Wedding Fund / Savings

fellap

Morning All!

Not sure if this be the best place to post this but thought I'd try here first.

The Fianc!e and I are planning on getting wed in Late 2010 - We are fortunate enough that our parents have indicated they want to help with the cost, though we'd like to contribute as much as we possibly can. However having recently bought our first home we're not exactly flush.

We are going to put £100 month away between us (plus any other spare cash we might have) - what would be the best investment / place to do this. Is it best just to simply put in a savings account or maybe an ISA?? Any other suggestions?

Cheers!!

bride_on_a_budget

when we decided to get married we put any extra money in to a Isa also we bought a sealed money tin each and put all of our pound coins and 50ps in, within 18 months time we had over £500 in each tin and £5000 in the isa.
i liked the tin idea as we had to open it with a tin opener!

Bride

sal-ad_daze

Are Isa's really the best thing in this present financial climate?
I haven't a clue about financial matters but a freind has said that hers has less in it than when she started!
I am saving to help my daughter get married and at present just using a savings account more to keep it safe than to gain any interest!
Any advice would be gratefully received.

bride_on_a_budget

if the money is put into a cash isa it is safe, it is only the isa's that have shares in them that are not as good, as the shares can go up or down, i have a cash isa and my husband has a shares isa, my money has gone up and wont go below what i put in yet my husbands has gone below the original amount put in.

liza83_2

I have no ideas how isas work lol but i have one for my wedding fund but can only put 3k in a year . luckily mine will never see that amount lmao

IWantToBeFree_2

You are unlikely to get a great interest rate on any savings account, including cash ISA's at the minute. ISAs are better as the interest is paid gross, however you want one that has no tie in period, you'll find that as you start booking things etc you'll need the money to pay deposits so if you have one with a good rate but you can't withdraw for 12 months you'd struggle.

sarah-b8

Hi,

I know that there is an article all about ISA's on the main site as I didnt have a clue either until I read it. I believe there are recomendations about which are the best deals out there so its probably worth a visit.

Also Lisa83 all cash ISA's have an imput limit of £3,600 per tax year, so in April you would be able to add more, because it will be a new financial year.

I really would recomend the ISA article it really helped me.

SB

MsHoarder

I've set up a couple of regular savings accounts (see the savings board) for this purpose - if you have a branch of the Skipton nearby, their "Special Saver Account" is reasonable for interest, and one plus (for me at least) is that it runs for 12 months, you have to pay in every month, but you still get the full interest to that date should you close it (and take all the money) early.