Florida Security Deposit Interest
Florida requires deposit interest under certain conditions. The rate rule includes 5%. Condition: Interest is owed only if the landlord elects an interest-bearing Florida account or posts a surety bond. Option (1)(a) - a separate non-interest-bearing Florida account - owes no interest.
Interest rules
| Interest required | Conditional |
|---|---|
| Condition | Interest is owed only if the landlord elects an interest-bearing Florida account (option (1)(b)) or posts a surety bond (option (1)(c)). Option (1)(a) - a separate non-interest-bearing Florida account - owes no interest. |
| Rate rule | If held in a separate interest-bearing Florida financial-institution account: at least 75 percent of the annualized average interest rate payable on such account, or 5 percent per year simple interest, whichever the landlord elects. If a surety bond is posted: 5 percent per year simple interest. |
| Current rate | 5% per year simple interest (only if landlord elects the 5% option or uses a surety bond); otherwise 75% of the account's annualized average rate |
| How interest builds up | Simple interest (expressly, for the 5% option and the surety-bond option). |
| When it must be paid | In those cases in which interest is required to be paid to the tenant, the landlord must pay directly to the tenant, or credit against the current month's rent, the interest due at least once annually. |
| When interest may be lost | A landlord is not required to pay interest to a tenant who wrongfully terminates his or her tenancy before the end of the rental term. |
| What you can recover | A separate remedy for unpaid interest is not supplied here; see the cited statute. |
| Statute | Fla. Stat. § 83.49(1)(b)–(c), (9) |
Statute says
the tenant shall receive and collect interest in an amount of at least 75 percent of the annualized average interest rate payable on such account or interest at the rate of 5 percent per year, simple interest, whichever
What this means
This is the longest excerpt in the supplied research record. Read the linked source for the complete provision.
Source accessed: .
Open the security deposit interest calculator
Estimate your deposit interest
Choose your state and enter your deposit and dates. Nothing you enter leaves this page.
This estimate holds the selected rate constant for the whole period. Past or future rates may differ. It assumes interest has not already been paid and does not apply forfeiture rules.
Condition: Interest is owed only if the landlord elects an interest-bearing Florida account (option (1)(b)) or posts a surety bond (option (1)(c)). Option (1)(a) - a separate non-interest-bearing Florida account - owes no interest.
The result assumes this condition is met.
If held in a separate interest-bearing Florida financial-institution account: at least 75 percent of the annualized average interest rate payable on such account, or 5 percent per year simple interest, whichever the landlord elects. If a surety bond is posted: 5 percent per year simple interest.
Listed rate: 5% per year simple interest (only if landlord elects the 5% option or uses a surety bond); otherwise 75% of the account's annualized average rate
Accrual: Simple interest (expressly, for the 5% option and the surety-bond option).
Enter your deposit and dates to see an estimate.
Free Florida template, built from verified state data
I rented [rental property address] from [lease start date] to [move-out date]. I paid a security deposit of $[amount]. I returned the keys on [date] and gave you my forwarding address in writing on [date]. Under Florida law (Fla. Stat. § 83.49), a landlord must return the deposit or respond in writing within [15 days / 30 days, see the note above] after [the event listed in the note above].
FAQ
Does my landlord owe deposit interest in Florida?
Only when the legal condition is met. Interest is owed only if the landlord elects an interest-bearing Florida account (option (1)(b)) or posts a surety bond (option (1)(c)). Option (1)(a) - a separate non-interest-bearing Florida account - owes no interest.
Which interest rate should I use?
5% per year simple interest (only if landlord elects the 5% option or uses a surety bond); otherwise 75% of the account's annualized average rate If held in a separate interest-bearing Florida financial-institution account: at least 75 percent of the annualized average interest rate payable on such account, or 5 percent per year simple interest, whichever the landlord elects. If a surety bond is posted: 5 percent per year simple interest.
When must the landlord pay the interest?
In those cases in which interest is required to be paid to the tenant, the landlord must pay directly to the tenant, or credit against the current month's rent, the interest due at least once annually.