Basically the definition of a trust account is an account where you put money that is not your own, you are holding it "in trust" for someone else.
So it can be any account, but it can only have security deposits in it, you can't also use that account for day to day operations. In the old days you didn't have to have a separate bank account, you just had to keep track of it. You want an interest bearing account so you won't be out of pocket when you have to pay it back (although these days it's not an issue, the 1-year cashable GIC rate is only 1% so you don't have to give any interest on security deposits).
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