State Rate Released

The IDFPR has issued a news release indicating the new security deposit interest rate for 2016 for those tenancies governed by the Illinois Security Deposit Interest Act.  The rate technically goes up from last year’s rate.  The IDFPR release reads as follows:

The Illinois Department of Financial and Professional Regulation, Division of Banking announced today 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, 2015 was 0.045% with an Annual Percentage Yield (APY) of 0.05%

There appears to be some concern out there that the rate published by the state may not be correct.  Click here for a peek at their website as of 1-12-16, Some folks believe the rate to have not changed from last year.  Until the IDFPR publishes a revision, I would go with the published rate.  (after all, the difference on a $1000 security deposit would be 45 cents!).