wedding savings

pookie

i'm getting married in june next year (hurrah), and desperately need to start saving as we're paying for it ourselves. we have huge families (150 people total) and lots of friends we want to invite. anyway, i have the 5.65% rate from cahoot, which is holding at that rate. however, we get married before the next time i get interest paid. should i put wedding savings into this account (as the bumph says interest is calculated daily) or get an account that pays interest daily or weekly?

Reaper

Congratulations.

There is a way to collect the interest early - close the account. At that point all the daily interest is added to your balance.

Of course the only down side is you no longer have the account and can't open it again as it is not available to new savers at that rate.

newfoundglory

You might want to consider throwing your money into cash ISAs to avoid tax. Because there are two of you, thats a potential £6000 (£3000 each) in tax-free savings this year, and a further £6000 again on/after the 6th April 2006

If 5.65% is the gross rate, thats only 4.52% after 20% tax, or 3.39% after 40% tax depending on whether you are a low/higher rate taxpayer, so using ISA allowances first may be better.

Consider Halifax ISA Saver Direct at 5.15% and monitor the rate, moving if necessary. Pick instant access accounts where you can just close the account and pocket the interest, however if you use ISAs remember that closing them means you lose the tax free savings you build up from the current/previous tax years and cannot be replaced.

pookie

sorry- should have said. we've already got an ISA each this year, so it was for the rest of the wedding funds. i suppose it depends whether the cahoot offer stays at its current fab rate until june next year- if it doesn't then i could definitely close the account.
are there any other great daily/ monthly interest accounts out there?

terriermama

Elope!!! :d

pookie

would love to...brazil, mauritius, new zealand...
...but i still want my family and friends to speak to me, so better not!

declanmcc

pookie wrote:

would love to...brazil, mauritius, new zealand...
...but i still want my family and friends to speak to me, so better not!

If you decide to go away I'm sure family and friends would understand.
We're getting married in Edinburgh in November with only family coming, there'll be 16 of us altogether. Friends are absolutely delighted for us. Family have insisted they pay their own way and accommodation.

For friends to turn around and be angry with you for going away to get married is below the belt in my opinion. It's your wedding after all!

pookie

it's not really them, it's us. this is the first wedding in my family for 16 years (i have a LOT of single cousins) and it's the thought of the disappointment on their faces. both i and my OH are really very close to our families. wouldn't be the same without them. so we've decided to hang it all and invite everyone, but we will definitely NOT get into debt for it- it just means no foreign holiday this summer, and other small things missed out on. if that means we can have a great couple of days next year it'll be worth it.
am scouring the weddings board daily...

forgot to say congratulations declancc!!

declanmcc

Thank you! And I forgot to say congratulations to you too! Good luck with your moneysaving