If you have a mortgage loan, you may be required to set up an escrow account to satisfy your loan requirements.
An escrow account allows you to save for your annual taxes and insurance premiums separately from your regular savings account. This is helpful in maintaining the proper balance and to have the money you need when you need it. You can set up the account at any time and withdraw your funds without penalty when required. There is no minimum balance to maintain and all money on deposits earns monthly dividends.