Chicago and Illinois rates of interest on security deposits

Below is a chart of the historical and current rates of interest that apply to the State of Illinois Security Deposit Interest Act and the Chicago Residential Landlord Tenant Ordinance.  A number of other municipalities (Evanston, Mt. Prospect, Oak Park) also have security deposit interest laws and may vary.

Historical Rates

Time Period                                                                     Chicago     Illinois
Interest rate for period from Jan 1, 2017 to Dec 31, 2017     0.01%      0.01%
Interest rate for period from Jan 1, 2016 to Dec 31, 2016     0.01%      0.05%
Interest rate for period from Jan 1, 2015 to Dec 31, 2015     0.01%      0.005%
Interest rate for period from Jan 1, 2014 to Dec 31, 2014     0.013%    0.005%
Interest rate for period from Jan 1, 2013 to Dec 31, 2013     0.023%    0.005%
Interest rate for period from Jan 1, 2012 to Dec 31, 2012     0.057%    0.005%
Interest rate for period from Jan 1, 2011 to Dec 31, 2011     0.073%    0.195%
Interest rate for period from Jan 1, 2010 to Dec 31, 2010     0.073%    0.095%
Interest rate for period from Jan 1, 2009 to Dec 31, 2009     0.12%     0.25%
Interest rate for period from Jan 1, 2008 to Dec 31, 2008     1.26%     0.35%
Interest rate for period from Jan 1, 2007 to Dec 31, 2007     1.68%     0.50%
Interest rate for period from Jan 1, 2006 to Dec 31, 2006     1.71%     0.55%
Interest rate for period from Jan 1, 2005 to Dec 31, 2005     1.01%     0.40%
Interest rate for period from Jan 1, 2004 to Dec 31, 2004     0.42%     0.30%
Interest rate for period from Jan 1, 2003 to Dec 31, 2003     0.52%     0.40%
Interest rate for period from Jan 1, 2002 to Dec 31, 2002     0.83%     0.45%
Interest rate for period from Jan 1, 2001 to Dec 31, 2001     3.10%     1.73%
Interest rate for period from Jan 1, 2000 to Dec 31, 2000     2.71%     1.73%
Interest rate for period from Jan 1, 1999 to Dec 31, 1999     2.63%     1.88%
Interest rate for period from Jan 1, 1998 to Dec 31, 1998     3.38%     2.50%
Interest rate for period from Jan 1, 1997 to Dec 31, 1997     3.42%     2.50%
1994 to 1996 security deposit interest rate     5.00%     2.50%
1993 and prior     5.00%     5.00%

** A few items of note with respect to Evanston: Within the City of Evanston: Interest rates are the same as Chicago rates from 2003 through 2007.  From 1976 to 2002, the Evanston rate was 5.00% and for 1975, the Evanston rate was 4.00%

** It is possible for a property to be covered by both the CRLTO and the Illinois Security deposit Interest Act and in such case, the higher interest rate should be used.

These rates are provided for convenience only. Always check with the local municipality to be sure you are using the appropriate interest rate for security deposits!

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