Earn up to 3.35% APY2.  No account fees. No minimum balances.

Security Deposit Account for Landlords

Thousands of tech forward landlords hold security deposits in a free Baselane banking account.

A man with gray hair and a beard sits on a couch and smiles while using a laptop. In the foreground, there is a graphic showing a "Security Deposit" savings account with a balance of $8,500 and a bar chart displaying financial data for April to July.
Multiple accounts per property
No account fees or minimum balances
Earn up to 3.35% APY interest2

Baselane is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC. FDIC insurance available for funds on deposit through Thread Bank, Member FDIC. Pass-through insurance coverage is subject to conditions.1

Benefits of security deposit accounts

A modern two-story house with large windows and a mixture of white and gray exterior. Overlaid text includes "Financial protection," "Security Deposit," a checking account ending in 2582, and "$8,500." There is also an option to view "Account details.
An image with a background of a modern house with large windows. Superimposed on the image is a text box with the title "Financial protection" and details showing "Security Deposit," a checking account ending in 2582, and a balance of $8,500. There's a link labeled "Account details.

Landlords

  • Provides financial protection for landlords in the event of property damage caused by tenants
  • Allows landlords to recoup losses from unpaid rent or other costs associated with the lease agreement
  • Covers the cost of any repairs that need to be done on the property after a tenant leaves
  • Gives landlords peace of mind that there will be a financial cushion if anything goes wrong during the tenancy period
A smiling couple sits on a blue couch in a modern living room. Graphical overlays display financial information: "Security Deposit: $55,000," "Cleaning Services: $2,800," and "Kitchen Rehab: $11,500," with clickable arrows for account details.
A person sitting on a couch in a modern living room is gesturing with hand while financial information is overlaid on the image. The figures shown are: Security Deposit $55,000, Cleaning Services $2,800, and Kitchen Rehab $11,500.

Tenants

  • Security deposits help protect tenants financially in the event of unexpected damages.
  • Give tenants the peace of mind that they will be able to get back their deposit after the end of the lease if nothing is wrong
  • Tenants can use security deposits to cover repairs, maintenance, and cleaning costs at the end of a lease agreement.
  • Security deposits are refundable and allow tenants to save money in comparison to having to pay out-of-pocket for unexpected costs or damages.

Why choose Baselane

A man with a beard is smiling while talking on his phone in a modern office. He is wearing a gray sweater with a white collared shirt underneath. The screen also displays account information with amounts: $3,450 for Main Account and $4,530 for Security Deposit.

Manage security deposits and more

  • All-in-one platform with banking, rent collection, accounting and more
  • Eligible to hold security deposits*
  • Free rent collection that’s landlord and renter friendly
  • Earn up to 3.35% APY2 
  • Comprehensive cash flow analytics and reporting
  • Modern user interface and experience
  • Excellent customer support

Take control of your spend

Open a security deposit account and use physical & virtual debit cards with custom spend controls and automated transaction tagging with Schedule E categories.

A financial dashboard displays spending information. The top section indicates $450.00 has been spent, with $100.00 left to spend (81% spent, 19% remaining). The bottom section breaks down categories: Revenue $1,025, Operating Expenses $3,724, Mortgage & Loan Payments $2,314, Transfers & Others -$5,500, and Uncategorized $449.
A person with curly hair in a yellow sweater uses a laptop at a table near a window. Four icons and text bubbles are displayed on the left, listing features: "Add Funds via ACH," "Send ACH Payments," "Mobile Check Deposit," and "Transfer Between Baselane Accounts.

Easily collect and return security deposits

Collect funds for security deposits via ACH, wire or check.

Easy to get started

A woman is sitting at a desk, writing on paper. Above her is a display showing a total balance of $26,395.00. Below her image, there's a profile card with the name "Janice Kim" and an email address "janice@mail.com.

Open a security deposit account for free

A screenshot displays a webpage section titled "Virtual Accounts" with two account options: "Orlando Duplex Checking" showing a balance of $11,530.00, and "Houston Apartment Checking" with $8,265.00. Below is a button labeled "Open a Virtual Account".

Create a virtual account
(aka - security deposit account)

A smiling person with a beard and brown hair holds a card that says "Security Deposit" and displays a balance of $6,600. The background features a modern interior with plants and blurred furnishings.

Collect security deposits
into virtual account

Security Deposit Requirements by State

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Dakota
Hawaii
Illinois
Indiana
lowa
Idaho
Kentucky
Kansas
Louisiana
Maryland
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Jersey
New Mexico
North Dakota
Ohio
Oregon
Rhode Island
South Carolina
Tennessee
Utah
Vermont
Virginia
West Virginia
Wisconsin
Wyoming

FURTHER READING

Blog

Explore tips & resources for real estate investors.

Read More

Landlord Insights

A Landlord’s Guide to Collecting 
and Managing Security Deposits

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Product Updates

See what we’re building and launching.

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Real Estate Investing

10 Best Banks for Real Estate Investors.

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Get Your Free Rental Security Deposit Account Today

Make it easy to manage rental security deposit accounts with Baselane's Banking accounts.

Get started for free

© 2024, Skylight Financial Services Inc. (Baselane). All Rights Reserved.

Baselane is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC. The Baselane Visa Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted. FDIC insurance is available for funds on deposit through Thread Bank, Member FDIC. Pass-through insurance coverage is subject to conditions.

1Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact customerservice@thread.bank with questions regarding the sweep program. Pass-through insurance coverage is subject to conditions.

2The Annual Percentage Yield (APY) on your Savings Account is accurate as of 18/09/24. Total balances across Checking Accounts and Savings Accounts are used to calculate APY tier, but only money in Savings Accounts is eligible for interest. Total balances less than $10,000 earn 1.75% APY for Savings Accounts. Total balances between $10,000 and $24,999 earn 2.64% APY for Savings Accounts. Total Balances between $25,000 and $49,999 earn 3.06% APY for Savings Accounts. Total balances of $50,000 or more earn 3.35% APY for Savings Account. Rates are variable and are subject to change after account opening.

3Terms and conditions apply to the cash back rewards program. 1% cash back is credited instantly following purchase with no maximum spend. No minimum spend applies. ATM transactions, the purchase of money orders or cash equivalents, and account funding made with your debit card are not eligible for cash back. Please refer to the Rewards Terms and Conditions for more details.

4Some states require an interest-bearing escrow account for security deposits while some don’t require interest. User is responsible to check state laws along with rules for collecting and reimbursing a refundable security deposit. A brief overview of security deposit laws for escrow accounts in all 50 states can be found here.

*All testimonials, reviews, opinions or case studies presented on our website may not be indicative of all customers. Results may vary and customers agree to proceed at their own risk.