Legal Tip: 2014 Interest Rate on Security Deposits
Landlords must pay tenants interest on security deposits of at least the average commercial banks savings deposit rate as annually determined and published by the Banking Commissioner. Interest must be paid annually on the anniversary date of a tenancy either directly to tenants or as a credit towards next month's rent. The interest rate for rental security deposits for the time period January 1 through December 31, 2014 is 0.09%.
Check out our Q & A on Security Deposits that list rates going back to 1972 and our security deposit calculator.
This information was produced by the Connecticut Association of REALTORS®, Inc. and broadcast emailed to members. Copyright© 2014 by Connecticut Association of REALTORS®, Inc. all rights reserved.