Tenant deposit in Florida

[Keith A.]

I am in the process of receiving a deposit from a tenant on a property. I understand there are state specific rules that are in play here so this would fall in Florida.

Do I need to keep the deposit in a non-interest bearing account or if interest bearing credit back the tenant the yearly interest? Do I have to notify the tenant on where the deposit is held as well?

Curious on what others are doing and what to do if you have multiple properties and need to collect and manage these deposits as well.

Thanks in advance.