We have a landlord account.
State regulations vary (you will want to check - your own landlord/tenant lawyer or local tenant rights organization are 2 places to check)
Where the state requires that the security deposit be segregated, many banks offer "landlord" accounts where you manage all the funds but each tenant's monies are in separate sub-accounts. For our bank, tenants with security give us their ss# and a copy of a photo ID, we take these in and the bank sets up their sub-account on the tenant's behalf (the tenant doesn't have to be there).
In some states, any monies you collect above 1 month's rent count as security, even if in your view it is "first and last month's rent" or "pet deposit".
Related topic - taking pictures on move-in day and move-out day can help settle differences of opinion on damage (vs. normal wear & tear) to a unit.