Florida security deposit interest
Florida gives landlords three ways to hold a deposit. In a separate non-interest-bearing account, which most choose, no interest is owed. In an interest-bearing Florida account, the tenant must receive either 75% of the annualised average interest the account earned or 5% simple interest a year, at the landlord’s choice. Or the landlord posts a surety bond and pays 5% simple interest.
Print this page for a dated statement showing the rate applied to each year and the statute.
How Florida deposit interest works
The landlord must tell the tenant in writing within 30 days which option applies and where the money is. Interest is paid annually or at the end of the tenancy, but a tenant who wrongfully terminates the lease early forfeits it. Deposits are returned within 15 days if there is no claim, or the landlord has 30 days to give written notice of a claim.
The rules in brief
- Non-interest-bearing account: no interest owed (the common case).
- Interest-bearing account: tenant receives 75% of the annualised average rate or 5% simple interest, landlord’s choice.
- Surety bond: 5% simple interest.
- Written disclosure of the method within 30 days; interest forfeited if the tenant wrongfully terminates early.
Fixed options in statute. Does not change year to year.
Worked examples: one year held
At the current 5% statutory option, for a deposit paid on 1 January 2025 and returned on 1 January 2026.
| Deposit | Interest-bearing portion | Interest owed |
|---|---|---|
| $1,000.00 | $1,000.00 | $50.00 |
| $1,500.00 | $1,500.00 | $75.00 |
| $2,500.00 | $2,500.00 | $125.00 |
Other Florida deposit rules
- Maximum deposit: No statutory limit.
- Return deadline: 15 days after termination of the rental agreement and tenant vacating if the landlord makes no claim; if the landlord intends to impose a claim, written notice by certified mail within 30 days after termination (tenant then has 15 days to object), otherwise the right to claim is forfeited.
- Late fees: No statutory cap or grace period; no statute located. Fla. Stat. ch. 83, Part II (including §§ 83.46 and 83.56) contains no late-fee provision. Fees must be in the written lease and are enforceable as liquidated damages only if reasonable (not a penalty). Since HB 1417 (2023), local governments are preempted from regulating the landlord-tenant relationship, including fees. Confirmed via secondary sources.
Full page: Florida landlord and tenant rules.
Frequently asked questions
Does Florida require interest on security deposits?
Not usually. A landlord who holds the deposit in a non-interest-bearing account owes none. Interest is owed only if the landlord chose an interest-bearing account or a surety bond.
My landlord uses an interest-bearing account. How much do I get?
Either 75% of the account’s annualised average interest or 5% simple interest a year, whichever the landlord elects. Use 5% in the calculator unless you know the account rate.