Tax & Insurance Escrow Accounts
Our Tax & Insurance Escrow accounts can help you save for upcoming expenses such as income taxes, property taxes, or insurance payments.
Are your credit card rates too high? Check out our debt consolidation program! Our knowledgable staff will work with you to find the best rate.
Account Summary
A Tax / Insurance Escrow Savings account offers the same features as your Regular Savings account, and is designed to help you set aside money for upcoming financial obligations, such as income taxes, property taxes, or insurance payments.
Although you may open a tax / insurance escrow account for any purpose, it is most often used in conjunction with a mortgage loan. When you obtain a mortgage loan, you have the option to also open a tax / insurance escrow account. The account will be opened with a $0 balance, and you may contribute to it at any time in preparation for upcoming expenses.
Account Features
- Your account will earn interest (see rates).
- You may deposit money at any time.
- You may request to have funds deposited automatically from your checking or savings account at regular intervals.
