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Estimate the interest owed on a security deposit under state and DC rules, using your bank rate and tenancy facts where the law depends on them.
Estimated interest owed
$10MinnesotaMinnesota’s 1% simple-interest rule applies across 12 whole months under the stated assumptions.
12 months, from the first day of the month after full payment through the last day of the return or good-faith accounting month. Deposit × 1% × 12 ÷ 12; no compounding, no earlier judgment and no interest already paid.
Example: Minnesota.
Rates as of
Choose the jurisdiction, then enter the deposit principal, the period dates and any facts that place’s law depends on.
Where the law ties interest to what the account earns, replace the typical FDIC savings rate with the rate on your account statement.
The day count follows Connecticut’s official interest table. The interest-bearing amount is the deposit, except in Ohio, where only the part above the greater of $50 and one month’s rent earns interest.
Minnesota uses deposit × 1% × whole months ÷ 12, from the first day of the month after full payment through the last day of the month of return or good-faith accounting. An unrounded amount below $1 is excluded. Maryland sums completed monthly periods from the payment date at deposit × annual rate × actual days ÷ 365, for a deposit of at least $50 held at least six months. Its rate is the greater of 1.5% and the one-year Treasury yield on the first business day of each year.
A $1,000 deposit is paid in full on January 15, 2025 and returned or accounted for in good faith on January 15, 2026. There is no earlier judgment, previous interest payment or change in the deposit.
City ordinances and optional interest-bearing arrangements are not included. A missing place is not a finding that no interest is due.
Coverage runs from January 1, 2015 to December 31, 2026, because Connecticut’s and Maryland’s 2027 rates are not published yet and earlier rules were not checked. One entered rate applies to the whole period, although bank rates change and DC resets its rate each January 1 and July 1. Interest is simple, although Connecticut compounds unpaid interest annually.
The New Mexico statute refers to a rate the former Federal Home Loan Bank Board allowed, so that rate is your entry, not an official figure.
Coverage answers are your own assessment. The calculator does not decide disputed coverage, deductions, penalties or New Jersey’s 7% remedy for landlord noncompliance. The estimate covers one unchanged deposit and does not subtract interest already paid.
Ask a lawyer or tenancy authority when coverage is disputed, the account statement is unavailable, the principal changed, interest was paid before, a court judgment exists or either party disputes the dates.
No. This selector lists state-level requirements and Washington, DC where qualifying deposits must earn interest. It does not cover local ordinances or optional interest-bearing deposit arrangements. A missing place must not be read as a legal finding that no interest is due.
In DC, Massachusetts, New Hampshire, New Jersey, New York, North Dakota and Pennsylvania, the interest depends on what the account holding the deposit earns. The field starts at the FDIC national average savings rate as a typical value; replace it with the rate on the bank statement or the landlord’s annual notice. Illinois and New Mexico name passbook rates that no official source publishes, so you enter those.
Enter the date the deposit was paid in full, or the first day of the tenancy in Massachusetts, and the end of the period you are checking. For Minnesota, use the date of good-faith return or accounting; for Maryland and DC, use the tenancy end date. Dates must fall between January 1, 2015 and December 31, 2026.
No. Every supported calculation uses simple interest and does not add one period’s interest to the principal. Connecticut treats unpaid interest as compounding annually, and bank accounts may compound, so an account statement can show slightly more.
No. This result is interest only, before any interest already paid. It does not add the deposit principal, decide deductions or award statutory penalties. Keep a separate record of the deposit, payments and proposed deductions.
The entered facts do not create interest under that place’s rule. For example, the property is exempt, the deposit was not held long enough, or in New York and Pennsylvania the bank rate does not exceed the landlord’s 1% yearly allowance. The explanation under the result names the rule that applied.
