The right Savings Account for a Wedding....

BridetoBe_2

Help! Can someone please advise me?!?
I am getting married next year, so I would like to set up a wedding bank account so earn interest on the money we will put in it. We already have about 7K in savings, but this is in a normal current account. I am getting confused with all the different things I should be looking into and considering.
What I need:
A savings account, Easy access, Potential to earn some interest/ cash for joining, No fees or penalties.
Can anyone offer me some simple, to the point advise on where and what I should be doing?
Thank you J

Loughton_Monkey

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

psychic_teabag

If you don't already have an ISA each, that would seem a good place to start (assuming you both pay tax). Annual limit of just over 5k each, but you can have one each.

Or if you will be saving monthly, look for a regular saver - eg Santander have a first-home-saver for under 35's who have never owned a house. Despite the name, you don't have to use the money to buy a house. Pays 5%, which is slightly better (for a basic-rate taxpayer) than you can get tax-free with an ISA at the moment. Not exactly easy-access, but you can close the account any time to free up the money. Many on here advise against dealing with Santander. Check other threads on the forum for more details. (I assume this account is still available.)