Setting Interest Rate on Rental Agreement Security Deposits
CITY OF CHICAGO
DEPARTMENT OF FINANCE
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 5-12-082 of the Municipal Code of Chicago that the rate of interest on security deposits under rental agreements governed for the period from January 1, 2024 through December 31, 2024 shall be:
This rate is based upon the average of the rates of interest, as of December 31, 2023, of the following types of accounts at Chase Bank (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.
December 29, 2023