The Best Savings Accounts to Save for A Wedding
One of the biggest expenses that many people will face in their lifetimes is a wedding. These days, weddings can cost you thousands of dollars. In fact, the average cost of a wedding is more than $30,000!
Sure, you can cut some of those expenses and find some ways to decrease the cost.
However, the best way to prepare for a wedding is to start building your savings account as soon as possible.
If you are planning on tying the knot and need a way to get a jump start on those expenses, you should choose one of the following online savings accounts.
Best Online Banks
Because online banking is so much more valuable and convenient, you also have many to choose from when you start saving. To help you out in your decision, we have come up with the top 3 online savings accounts.
1. Barclays Savings
Barclays offers one of the best savings accounts available. The Barclays Savings account offers an impressive APY, with no extra fees, and no minimum deposit required to get started.
This account also comes with 24/7 access to your account and customer service.
Also, there are helpful tools such as Savings Assistant and Dream Assistant, which can help you save and reach your wedding goals faster.
When you consider the convenience and value of Barclays Savings, you can’t beat Barclays Savings.
2. Capital One 360 Money Market
When you’re looking at savings opportunities for your wedding plans, you might also want to check out a Capital One 360 Money Market account.
This account also has no fees and no minimum deposit to get started. However, if your balance is $10,000 or more, you can earn a great APY.
If your balance is below $10,000, you can still earn a great rate of .60%, which is significantly higher than the rates offered by traditional savings accounts.
Capital One 360 Money Market accounts are also known for convenience with opportunities to access your account anytime online or through the mobile app. Plus, you can reach customer service through a toll-free number if you need assistance.
3. Ally Savings
Another one of the top savings accounts is provided by Ally Bank. Ally Savings accounts offer great APY, with no minimum deposit requirements or extra fees for the account.
It’s easy to manage this account thanks to Ally’s well-designed mobile and online platform and you can even separate accounts into different savings goals.
This account comes with 24/7 customer service, eCheck Deposit, and ACH transfers, which all combine into a convenient and valuable option for saving for your wedding.
Why Online Bank Accounts Are Best
Many people are aware of traditional banks and setting up savings accounts. What you don’t know is that many of the national banks aren’t nearly as competitive as online banks.
For instance, when it comes to earning interest on your wedding account, national banks like Chase and Wells Fargo are only offering you 0.01%.
Online banks currently offer up to 100 times more, which means you can start putting away money toward your wedding and watch it grow 100 times faster with an online account.
In addition to much higher interest rates, online savings accounts such as Barclays Savings, are often much more convenient.
In fact, in most cases, you can open your account and set up an automatic payment to your savings account, without even leaving your house.
Plus, many online banks offer a broad range of features that make banking and saving much easier than traditional banking systems.
Plus, traditional banks often charge many different fees just for opening an account.
These fees can include setup fees, monthly fees, maintenance fees, or many others, making your savings account an expense that could cost you hundreds of dollars.
When you add in minimum deposit requirements, opening a savings account can cost you money you just don’t have right now.
Fortunately, many online bank accounts have eliminated most of these expenses, making them a much cheaper and more reasonable option.
Weddings are expensive and typically not a cost you can get away from if you plan on tying the knot.
Fortunately, there are online savings accounts available that allow you to earn extra while you save for your special event.
Because online accounts offer the highest rates without fees or minimum deposit requirements, there isn’t a better option when you need your money to work for you.
If you choose one of these savings accounts to get started saving for your wedding, you’ll be able to say, “I do,” in no time. Get started on your future with one of the most valuable accounts available.