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Posted by Melissa on August 28, 1998 at 11:11:48:

In Reply to: SECURITY DEPOSIT posted by Peter Ligh on August 27, 1998 at 13:37:10:

: Does anyone know how interest on security deposits should be calculated?
: I recently moved out of a Connecticut apartment, after my one-year lease
: ended. I was under the impression that my security deposit of 2 months rent
: should earn interest during the time I was renting. The landlord, however,
: did not caculate any interest when he retuned my deposit.

: Am I entitled to collect interest, and if so, at what percentage rate?
: Thanks to anyone who can help.

Yes (could depend on how long your lease was or if your landlord is exempt from any landlord/tenant laws). 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 the next month's rent.

Check out this link for the rates: http://www.state.ct.us/dob/pages/intrate.htm

Also check this link for the Connecticut Security Deposit Law: http://www.tiac.net/users/nhpoa/cndepo.htm

Good Luck!

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Comments:
: : Does anyone know how interest on security deposits should be calculated?
: : I recently moved out of a Connecticut apartment, after my one-year lease
: : ended. I was under the impression that my security deposit of 2 months rent
: : should earn interest during the time I was renting. The landlord, however,
: : did not caculate any interest when he retuned my deposit.

: : Am I entitled to collect interest, and if so, at what percentage rate?
: : Thanks to anyone who can help.

: Yes (could depend on how long your lease was or if your landlord is exempt from any landlord/tenant laws). 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 the next month's rent. 

: Check out this link for the rates: http://www.state.ct.us/dob/pages/intrate.htm

: Also check this link for the Connecticut Security Deposit Law:  http://www.tiac.net/users/nhpoa/cndepo.htm

: Good Luck!


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