Here you’re required to pay interest in the third year,and in the first two years should be in an escrow account, where you may get the interest. After the seconds year it can’t be more than 1 months rent. etc.etc. etc. varies by state not valid in alaska, hawaii or wisconsin! just kidding1
Well, I have my first renter and a security deposit check. I know I need to put the security deposit in an interest bearing account but do I need to set it up in any special way or just set up a standard savings account in my name?
I would recommend that you go over to this link to find the landlord/tenant laws for your state. Some large cities(Chicago for one) even have there own rules.