Am I entitled to get interest on my security deposit?

[rudy_d]

Originally Posted by timlee

Thanks!
Is the interest rate determined as the one when the rental started five years ago?
If yes, how did you find out the interest rate then?

The link says simple interest of 3% per year is required.

[timlee]

Thanks!

The link says:

The landlord must put the security deposit in an escrow account. When returning security deposits of $50 or more, the landlord must include simple interest of 3 percent per year, accrued at six-month intervals from the date the security deposit was paid (1.5 percent every six-month period).

Is the interest accrued every 6 months compoundable?

In other words, given that 3% is simple interest, is the interest 350*0.03*5 = 52.5, or 350*(1+0.015)^(2*5) - 350 = 56.19?

Originally Posted by rudy_d

The link says simple interest of 3% per year is required.

[mzbennett]

I lived in my apartmen for 10 years. I paid $815 for my security deposit. I just moved out. How much would my would I get back on the interest of my security deposit?

[kharing]

Originally Posted by mzbennett

I lived in my apartmen for 10 years. I paid $815 for my security deposit. I just moved out. How much would my would I get back on the interest of my security deposit?

Use the same formula above.

[Sunchile]

Hello:

I have lived in my apartment for nineteen years. I paid a $500.00 security deposit in 1995. I am moving out this year, 2014. How much interest will I get back? What will be my refund in total?

**The apartment is in excellent condition**

Thank you.

Sun

[LouisDS]

If it's indeed simple yearly interest of 3% mentioned earlier in this post, the answer is 285$ in addition to your original 500$.

Was the same law in effect back then?