Free and open tool to calculate the accrued interest that your landlord must pay you by law when your lease ends.
The landlord's obligations change drastically depending on the total units.
Enter the essential details of your lease to calculate the exact interest.
Breakdown based on Section 7-103 of the NY State Obligations Law.
By law, your landlord is required to notify you which bank holds your deposit. If they didn't or refuse to pay, you can send a certified demand letter.
Under New York state law, specifically Section 7-103 of the General Obligations Law, the security deposit you provide when renting a property remains your exclusive property and cannot be mixed with the landlord's personal assets.
If you reside in a building with 6 or more residential units, the regulations strictly enforce the obligation to deposit this money into a US bank account that yields interest periodically.
The law permits the landlord to retain an administrative fee equal to 1% annually of the total deposit amount, deducted only from the generated interest. If the account yields less than that 1%, they can only retain the actual interest generated.
If your landlord mixes your money with their personal or commercial accounts, they commit a serious violation. Under the law, if they commingle funds, they forfeit the right to retain any portion of your security deposit, even if you left damages in the apartment.
Most corporate residential complexes require an active policy before giving you the keys.
This website provides general estimates and approximations based on New York State law. The figures shown do not constitute formal legal advice, do not represent an official accounting calculation, and do not establish any attorney-client relationship.
The actual rate applied to the end-user's security deposit depends on the financial institution chosen by their landlord. We urge you to consult with a qualified attorney in NYC regarding any legal disputes.