What to do with security deposit?

[Gabriel Z.]

Hi, I've just received several tenant deposits for my first home. I read that you are supposed to put security deposits into an insured savings account that bears interest. 

Does this mean any type of savings account, including high yield savings accounts like Goldman Sachs Marcus? What exactly are you supposed to do with the interest? The home is California and I have heard some conflicting inputs on this. Thanks in advance for the help.