December 7, 2018

CT’s 2019 deposit index rises

PHOTO | Contributed
PHOTO | Contributed
Connecticut Banking Commissoner Jorge L. Perez.

Connecticut housing renters and others will earn more interest next year on their security deposits and other escrowed accounts.

The state Department of Banking Commissioner Jorge L. Perez announced Thursday the 2019 deposit index will reset higher, to 0.15 percent, starting Jan. 1. The 2018 index is 0.09 percent.

State law requires the banking commissioner to reset the deposit index annually, based on average rates paid on bank savings deposits.

Landlords are required to return tenants' security deposits with interest, or give tenants written notice of damages being claimed, within 30 days of when tenants move.

According to Perez, the 0.15 percent interest rate, up from 0.09 percent currently, also will apply to claims for property, refunds, or money delivered to the state treasurer.

Mortgage escrow accounts next year will earn 0.20 percent interest, double the present rate.

Finally, interest on security deposits for public-service vendors, electric utilities and certified telecommunications providers will stay unchanged at 1.5 percent, Perez said.

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