This product is offered in New York State only for rental property located in New York State.
Exclusively for Landlords and Real Estate Managers, HSBC offers a full-service rent security deposit account. HSBC's rent security account helps landlords manage tenant security deposits while earning interest on the balance. HSBC is responsible for all financial management, monitoring, and reporting requirements, including provision of IRS forms for New York State.
Successful landlords understand the importance of good money management of their tenants' security deposits.
- Convenience of rent security management from a savings account
- Low minimum balance requirement
- Interest credited quarterly, with quarterly statements
- Streamlined computer bookkeeping process - record, maintain, and update of tenant deposits
- Track individual tenants
- Generate transaction and deposit activity reports
- Provides IRS Form 1099-INT (offer applies only in the state of New York)
- Mail tenants their 1099 Interest statement annually and a check for interest upon request
- Speak with a Relationship Manager at your local branch about opening a Rent Security account.