What is an escrow account?

An escrow account is an insured, secure account that holds money until the terms of a deal are met. It protects both the buyer and the seller.

Escrow is the process where a neutral third party holds the money until both sides have completed their part of the deal. This makes transactions safer and builds trust between buyer and seller.

Escrow is commonly used for phones, laptops, cars, jewellery and even real estate.