Sunday, January 24, 2016

Interest Owed On Security Deposits


Federal Reserve Board Discount Rate

Security Deposits gain interest if they are held by the landlord for 13 or more months. If a tenant is in your house for 12 months and you give their security deposit back before the 13th month you owe no interest. The law is that you give interest based on 1 Percentage Point Below the rate it was in January of that calendar year. The rate you go by is the Federal Reserve Board Discount Rate.

(January of the calendar year)

2003 - 2.25      Landlord owes 1.25%

2004 - 2.25      Landlord owes 1.25%

2005 - 2.25      Landlord owes 1.25%

2006 - 5.5        Landlord owes 4.5%

2007 - 6.25      Landlord owes 5.25%

2008 - 4.0        Landlord owes 3.0%

2009 - .5          Landlord owes 0%

2010 - .5          Landlord owes 0%

2011 - .75         Landlord owes 0%

2012 - .75         Landlord owes 0%

2013 - .75         Landlord owes 0%

2014 - .75         Landlord owes 0%

2015 - .75         Landlord owes 0%

2016 - 1.0         Landlord owes 0%

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