NJ requires an interest bearing account. My commercial bank just quoted me $1400 per year to have online service to do this for my 12 units!!! How do other midsize landlords with escrow requirements handle this? The branch employees are poorly trained to handle this, every time I opened a new tenant's account it was a nightmare, they got it wrong in different ways ALL THE TIME!

NJ Law:
The person receiving money so deposited or advanced shall:
a. (1) Invest that money in shares of an insured money market fund established by an
investment company based in this State and registered under the "Investment Company Act of
1940," 54 Stat. 789 (15 U.S.C. § 80a-1 et seq.) whose shares are registered under the "Securities
Act of 1933," 48 Stat. 74 (15 U.S.C. § 77a. et seq.) and the only investments of which fund are
instruments maturing in one year or less, or (2) deposit that money in a State or federally
chartered bank, savings bank or savings and loan association in this State insured by an agency
of the federal government in an account bearing a variable rate of interest, which shall be
established at least quarterly, which is similar to the average rate of interest on active interest bearing money market transaction accounts paid by the bank or association, or equal to similar accounts of an investment company described in paragraph (1) of this subsection.