Please Note: This tool calculates interest
accruing on a security deposit under a residential lease or mobile home park
In designing the tool we took into account that the rate of interest paid on
security deposits between October 1, 2004 and December 31, 2014 was 3% and
before October 31, 2003 the rate of interest was 4%.
Please Also Note: If the Lease Document expressly provides for the
payment of interest at the rate of 3% and the lease extends past January 1,
2015, we recommend the landlord honor the lease and, therefore, not use this
Do Not use this calculator if the property is located in
Prince George's County. Please refer to local ordinances for details.
This calculator determines the interest due on a security deposit by allowing a
user to enter a start date (the date on which the security deposit was given to
the landlord), a tenancy end date, and the amount of the security deposit.
All inputs must be included to generate a result.
As of January 1, 2015, the amount of interest a landlord or mobile home park owner
must pay residential tenant upon return of the security deposit is the greater of
the daily U.S. Treasury yield curve rate (“Constant Maturity Treasury”)
for one year, as of the first business day of each year, or 1.5%. Because the rate
may change from year-to-year, you may not enter a date later than the last day of
the current year. We will update the rate on the first business day of each year.
Beginning 1/1/15, interest is only payable on security deposits of $50 or more and
accrues at monthly intervals from the start date. Also, beginning 1/1/15, no interest
is due or payable unless the landlord has held the security deposit for at least
6 months, or for any period less than a full month (which may happen at the end
of a lease). The rules in existence before 1/1/15 will be applied as appropriate.