Simplify Tenant Security Deposit Management
The Tenant Lease Security Account is designed for Connecticut landlords who need a secure, dedicated place to hold rental security deposits separately from their own funds. Open with a $25 minimum deposit and earn interest at the statutory rate set by the Connecticut Department of Banking, keeping you in compliance with state regulations. With online banking and full control over access and withdrawals, managing tenant funds becomes straightforward and organized with Thomaston Savings Bank.
Managing Security Deposits Made Simple
Our Tenant Lease Security account is designed for Connecticut landlords who need a secure and reliable way to manage rental security deposits. It earns interest at the statutory rate set by the Connecticut Department of Banking, ensuring compliance with state regulations. With full control over access and withdrawals, landlords can keep tenant funds protected while simplifying deposit management in a dedicated savings account.
What You’ll Need to Get Started
It’s easy to open a Tenant Lease Security account by visiting your local branch. Here are some of the documents you will need to provide:
- IRS Form W-9 completed by tenant(s)
- One form of a government-issued photo ID is required, such as a Driver’s License, U.S. Passport, or other government-issued photo ID card.
Tenant Lease Security Account Highlights
No-Hassle Security Deposit Rates: We simplify security deposit interest for landlords by paying Connecticut’s required rate.
Easy to open: Open with a $25 minimum deposit and start earning interest today.
Convenient mobile banking: Manage your savings account on the go with our easy-to-use mobile app.
Local support: We're a local bank with a team of experts who are committed to helping you reach your financial goals.
Bank online on your time: Manage your account, view statements, and make transactions with our Online Banking.
Take the Next Step
Frequently Asked Questions (FAQs)
It is a dedicated savings account for Connecticut landlords to hold tenant security deposits separately from their own funds. The account earns interest at the statutory rate set by the Connecticut Department of Banking and is designed to help landlords stay in compliance with state law.
Yes. Connecticut law requires landlords to hold tenant security deposit funds in a separate account. This account is structured to meet that requirement.
The account earns interest at the statutory rate set by the Connecticut Department of Banking. Contact Thomaston Savings Bank or visit a branch for the current rate.
Visit any Thomaston Savings Bank branch with a completed IRS Form W-9 from your tenant and a valid government-issued photo ID such as a driver's license or U.S. passport. The account opens with a $25 minimum deposit.
The landlord or authorized property manager listed on the lease can open the account.
Yes. Online banking is included so you can manage the account, view statements, and track deposit activity from anywhere.
Under Connecticut law, interest earned on a security deposit generally belongs to the tenant. Consult with a legal advisor to confirm your specific obligations as a landlord.
Get in Touch
Questions about our Tenant Lease Security Account? Fill out the form below to connect with us.
1 A $1 Thomaston Savings Bank service charge will be issued per withdrawal when using another bank’s ATM (additional surcharges from other banks may also apply). No fees apply if your card is used at a participating MoneyPass® ATM.
