Maryland Security Deposit Interest Rate Remains at 1.5%

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The interest rate payable on residential security deposits in Maryland will remain at 1.5 percent for calendar year 2017. Changes to state law in 2014 and 2015 altered the interest rate for residential security deposits and provided for the monthly accrual of interest effective Jan. 1, 2015 and thereafter.  The interest rate payable for the year resets annually based on the U.S. Treasury Yield Curve Rate  for one year, as of the first business day of each year, or 1.5 percent, whichever is greater.  As of Jan. 3, 2017 the rate was .89 percent – therefore the floor of 1.5 percent will be applicable to interest accruing in calendar year 2017.