Security Deposit - where/how to hold

[Mitchell Moody]

Hello! New to this platform, and new to owning rental property.

For a traditional yearly rental with a security deposit -- I read that if you hold the security deposit for more than a year, you must also provide interest on the deposit when it is returned.

That being said, how should it be held? I assume it should be in its own account? What kind of account? Is there some industry standard for interest rate or can I just throw it in a savings and they get whatever the bank gives over that time span?

Any advice/recommendations would be great!