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How A Wedding Savings Account Could Make Your Dream Day a Reality

How A Wedding Savings Account Could Make Your Dream Day a Reality

Jenius Bank Team6/2/2023 • Updated 11/8/2023
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.

Congratulations on your upcoming wedding! We know how exciting wedding planning is for couples, but we’re also aware that the price tag may feel overwhelming.

According to The Knot, the average wedding cost in 2022 was a whopping $30K.1 One solution that may help you handle these expenses is a dedicated wedding savings account.

Key Takeaways

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

  • Look for accounts with no minimum balance requirements, no fees, joint account holders, and auto transfers.

  • Consider breaking your overall wedding budget down into smaller, more manageable milestones.

Can You Create a Savings Account Just for a Wedding?

Of course you can!

As you begin planning for your wedding day and booking vendors, every dollar counts. By creating a separate savings account for your wedding funds, it may be easier to track your wedding specific savings and ensure you don’t miss any magical details.

Not only could this approach help with planning, but watching your savings grow over time may add to the excitement – if that’s even possible.

Let’s explore the benefits of having a dedicated savings account for your wedding and key factors to consider when choosing the right one for your needs.

Finding “The One”: Choosing 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: Seek out a savings account that offers a higher-than-average rate, which could help boost your savings over time.

  • No Minimum Balance Requirements: Watch for savings accounts that require you to maintain a minimum balance to avoid fees or access certain benefits. Opt for an account with no minimum balance requirement so you are able to save as much or as little as you want.

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

  • No Fees: Check for any fees, such as monthly maintenance fees or transaction fees. Look for an account that offers no or few fees to hold on to every penny of your savings.

  • Joint Account Holders: Consider opening a joint savings account with your partner. This way both of you are able to contribute to the account and easily monitor your progress toward this shared financial goal.

  • Auto Transfers: Set up automatic transfers from your checking account or paycheck as a convenient way to consistently save money, supporting steady progress toward your savings goal.

  • Deposit Insurance: Look for accounts that offer deposit insurance through either the FDIC or NCUA. If an insured institution fails, these organizations protect your money up to $250,000 per depositor, per ownership category, per bank or credit union.23

Remember, just like it took time to find the perfect partner, finding the right wedding savings account requires careful consideration before saying “yes”.

For Long Engagements: A CD Could Be a Good Match

In addition to savings accounts, one alternative worth considering is a certificate of deposit, aka CD.

If you’re planning for a long engagement, having a small ceremony soon but waiting to have a large celebration until later, or don’t require immediate access to cash, this could be a way to get a higher rate on your savings.

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, as there may be penalties for early withdrawal. CD terms typically range from three months to five years, with longer terms often offering higher rates.

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. If you haven’t set a date yet, 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.

Here Comes the Money: 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 the little bows on your table centerpieces. To give you a starting point, here are some of the most common wedding costs to keep in mind, according to The Knot:4


Average Cost

Reception Venue


Wedding Photographer


Wedding/Event Planner


Reception DJ





$75 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.

In 2022, the average honeymoon cost couples $5,100.5 By proactively saving for this expense, you may be able to embark on your honeymoon with peace of mind, knowing that the costs are already taken care of.

Use Your Wedding Savings Account to Manage Costs

Using a dedicated wedding savings account is a great way to effectively manage money for your wedding.

Contrary to what some may believe, having a budget for your wedding doesn’t mean compromising your dreams – instead it empowers you to prioritize what truly matters.

With a well-defined budget, a strategic plan, and the right savings account, you may be able to make sure your resources are allocated toward the aspects of your wedding that matter most to you.

As you embark on this journey, keep the following tips in mind.

Time is Money: Plan Ahead

Many vendors require deposits or regular payments in the weeks, months, (even years) before the actual wedding date.

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

Break it Down: Create Milestones

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, and flowers.

By setting specific goals, you may be able to create an achievable plan of action.

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. This means you can spend more time focusing on the parts of the planning process as you count down the days until you say “I do”.

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