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I do……. (need to save for a wedding)

I do……. (need to save for a wedding)

Category: Savings

Updated: 19/11/2010
First Published: 19/11/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

While your wedding may not quite reach the heights of next year's royal extravaganza, the cost of staging a ceremony is still likely to run into the thousands.

The news of Prince William's and Kate Middleton's engagement stole the headlines this week, and it is thought that the 2011 ceremony cost upwards of £50 million.

It is a figure that has raised eyebrows in some quarters in such austere times, although an extra Bank Holiday in the 2011 calendar may go some way to allaying concerns.

The parents of Ms Middleton will no doubt be relieved that they will not be expected to foot the bill.

With figures from Wedding plan showing that the average cost of a wedding has soared to £21,000 this year, the tradition of the bride's parents covering the cost of the big day seems increasingly unrealistic.

It means that Britons are having to help fund or completely pay for their wedding day. In fact, research conducted by Birmingham Midshires earlier this year found that a wedding day is now one of the most common reasons for building up a savings nest egg, second only to saving for a deposit on a home.

While Wills and Kate will probably not need too much help, there are a number of accounts that could give your wedding finances a much needed boost.

If you're planning on a summer 2011 ceremony and are just looking for a short term account for your funds, Leeds BS has launched a fixed rate postal account that matures on 31 March 2011 with a minimum investment of £1K paying 2.50%.

Those looking for a longer term home for their money may wish to place their wedding funds into a one year fixed rate account, meaning savings will accrue interest for the next 12 months.

Northern Rock's fixed rate bond Issue 417 pays a fixed rate of 3.00% on deposits from just £1 and allows further additions through the term so love birds can top up their savings.

The account is operated by post, although it might not be suitable for those lucky enough to be planning a Royal wedding as it has a maximum investment cap of £2 million!

Savers more comfortable with operating their finances online may prefer the Post Office's online bond Issue 2, which also pays 3.00% interest.

Potential customers should be aware, however, that once you've paid in a deposit – it has a minimum cap of £500 – it allows no further additions.

Couples looking to get married in 2012 or later can find the full range of long term savings products in our Best Buy tables.

Find the best savings rates for you - Compare savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.