Show / Hide contents base on radio button selection

I am trying to toggle a content DIV base on the selection of radio buttons.

HTML for radio button.

<div class="row-fluid">
    <label class="radio">
      <input type="radio" name="account" id="yes" value="yes" checked>
      Yes, I have an existing account
    </label>
    <label class="radio">
      <input type="radio" name="account" id="no" value="no">
      No, I don't have an account
    </label>
</div>

Content DIV

<div id="account_contents">
    <p>This is account contents.......</p>  
</div>

This is how I tried it in jquery.

$('#no').bind('change',function(){
  $('#account_contents').fadeToggle(!$(this).is(':checked'));
  $('#account_contents').find("input").val("");
  $('#account_contents').find('select option:first').prop('selected',true);
});

But it doesn't work for me correctly. Here I want to show this content DIV only if user don't have an account.

Can anybody tell me how to fix this problem?

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