There are three primary choices: a separate money market account, savings account, or checking account.
For convenience, evlin suggests opening a joint checking account. You can use your debit cards or write checks to spend money from the account as well as contribute funds to it.
However, unless you have a checking account that pays interest, the money you add won’t earn anything.
Money market or high-yield savings accounts may provide interest earnings, but access to them is limited.
Monthly withdrawals from one of these accounts are limited to six without incurring a penalty. Additionally, unless the wedding is years away, the account’s interest is likely to be minimal.
You might want to think about using a high-yield savings account and a joint checking account to pay for the wedding together, depending on how often you plan to pay for it.
