Security deposit account

[Amir K.]

Hi,

Soon to be first time landlord here

I’m asking for a 1 month security deposit but I’m not sure where exactly do I need to put this money.
I searched the forums, some answers said “savings account”, some said I can’t deposit that money in any account under my name and it has to be an escrow account.

Which is it? How exactly does one open an escrow account? I didn’t see this option on the chase website.

i should point out I’m in Chicago, and browsing online I was able to find info stating “federally insured interest-bearing account in a bank”

(a)(1)

https://www.illinois-attorney....

Thanks