Florida Residential Landlord and Tenant Act 2

Separate Non-Interest-Bearing Account - Hold the money in a Florida banking institution. Do NOT mix (commingle) it with the landlord’s personal funds.The tenant gets no interest.2. Separate Interest-Bearing Account - Hold the money in a Florida interest-bearing account. The landlord must pay the tenant 75% of the annualized average interest rate payable on the account OR 5% simple interest per year (landlord's choice). The landlord keeps the rest.3. Surety BondThe landlord posts a Surety Bond with the Clerk of the Circuit Court. The bond must be for the total amount of deposits held or $50,000, whichever is less. The landlord pays the tenant 5% simple interest per year. The landlord can then use the actual cash for their own purposes because the bond guarantees the money is safe.Notification Requirement - Regardless of which method is used, the landlord must notify the tenant in writing within 30 days of receiving the deposit. They must tell the tenant:The name and address of the bank.Whether the funds are being held separately or commingled (bond).Whether the funds are earning interest.