In light of planning for the wedding, I just opened Discover Bank online savings account. There were so many to choose from, such as Everbank and Ally, and also ING Direct. I chose Discover Bank due to their high yield rate and low initial deposit to get things started. Since this is my short term solution to help me save money for my wedding and honeymoon, I wanted to open Everbank, which offers 1.51% average for the first year. But I could not afford the $1,500 initial deposit. I’m still kicking myself in the head because I believe I budgeted well for the engagement ring, but poorly for the wedding.

I plan to dump all of the money I save every month in this new account. This savings account along with tax returns and potential additional tax benefits for filing jointly will help me reach my financial goal to help pay for the wedding and honeymoon.

Update (Feb, 2012)

When you sign up for Discover Bank Online Savings Account, you’ll start accruing interest immediately at 0.90% apr. To read my full review on other high-yield online savings account, read my previous post entitled, Highest Rate High-Yield Savings Account. You’ll be required to fund your account of at least $500. I funded my account by simply providing my bank information. I plan on starting out with $500 and depositing whatever amount I save every month into this account. If I save $1 this month, that’s the amount I will transfer. Also, one thing I wasn’t very clear on was online access to my account. Apparently, when you sign up for the savings account, you don’t create a user name and password. You have to register your account at Discover Bank Online Access Account. They don’t give you your full account number until your funds are fully transferred, in which they will send you a welcoming kit with the account number included. So, today, I received an email saying that my funds have been fully transferred and that the welcoming kit has been sent. It’s a little annoying, but sometimes, to save money, it becomes annoying.