Security Deposit Interest Calculator
Interest = deposit × annual rate × days held ÷ 365. Add your rate, then pick your state to see whether it has an interest rule.
- Pick your stateSee its verified rule and statute
- Add deposit, dates, rateDays held ÷ 365, simple or yearly compounding
- Read the resultInterest, net after fee, total back
We do not supply rates: enter the rate from your lease, your landlord or the bank statement of the account holding your deposit.
Enter the deposit and the date it was paid to see the interest.
Rates change; check your lease/bank statement. Not legal advice.
States with deposit interest rules
14 states, from our verified data. Conditions apply; open a state for the full text.
Connecticut
Yes. The landlord must pay interest each year at a rate not less than the 'deposit index' set under section 36a-26 (never waivable by…
Conn. Gen. Stat. 47a-21(a), (b), (d), (h), (i); 47a-4(a)(4); 47a-4d(b)
District of Columbia
Yes: at no less than the statement savings rate of the bank holding the escrow account (reset each Jan 1 and Jul 1), payable at the end of…
14 DCMR §§ 308.2-308.3, 309.1-309.2, 311.1-311.2; D.C. Code § 42-3502.17(c), (e) (D.C. Law 26-156, eff. Aug. 14, 2026: written notice of alleged unpaid amounts within 45 days, 30-day tenant dispute, 10-day landlord response)
Florida
Landlord must tell the tenant in writing within 30 days how and where the deposit is held; if it is held in an interest-bearing account…
Fla. Stat. § 83.49
Illinois
Landlords with 25+ units in one building or contiguous complex must pay interest on deposits held more than 6 months (765 ILCS 715)…
765 ILCS 710/1; 765 ILCS 715
Maryland
Yes: simple interest at the greater of the 1-year U.S. Treasury yield rate or 1.5% per year, only on deposits of $50 or more held at least…
Md. Code, Real Prop. § 8-203(b), (e), (g)
Massachusetts
Yes. If the deposit is held a year or longer, 5% per year or the lesser amount the bank actually paid, paid to the tenant each year with a…
M.G.L. c. 186, § 15B(1)(b), (1)(d), (2), (3), (4), (5)
Minnesota
Yes: 1% simple, noncompounded interest per year (amounts under $1 excluded).
Minn. Stat. § 504B.178, subds. 2-3
New Hampshire
Yes, after one year: a landlord who holds a deposit for one year or longer must pay interest at the rate paid on regular savings accounts…
RSA 540-A:5, I-II; 540-A:6, I-IV; 540-A:7, I-II; 540-A:8, I-III
New Jersey
Yes. The interest belongs to the tenant and is paid each year in cash or credited toward rent on the lease renewal or anniversary (or each…
N.J.S.A. 46:8-19, 46:8-21.1, 46:8-21.2, 46:8-24, 46:8-26
New Mexico
Only where the agreement is annual and the deposit exceeds one month's rent (47-8-18(A)(1)): the owner must pay annual interest equal to…
NMSA 47-8-18(A)-(E)
New York
Buildings with 6+ units: interest-bearing account at the prevailing rate; landlord may keep 1% a year as an administrative fee (Gen. Oblig…
N.Y. Gen. Oblig. Law §§ 7-103, 7-108
North Dakota
Yes. The landlord must hold the deposit in a federally insured interest-bearing savings or checking account for the tenant's benefit, and…
N.D.C.C. § 47-16-07.1
Ohio
If the deposit exceeds $50 or one month's rent (whichever is greater), the excess earns 5% yearly interest when the tenant stays 6+ months.
Ohio Rev. Code § 5321.16
Pennsylvania
Deposits over $100 must be held in a separate escrow account; from the third year of the lease it must earn interest, paid to the tenant…
68 P.S. §§ 250.511a, 250.511b, 250.512
Deposit interest FAQ
Which states require interest on security deposits?
In our verified state data, these states have an interest rule that may apply to your deposit: Connecticut, District of Columbia, Florida, Illinois, Maryland, Massachusetts, Minnesota, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Pennsylvania. Many rules depend on building size, how long the deposit is held or whether the deposit sits in an interest-bearing account, so pick your state in the calculator to read the exact text and statute.
How is security deposit interest calculated?
Simple interest = deposit × annual rate × days held ÷ 365. Compounded yearly adds each full year's interest to the balance before the next year. Example: $1,500 at 2% for one year is $30.
Can the landlord keep part of the interest?
Some statutes allow it. In our data: New York (Buildings with 6+ units: interest-bearing account at the prevailing rate; landlord may keep 1% a year as an administrative fee (Gen. Oblig. Law § 7-103). Smaller buildings: held in trust, no interest required.) Use the admin fee field to see the net interest after such a fee.
Which states have no statewide interest requirement?
Our data records no statewide interest requirement in: Alabama, Alaska, Arkansas, Delaware, Hawaii, Idaho, Indiana, Maine, Michigan, Mississippi, Montana, Nebraska, Oklahoma, Rhode Island, South Dakota, Vermont, Wisconsin, Wyoming. Some states (e.g. Iowa) have time-based rules, so pick your state in the calculator to read the exact text. Cities and counties can have their own rules, so check locally.
What interest rate should I use?
We do not supply rates, because they change. Use the rate in your lease or in your state's statute, the rate your landlord quotes, or the rate on the bank statement for the account holding your deposit.
Check your lease's deposit clauses
Deposit, interest and fee clauses are written into your lease. Our check flags clauses that may not hold up in your state.
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General information only, not legal advice. Rates change; check your lease and bank statement. Your lease, state and local law decide what interest applies.