Which statement best describes the acceptable methods to hold a security deposit?

• A. Non-interest bearing account in a Florida bank
• B. Interest-bearing account in a Florida bank
• C. All of the above
• D. Post a surety bond with the clerk of circuit court

Answer: (C)

Holding a security deposit in Florida can be done in two types of bank escrow accounts or as a bond. The deposit may be placed in a Florida bank in a trust/escrow account that is non‑interest bearing, or in one that earns interest for the tenant. As an alternative to keeping cash, you can also post a surety bond with the clerk of the circuit court to secure the deposit. Since each of these methods satisfies the requirement to safeguard the tenant’s funds and keep them separate from the landlord’s or broker’s own funds, all of these approaches are acceptable. Therefore, “All of the above” is the best choice.