Saving for marriage?

Monday, 29 September 2008 01:01

A reader from Gloucester is getting married next year and wants to be able to save to pay for the big day.

Andy McKechnie, head of sales and marketing for savings at Halifax, tackles the problem.

Susie from Gloucester asks:

I’m getting married next year and want to set up a savings account.

I’d like to put money aside each month and make withdrawals should I need to access my money. What type of account is best for me?

Andy replies:

There are a number of accounts which let you save regularly and access your money whenever you need it.

Some current accounts have reasonable interest rates, but if you want to set aside some money, it might be best to open a savings account. It sounds like you need to access your money regularly, so an instant access account may be the best option.

Instant access accounts let you withdraw money regularly, normally in branch, online or by phone. Some accounts also provide you with a cash card, so you can get access to your savings 24/7.

If you haven’t already got a cash ISA, you could choose to open one of these. You can save up to £3,600 during the tax year, and even if you withdraw some of your savings, you’ll still get tax-free interest on the money for as long as it was saved.

It might be worth booking a savings review with your local bank. Someone can then find out more about your needs, and help find an account that best suits you.

If you have a question for Andy, go to the Ask the Savings Expert section.

For more information on your savings options go to savings at Halifax

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