Minnesota Deposit Interest Rules
interest required (deposits held 1+ year)Minnesota is one of 14 US jurisdictions that require landlords to pay interest on security deposits in covered rentals — the FAQ below covers which tenancies qualify. If your lease is silent about interest, the statutory obligation still applies where it covers you.
Educational information: generated from our Minnesota law database (last updated 2024-01-01). Not legal advice.
How Minnesota compares
14 of 51 US jurisdictions require landlords to pay interest on security deposits. Here is how Minnesota compares with other states in our database.
| State | Deposit Interest Rules |
|---|---|
| Minnesota | interest required (deposits held 1+ year) |
| Mississippi | no interest required |
| Missouri | no interest required |
| Montana | no interest required |
| Nebraska | no interest required |
Frequently asked questions
- Do landlords have to pay interest on security deposits in Minnesota?
- Yes — Minnesota law requires interest on held security deposits for deposits held 1+ year. No statewide limit (some cities have limits). Interest required for deposits held 1+ year (2024 rate: 1%, passbook savings rate). Return within 21 days (5 days for condemnation). Must disclose inspection option within 14 days of occupancy.
- How large can the deposit itself be in Minnesota?
- Minnesota sets no statewide statutory maximum on the deposit amount — though some cities set local limits; elsewhere it is negotiated in the lease.
- When do I get my security deposit back in Minnesota?
- Generally within 21 days after move-out, together with any interest owed.
Check Your Lease Against Minnesota Law
Not sure whether your lease complies with Minnesota law? Upload it and our analyzer flags problem clauses — deposit terms, entry rights, fees and prohibited provisions — using the same statute-backed database this page is generated from.
Analyze My Lease FreeEducational tool — not legal advice. First analysis is free, no signup required.
More Minnesota lease law guides
Educational information generated from state statute data — not legal advice. Consult a licensed attorney in Minnesota for your specific situation.