It can be a regular interest-bearing savings account (just make sure it gives interest at least 1-yr GIC rate less 3%), and you can use one account for all your tenants.
Quote:
Trust Account
All security deposits collected since August 1, 1992 must be deposited in an interest-bearing trust account. The security deposit must be deposited into the trust account within 2 banking days after the tenant makes the payment to the landlord. Security deposits received before August 1, 1992 can be deposited in the trust account, but it is not required by the RTA. The trust account has to be at a bank, treasury branch, credit union or trust corporation and must contain only security deposit money.
The landlord is the trustee for the tenant's security deposit money and the trust account name must include the words "in trust". The name on the account may refer to the landlord name, the building name or the tenant name, etc. An example is "ABC Rental Company, in trust".
|
http://www.servicealberta.gov.ab.ca/1142.cfm