Wedding Account

barbird2

Hi

Really sorry if I am posting this in the wrong area - this is my first post, but I need some advice.

We are getting married next year, me n my partner already have a joint account with the halifax, and our own seperate accounts. But we really wanted to open a new account to put all our 'wedding' money in it (we dont have that much yet, but intend to be putting a set amount in each month.)

This account will also allows us to pay any suppliers either by cheque or debit card, can you recommend the best thing for us to do?????

Thank you.

welshnoonoo

I would say that opening up a completely separate wedding account is a very good idea.

What I would also say though is if you can pay your suppliers in such a way as will give you as much protection as possible - then that would be a good idea too.

What I am talking about is the protection that paying suppliers by credit card can give you as I have heard some stories of brides being left in a situation where their supplier has gone bump leaving them without their goods/service or their money.

However, I wouldn't want to condone going into debt in order to get married, so if you could set up an account that perhaps gives you a Visa Debit card whereby the balance is cleared off automatically at the end of the month via your special wedding savings account that might still offer you some protection while not allowing you to build up a credit card debt.

Also - have you considered wedding insurance? It is not expensive but well worth it.

I do have a referral link for wedding insurance, but I don't want to break any forum rules by posting it here so I will find out what I can and can't do first!

Good Luck - Oh and congratulations.

barbird2

thanks for advice

any ideas on which accounts would give me the benefit of having a visa debit card, not too sure who it would work????

yes, alot of people have recommended wedding insurance to us, so will be looking at that.

Thanks for congratulations, hadnt realised how expensive getting married can be!!!!

Mikeyorks

Not too clear from your original post if all your accounts are with Halifax? If so don't forget they do a high interest (6.17%) current account - can be worth keeping up to £2.5k in it. But don't go over that as the interest rate then plummets to 0.01%.

If you're mainly tied into Halifax then their Web saver (for your wedding money) isn't world beating in terms of interest (5.3%), but it is very flexible and you can move money between their accounts instantly. You've presumably got a debit card with the joint account - so merely move money into there, when you draw a cheque for a wedding expense? That keeps the self-containment without having too many current accounts. Which can be a bit of a trauma - when you least need it.

If you have to pay / deposit any of the bills up front - a Credit Card provides a good safety net. Halifax again - if you want to keep it in the same family of accounts.