Escrow Deposit Account

Banking Solutions for your business. We have what it takes to help you grow your business

  • Choose a savings account tailored to you
  • Full overview in the Spare app
  • Gives you extra security
Start saving now

It is a deposit account in which our Bank enters into a tripartite agreement to hold a fund (deposit) of two parties, already involved in a bi-lateral agreement, (for instance between Real Estate Developers and house buyers for sale and purchase of a house) before the fund is transferred from the seller to the buyer

Account Features

  • Deposits to the account can be made in cash, cheques, CPOs, account to account transfers (local or foreign), or any other deposit accepting mechanism used by the Bank
  • Deposits may begin with a given percentage of the total cost of the house at the beginning, followed by the mid and final installment in a given period of time in tandem with the agreements
  • The interest rate to be applied, if any, shall be set by the bank, and Interest will be accrued to the account on the minimum balance sustained during the month
  • Depositors can also save their money for an agreed-upon period of time through a fixed time deposit agreement or via interest –free banking services
  • No cheque book or passbook will be issued for Escrow Deposit Accounts; instead, an EDA card will be issued to the account holder

Account Benefits

  • Access to free online Banking services allowing a 24 hours link to account information


  • Legal Persons (Organizations) and natural persons (Individuals)


  • Deposit Account