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Tenant Security Account

Spencer works closely with landlords and managing agents to maintain their Tenant Security Accounts. Tenant rent security deposits are managed by linking interest-bearing tenant accounts with a master checking account. The landlord is responsible for passing along the interest earned on the account to the tenant. This grouping of accounts is used for apartment complexes and multiple dwellings with a minimum of 10 units.

Property Management Account features:

  • Property Management Checking Account
  • $100 Minimum Opening Deposit
  • Spencer Provides Landlord w/Annual Notices and Interest Checks for the Tenants

Tenant Sub-Account features:

  • Statement Savings Account
  • $100 Minimum Opening Deposit
  • No Monthly Service Charge
  • Variable Rate of Interest
  • Issuance of Appropriate Tax Forms, Including 1099s

Open Your Account Today

Visit your local branch, or call us at 1-800-363-8115 today!