security deposit interest : ezLandlordForms

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security deposit interest

J

Jeff C

started a topic almost 14 years ago

Does the landlord have to pay interest on the security deposit upon move-out to the tenant. I live in California. If not sure, who can I contact to get an answer?

2 Comments

R

Richard W

said over 10 years ago

Yes as this is state many security deposits should be held in non interest bearing accounts. However if it is kept in an interest bearing account the tenant is entitled to either 3% of what is made for the 1 year or the 1.5%. As it states how ever it figures out the larger amount of the interest earned goes to the tenant.

S

Scott H

said over 3 years ago

Yes, put each deposit in it's own account and give the tenant the interest it earns over the time they rent.

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