Our mortgage lender required escrow accounts once upon a time, so we have it through them. It earns interest and they pay the county property taxes on time twice a year. Easy, peasy.
However, the interest earned is pathetic...along the lines of a penny per month.
We have ING Direct accounts and could earn a smidgen more interest. We're good at saving money for specific purposes and we pay our bills on time. I called our lender and found out we qualify to NOT have an escrow account now (policy change and our LTV ratio qualifies us). I just have to write a letter, including some basic info, and fax it to them (have the number written down).
Is it really worth it???