Security Deposit Account for Landlords
Easily collect and manage deposits for every property with dedicated security deposit accounts.
Security deposit account benefits
Security deposit funds are instantly separated, making move-in, move-out, and returns completely clear.
property owners
- Repair & maintenance: Covers property damage such as paint, carpet, or floor damage, including costs caused by pets.
- Fund separation: Meet state requirements for holding deposits in a dedicated tenant security deposit account.
- Streamlined returns: Simplifies refunding tenants while accounting for deductions like cleaning or unpaid utilities.
tenants
- Fair protection: Funds are protected from misuse, covering only actual repair costs like cleaning, carpet replacement, or floor damage.
- Transparency on deductions: Tenants can clearly see allowable charges, protecting against unfair claims on normal wear and tear.
- Savings potential: Deposits may be held in a tenant security deposit account or rental deposit account that earns security deposit interest, helping tenants recover more than they put in.
Go beyond standard security deposit accounts
Collect, return, and track deposits by tenant and property, even when funds are held in external accounts.
Security deposit accounts
Hold each security deposit in separate non-interest or interest-bearing accounts that earn up to [v="apyvalue"] APY².
Unlimited accounts for all entities
Manage deposits for all entities under one login — LLCs, corporations, partnerships, and individuals.
Free online payments
Collect rent and deposits online for free and easily return deposits via ACH, wire, or check.
Automated bookkeeping
Track and tag payments to the right tenant and property — automatically.
Essentials for every door
Everything you need for every part of the rental process.
Lease creation and e-sign
Upload or create and e-sign state-specific leases online.
Free tenant screening
Screen tenants online for free — instantly verify credit, background, evictions, ID, and income.
Property-specific accounts
Open unlimited checking and savings accounts to easily separate funds for all your properties with no monthly maintenance fees.
Get started in minutes
Set up your rental security deposit account and start collecting in a few clicks.
Open a banking account online — no monthly account maintenance fees or minimums.
Create security deposit accounts that earn up to [v="apyvalue"] APY².
Collect security deposits online via ACH or card.
Additional resources
How to collect security deposits
FAQs
How do I open a Baselane account to hold a security deposit?
You can open a Baselane security deposit account online in minutes.
Simply sign up, enter details for your business entity or sole proprietorship, and then open individual accounts for each property.
Can I open multiple tenant security deposit bank accounts?
Absolutely. You can open a separate security deposit savings account or checking account for each tenant or property. You can earn a high interest rate on security deposits in savings accounts, track balances, and initiate refunds, all from your Baselane dashboard.
Does Baselane offer interest-bearing security deposit accounts?
Yes. Baselane offers a security deposit interest-bearing account that lets landlords earn interest on held deposits while maintaining full transparency for tenants.
Baselane’s interest-bearing accounts for security deposits earn up to [v="apyvalue"] APY². Refer to your state regulations for holding deposits and handling security deposit interest rate accounts.
Does Baselane support cashless or digital security deposits?
Yes. Baselane supports fully cashless security deposits. Tenants can send funds electronically via ACH or card. Paper checks can be deposited online using Baselane’s mobile check deposit.
Funds are deposited into the landlord’s security deposit account in Baselane or an external landlord security bank account.
Can tenants pay the security deposit directly into the Baselane account?
Yes, tenants can pay the security deposit in Baselane using ACH or a card, and the funds will be deposited directly into the landlord’s deposit account. Landlords can deposit funds into a Baselane account or a securely connected external bank account for security deposits.
Can tenants view their security deposit information in Baselane?
Yes. Baselane has a tenant portal that provides detailed information on lease security deposit amounts and rent collection payments, including any additional fees for parking, pets, utilities, or other charges.
What can a security deposit be used for?
Security deposits are generally used to recover unpaid rent or property damage that exceeds normal wear and tear. Always check your state laws and the lease agreement for specific, legally permissible deductions.
How can I return the security deposit at the end of the lease?
You can easily return the security deposit funds directly to the tenant from your Baselane account via ACH, check, or wire transfer. If you send an ACH or wire transfer, you’ll need to collect the tenant’s bank details. If you issue a check, the funds will be withdrawn from the designated tenant deposit account.
Make sure you adhere to your state laws and lease agreement rules regarding the timeline and itemized deductions before initiating the transfer.
Get your free rental security deposit account today
Make it easy to manage rental security deposit accounts with Baselane's Banking accounts.
