2019 State of Illinois Security Deposit Interest Rate Released

2019 Illinois Security Deposit Interest RateState Rate Released

The folks at the Illinois IDFPR have finally issued a press release indicating the 2019 security deposit interest rate for leases of residential real property governed by the Illinois Security Deposit Interest Act which applies to lessors “of residential real property, containing 25 or more units in either a single building or a complex of buildings located on contiguous parcels of real property”. 

The Division of Banking of the Illinois Department of Financial and Professional Regulation has announced that “the interest rate paid by the largest commercial bank with its main banking premises in Illinois on minimum deposit savings accounts as of December 31, 2018 was 0.005% with an Annual Percentage Yield (APY) of 0.01%”.

Landlords outside of Chicago who are governed by this rate need to be aware of it.  Are you a landlord with questions about security deposits or how to pay interest to your tenants?  If so, contact us and we might be a match to help you.