Posted by Mark Smith on September 24, 1999 at 16:52:41:
In Reply to: Current interest for security deposits posted by Miranda on September 24, 1999 at 15:48:55:
The interest rate varies from bank to bank. However, the landlord is allowed to keep 1% of the principal each year as an administrative fee.
In your case, the landlord could keep $48 (2 years at $24 a year). If the bank pays 2% a year in interest, your net interest for 2 years would also be $48.
: Does anyone know what the current interest rate is for security deposits in NYC--or do they differ depending on the bank the landlord uses? We've been in our apt 2 years and are trying to find out if it's worth it to try to use our deposit as last month's rent (but don't want to do so if we'll lose a lot of money in the deal). Our deposit was $2,400 (one-month's rent). Thanks!!!
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