Michigan Security Deposit returning Interest

[Tony Lo]

I have several duplex in Michigan which I usually place the tenant's security deposit into an Interest bearing savings account (getting very little interest at today's rates).  In Michigan I could not find anything in the law that states I need to return security deposit with interest.

Question: I just resigned 2 of my tenants to 24 month leases.  Is there any law prohibiting me from using these security deposits ($900/renter) in a 2-year CD or higher bearing interest vehicle? Goal is to get higher return over 24 month period.

Thanks