What are escrow account,s?

Answer 1

That depends on what you are using them for. These accounts can range from Private, such as an account set aside at your bank to pay monthly bills from, or an account from which your business may pay taxes, such as a tax escrow account. Anyone can set up and use an escrow account. Many businesses use these to allow their clients to build equity, such as electric companies, etc.

Answer 2

A special savings account that's set up when you take out a mortgage, held in the borrower's name to pay obligations such as property taxes and insurance premiums when they come due.