💵 Chicago Security Deposit Interest Rate Notice
Required Lease Attachment – RLTO 5-12-080
⚖️ RLTO 5-12-080: Chicago landlords must pay interest on security deposits annually, within 30 days after the end of each 12-month rental period. Interest rates are set by the City of Chicago and must be disclosed to tenants.
🚨 Penalty for Non-Compliance: Failure to pay required interest or failure to provide this notice entitles the tenant to recover TWO TIMES the security deposit amount plus interest. This is strictly enforced in Chicago.
📊 Current Interest Rate
Chicago Security Deposit Interest Rate
Effective for the current period (verify with City of Chicago)
💡 Note: The interest rate is published by the City of Chicago Commissioner of Planning and Development. Always verify the current rate before issuing this notice.
🏠 Property Information
🏢 Landlord Information
👤 Tenant Information
💰 Deposit & Interest Calculation
📊 Interest Calculation
💳 Interest Payment
⏰ Payment Deadline: Interest must be paid within 30 days after the end of each 12-month rental period, or within 30 days of move-out.
🏦 Depository Information
📌 RLTO Requirement: Security deposits must be held in a federally insured interest-bearing account at a bank or savings institution in Illinois.
✍️ Signatures
Landlord Certification
I certify that this interest rate notice is accurate and that interest has been or will be paid as required by RLTO 5-12-080.
Tenant Acknowledgment
Chicago Security Deposit Interest Requirements
Unlike most of Illinois, Chicago requires ALL landlords (not just those with 25+ units) to pay interest on security deposits. This is one of the strongest tenant protections in the country.
Interest Rate History
The City of Chicago publishes interest rates annually. Recent rates have been quite low:
| Year | Rate |
|---|---|
| 2024 | 0.01% |
| 2023 | 0.01% |
| 2022 | 0.01% |
| Historical | Has ranged from 0.01% to 5%+ |
When to Pay Interest
- Within 30 days after end of each 12-month rental period
- Within 30 days after tenant moves out
- Can be paid by cash, check, or credit applied to rent
Penalties for Non-Compliance
Chicago has severe penalties for security deposit violations:
- Failure to pay interest: Tenant can recover 2x deposit amount
- Failure to return deposit on time: 2x deposit amount
- Wrong account type: 2x deposit amount
- Plus: Court costs and attorney fees
⚖️ Legal Disclaimer
This form is for informational purposes only. Interest rates change annually. Always verify the current rate with the City of Chicago before issuing notices. Consult an attorney for legal advice.
