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

Security Deposit Account for Landlords in Carolina​

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

A man sits on a couch using a laptop, smiling. Overlaid graphics show a security deposit savings account with a balance of $8,500 and a bar chart displaying monthly financial data from 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 in Carolina

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.

Security deposit rules in Carolina

  • Limit: No limits, as long as you collect the same amount for all of your comparable units
  • Return Deadline: The security deposit must be returned within 30 days
  • Acceptable Deductions: Unpaid rent, and damage beyond normal wear and tear
  • Where to Deposit:  Interest-bearing accounts are not required for security deposits in Carolina.
Security deposits rules in South Carolina

Why Carolina landlords choose Baselane

A smiling man in a gray sweater talks on the phone in a modern office. Overlaid account balances show $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 shows $450 spent this month, with 81% already used and 19% left. A breakdown lists revenue, expenses, payments, transfers, and uncategorized amounts in green and gray text.
A woman with curly hair in a yellow sweater sits at a table using a laptop. Four text boxes list banking 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 sits at a desk writing, with a notification showing a $26,395.00 balance. A profile card below displays a photo of Janice Kim and her email address, janice@mail.com. Colorful framed prints are on the wall behind her.

Open a security deposit account for free

A digital interface shows two virtual account balances: Orlando Duplex Checking with $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 man with a beard sits indoors, holding a laptop. A digital overlay in front of him displays "Security Deposit" and "$6,600" along with a card icon and partially hidden card number ending in 1569.

Collect security deposits
into virtual account

Frequently asked questions

How much is a security deposit in Carolina?

In Carolina, there is no limit, as long as you collect the same amount for all of your comparable units.

In what other states can you use Baselane?

These are the other states where you can use Baselane: Arizona, California, Illinois, New Jersey, Texas, Virginia, and all major states in the USA.

How is the security deposit amount determined when using the Baselane service?

Tenants can cause much damage to your rental property, so you should aim to collect the largest security deposit the market will bear. One month’s rent is typical in most parts of the country, but you may be able to demand more if your rental property is in a particularly hot market.

Your state may set a cap on how much you can collect. Many states, including New York, Massachusetts, and Ohio, set the maximum security deposit you can collect at one month’s rent. Others, including California, Pennsylvania, and Maryland, limit security deposits to 2 months’ rent. There’s no limit on security deposits for rentals in Indiana and Florida.

How are my personal information and funds protected when using the Baselane security deposit accounts?

When your new tenant signs the lease, you should collect the security deposit and the first month’s rent. Be sure to give your tenant a detailed receipt for their deposit that includes all information required by local law. Consider using Baselane for automated rent collection to get paid faster, simplify your bookkeeping, and ensure you’re handling your deposits appropriately.

Do I need a new security deposit agreement if my tenant switches to month-to-month rent?

If local law states a lower maximum security deposit for month-to-month leases, you may be required to refund the excess amount. Otherwise, the lease’s initial terms usually apply when switching to month-to-month, and no change to the security deposit is required.

When can I collect the security deposit?

When your new tenant signs the lease, you should collect the security deposit and the first month’s rent. Be sure to give your tenant a detailed receipt for their deposit that includes all information required by local law. Consider using Baselane for automated rent collection to get paid faster, simplify your bookkeeping, and ensure you’re handling your deposits appropriately.

© 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.