Home Renting, Security deposit • Never thought about the interest on my security deposit

Never thought about the interest on my security deposit

I also rent. I’ve lived here for 10 years. Never thought about the interest on my security deposit. Is that the same as the last month’s rent my landlady has been holding? Or is a security deposit different?

How much interest might have accrued? Is it like a money market at 2-4%?

I think it’s on the security deposit but I’m not really sure. If you live in San Francisco, you can probably check with the renters’ board or some agency like that.

I see someone thing in your post that concerns me. When it comes to credit make sure that you are keeping at least 3 open trade lines, I work in the mortgage industry and I cannot tell you how many times Ive seen people have issues because of this. Most mortgage lenders require at least 3 trade lines with a 24 month activity cycle. Its smart to not carry a balance on those cards, but dont drop your FICO by not having any credit, that will hurt you when its time to buy a house.

Also, I don’t know about California, but here in NJ the landlord only has to give you passbook savings rates and can deduct one percent for his trouble.