded bliss.

Opening a dedicated wedding savings account may alleviate some of the stress associated with financing your wedding and potentially give you the ability to focus on the fun details for your day!

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