NJ Security Deposit

[Adrian Jinks]

Hi Everyone! So I purchased a multi family a couple months ago and I have a tenant signing a lease this week for one unit. I have never done this before. So with a security deposit, I know I need to put it in an interest bearing account. I also need to get a W9 from the tenant. But how does it work? Do I open a new account under my name and the tenants? Can I create a new account in just one of my banking accounts? I don’t want to mess up my first time. I would really appreciate some help!