Comments on: Paying Interest on your Investment Property Security Deposits

By: White Bear Lake MN Homes for Sale

White Bear Lake MN Homes for Sale — Sat, 28 Aug 2010 00:27:02 +0000

Thanks for another great post, Scott. It’s important to keep in mind that the interest rates covered above are all “simple interest” versus “compounded interest”. This means that a $1000 security deposit earns $10/yr for EACH year the tenant lives in your property.

By: Faith

Faith — Fri, 27 Aug 2010 11:59:51 +0000

I just looked into this further and it looks like simple interest is the correct way.

By: Faith

Faith — Thu, 26 Aug 2010 09:00:32 +0000

Do you have to compound the interest (such as annually) at all or can you just use simple interest (such as 1% for 5 years on $1,000 is $50 interest)?

By: James

James — Sat, 05 Sep 2009 18:01:48 +0000

Dose this chart still hold true today? Do you have the MN law number that covers this. All I can find is prior to 7-31-03 you get 3%. Thanks James

By: Scott Ficek

Scott Ficek — Sun, 26 Apr 2009 19:56:25 +0000

Not that I am aware of.

By: Cliff Properties

Cliff Properties — Sun, 26 Apr 2009 03:04:21 +0000

Any change in the 1% rate since March 14,2008 posting date?

Today is 04/25/2009.

Thanks.

By: Andrew Percic

Andrew Percic — Wed, 18 Jun 2008 21:34:53 +0000

I googled current rate for security deposits and your site came up. It looks good.

Andrew Percic

By: KC Investments

KC Investments — Fri, 21 Mar 2008 23:47:12 +0000

Here in Kansas and Missouri I get to keep the interest. I like that better.