This account provides a convenient way to save for real estate tax and mortgage insurance payments. We'll help you estimate what your tax and insurance will cost annually to figure out a payment plan. Then we can set up a recurring automatic transfer; how much and how often is up to you. Plus, you can make a transfer any time -- without penalty.
*Federal regulation limits the number of pre-authorized transfers and withdrawls or combination of, for Money Market and Savings Accounts to 6 per month.
- Save money specifically for real estate tax and mortgage insurance payments
- Earn interest, compounded quarterly
- No minimum balance requirement
- Convenient automatic transfer cuts down on mistakes and late payments
- Make manual transfers at any time without penalty via
- NetTeller online banking
- Visit a branch location
- FDIC insured
- How does it work?
- We'll help you estimate what you'll need each year to pay your real estate taxes and your homeowners insurance
- We'll break that total down into an amount that you can pay monthly, bi-weekly, or weekly
- We'll set up an automatic transfer of the agreed-upon amount from your First Citizens Checking Account into our interest-bearing Escrow Savings Account.*
*If the EFT is canceled, the amount will revert to a Regular Savings account.