Chicago Sykline
Supporting Information Facts

Department:

City Services

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, 2017 through December 31, 2017 shall be:

0.01 percent

This rate is based upon the average of the rates of interest, as of December 30, 2016, 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; Insured Money Market 0.01 percent; and Six-month Certificate of Deposit (based on a deposit of $1,000) 0.01 percent.

 

Erin Keane
City Comptroller
December 30, 2016