How much is the intrest rate for security deposits?

UPDATED: Sep 30, 2022

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How much is the intrest rate for security deposits?

I payed a $300 security deposit. I was also paying for an apartment for 15 months. They sent a check for $301 and a letter detailing the $300 for the security deposit and $1 for interest. I am no mythical math wizard but this does not seem like it is the right amount for interest. Can I take them to small claims if they do not agree to pay the correct intrest rate?

Asked on September 29, 2016 under Real Estate Law, North Dakota


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

There is no "statutory" rate, or rate set by law. The interest rate is whatever the current rate on savings accounts is. Interest rates last year were around 1% or less. Even if it was 1%, then 1% of $300 for 1 year is $3.00, and for 15 months would be $3.75. Even if the landlord did "stiff" you, the most you could sue for the additional interest you should have received--that is, another $2.75 or so. 

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