Escrow Savings Accounts
Helping You Save for Taxes and Insurance
At People Driven Credit Union (PDCU), we understand that managing annual expenses like property taxes and insurance can be challenging. That’s why we are proud to introduce the Escrow Savings Account — a smart and structured way to save for these important obligations while earning interest.
Escrow Savings Account Details
Save for property taxes, insurance, and other annual expenses
Account Details
- Interest Rate: Earn interest at 0.50% APY². Rates are subject to change and will be disclosed in compliance with Truth in Savings (TISA) regulations.
- Fees: There may be monthly maintenance fees or withdrawal fees.
- NCUA Insurance: Your funds are insured up to $250,000 per depositor, for each account ownership category.
How an Escrow Savings Account Works
- Open a dedicated savings account. Keep money for taxes, insurance, or other large bills separate from your everyday spending account.
- Make deposits on your schedule. Add money when it works for your budget. Automatic deductions are not available for this account.
- Use it for planned expenses. Withdraw funds when it is time to pay your property taxes, insurance premium, or other annual bill.
- Limit withdrawals to stay on track. This account allows up to six withdrawals per year.
More about PDCU membership…
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Membership Eligibility
Check People Driven Credit Union's membership eligibility requirements.
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Member Services
View all the perks and benefits of becoming a member of People Driven Credit Union.
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Membership Rewards
PDCU rewards members for all types of activity.
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Visit Us
PDCU is a full-service credit union with branches and ATMs that are easily accessible around Southeast Michigan.
... Love that when you call, you get someone right here in Michigan.
James R.
Rates
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Minimum Balance to Earn Dividends
Dividend/Interest Rate
APY²
$100 0.499% 0.50% Rates Effective as of:
Note: $1 minimum to open an Escrow Savings Account. $100 minimum to Earn Dividends.
Frequently asked questions
An Escrow Savings Account is a separate savings account that helps you set money aside for large planned expenses, such as property taxes, homeowners insurance, auto insurance, or other annual bills.
No. This is a member-controlled savings account. A mortgage escrow account is typically managed by a mortgage lender or servicer to pay property-related expenses. With a PDCU Escrow Savings Account, you manage the deposits and withdrawals yourself.
You can use it to save for property taxes, homeowners insurance, auto insurance, association dues, or other planned expenses that come due once or a few times per year.
You can open an Escrow Savings Account with a $1 minimum deposit. A $100 minimum balance is required to earn dividends.
Yes. The account earns dividends when the balance meets the minimum required to earn dividends. Rates are subject to change. See the current rate table for details.
Automatic deductions are not available for this account. You can make deposits when it works for your budget.
This account allows up to six withdrawals per year. This limit helps keep the account focused on planned savings instead of everyday spending.
Yes. Funds are insured by the National Credit Union Share Insurance Fund, administered by the NCUA, up to applicable limits. The NCUA states that individual accounts at federally insured credit unions are insured up to $250,000.
Yes. Membership and eligibility requirements apply. You can check eligibility before opening an account.
We are very grateful for the service that was provided!
April - member since 1989
Related savings options
Disclosures
Important Information About PDCU’s Escrow Savings Account
- Voluntary Participation: This program is optional, and you are not obligated to participate.
- Full Responsibility: You determine the deposit amounts and ensure there are enough funds to cover your expenses. Any shortfall must be covered by you.
- Non-Guarantee Clause: PDCU does not pay bills on your behalf and is not liable for missed or incomplete payments to tax authorities or insurance companies.
- Tax Advisory Disclaimer: We are not tax advisors. Please consult a tax professional for personalized advice on the tax implications of using this account.
- Alternative Solutions: If you have existing tax delinquencies, explore other options, such as payment plans with tax authorities.
Additional Notes:
- Members remain responsible for covering any shortfall in their accounts.
- This account is insured by the NCUA.
- Limit of six withdrawals annually
- Checks cannot be ordered for this account type.
How to Open an Escrow Savings Account
- Log in to your account via online or mobile banking or visit your nearest PDCU branch.
- Speak to a representative to guide you through the account opening process.
- Receive and review the Truth in Savings Disclosure and Member Agreement.
- Start making deposits and watch your savings grow!
Managing Your Escrow Account
- Automatic Share Transfers: While transfers can be automated, withdrawals are limited to six per year. Plan your transfers accordingly.
- Withdrawal Process: The withdrawal process is straightforward. If you exceed six withdrawals in a calendar year, a system alert will notify you, and further withdrawals may require special approval.
Start saving today with the Escrow Savings Account and take control of your financial future! For more information, visit our website or contact a PDCU representative.
Additional Notes:
- Participation is voluntary.
- Members remain responsible for covering any shortfall in their accounts.
- Monthly maintenance fees or withdrawal fees may apply.
- This account is insured by the NCUA.
Disclosures
Important Information About PDCU’s Escrow Savings Account
- Voluntary Participation: This program is optional, and you are not obligated to participate.
- Full Responsibility: You determine the deposit amounts and ensure there are enough funds to cover your expenses. Any shortfall must be covered by you.
- Non-Guarantee Clause: PDCU does not pay bills on your behalf and is not liable for missed or incomplete payments to tax authorities or insurance companies.
- Tax Advisory Disclaimer: We are not tax advisors. Please consult a tax professional for personalized advice on the tax implications of using this account.
- Alternative Solutions: If you have existing tax delinquencies, explore other options, such as payment plans with tax authorities.
Additional Notes:
- Members remain responsible for covering any shortfall in their accounts.
- This account is insured by the NCUA.
- Limit of six withdrawals annually
- Checks cannot be ordered for this account type.
How to Open an Escrow Savings Account
- Log in to your account via online or mobile banking or visit your nearest PDCU branch.
- Speak to a representative to guide you through the account opening process.
- Receive and review the Truth in Savings Disclosure and Member Agreement.
- Start making deposits and watch your savings grow!
Managing Your Escrow Account
- Automatic Share Transfers: While transfers can be automated, withdrawals are limited to six per year. Plan your transfers accordingly.
- Withdrawal Process: The withdrawal process is straightforward. If you exceed six withdrawals in a calendar year, a system alert will notify you, and further withdrawals may require special approval.
Start saving today with the Escrow Savings Account and take control of your financial future! For more information, visit our website or contact a PDCU representative.
Additional Notes:
- Participation is voluntary.
- Members remain responsible for covering any shortfall in their accounts.
- Monthly maintenance fees or withdrawal fees may apply.
- This account is insured by the NCUA.
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