Your deposit earns 1% a year, and it must be returned, or the deductions explained in writing, within 3 weeks after you move out.
From Minn. Stat. § 504B.178, read Oct 6, 2026.Show the law
“shall be held by the landlord for the tenant who is party to the agreement and shall bear simple noncompounded interest at the rate of one percent per annum …”
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Every rule here, word for word (2)
State law applies here too. Where both cover a rental, the stricter city rule usually wins; each rule below says so.
Minnesota lawIn force
Minnesota security deposit interest, return and withholding rules
How big can the deposit be?
The law here sets interest and a return deadline.
Your deposit earns 1% a year, and it must be returned, or the deductions explained in writing, within 3 weeks after you move out.
Who it covers
Covers: Residential rental deposits securing performance of a rental agreement, other than deposits that are exclusively advance rent.
Exemptions: Deposits that are exclusively advance payment of rent.
In force since
1999
The law, word for word
“shall be held by the landlord for the tenant who is party to the agreement and shall bear simple noncompounded interest at the rate of one percent per annum …”
No Saint Paul ordinance on security deposits appears in the provided documents. Chapter 193A covers only rent stabilization. Deposits are governed at the state level by Minn. Stat. § 504B.178.
The law, word for word
“Any deposit of money, the function of which is to secure the performance of a residential rental agreement or any part of such an agreement, other than a deposit which is exclusively an advance payment of rent, shall be governed by the provisions of this section …”