Security deposit interest in Florida

Florida requires deposit interest only in specific situations.

• Applies when: only if the landlord elects to hold the deposit in an interest-bearing Florida account (a separate non-interest-bearing account is also permitted, in which case no interest is owed); landlords posting a surety bond must pay 5% simple
• Rate: Landlord's election: at least 75% of the annualized average interest rate payable on the account, OR 5% per year simple interest; surety bond option requires 5% simple
• Paid: at least once annually (direct payment or rent credit); not owed to a tenant who wrongfully terminates early
• Statute: Fla. Stat. § 83.49(1)-(2) · primary source

Most Florida landlords avoid interest entirely by using a non-interest-bearing account, which the statute expressly allows.