Yesterday, the Illinois Department of Financial and Professional Regulation’s Division of Banking announced the new rate of interest for security deposits governed by the Illinois Security Deposit Interest Act 765 ILCS 715 (and other local laws that utilize the Illinois rate). The rate was explained to be “paid by the largest commercial bank with its main banking premises in Illinois on minimum deposit savings accounts as of December 31, 2023 was 0.005% with an Annual Percentage Yield (APY) of 0.01%.”