Setting Interest Rate on Rental Agreement Security Deposits


Chapter 5-12 of the Municipal Code of Chicago hereby gives notice pursuant to Sections 5-12-081 and 5-12082 of the Municipal Code of Chicago that the rate of interest on security deposits under rental agreements governed for the period from January 1, 2022 through December 31 , 2022 shall be:

 

0.01 percent

 

This rate is based upon the average of the rates of interest, as of December 31 , 2021 , of the following types of accounts at Chase Bank, which is the commercial bank having the most branches located in the City of Chicago: Savings Account 0.01 percent; and Six-month Certificate of Deposit (based on a deposit of $1 ,000) 0.01 percent.


Reshma Soni
City Comptroller
December 31, 2021

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