Interest: Which assessment is worthwhile for rental deposits

If you move into a rented apartment, you should take this into account: the tenant usually has to pay the landlord a deposit of three gross monthly rents. The amount is not set by law, but according to a decision by the Supreme Court, the deposit may not be higher than six gross monthly rents. Since 2009, the deposit must be assessed separately from the landlord’s assets so that the tenant does not lose it in the event of bankruptcy.

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The tenant is entitled to the interest earned during the rental period. The landlord is free to choose the credit institution. If the tenant requests it, the landlord is obliged to provide information about the type of assessment, says Waltraud Bouzek from the Upper Austrian Chamber of Labor. She advises tenants to find out more about this.

The consumer protection department compared the offers from the banks and found large differences in the amount of interest. While Oberbank charges a daily savings account a fixed interest rate of around 0.001 percent and charges a termination fee of 6.44 euros, Hypo Oberösterreich offers a variable interest rate of 2.215 percent. A termination fee of four euros is required here.

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If the landlord agrees to this, the tenant can also choose an assessment themselves, says Bouzek: The savings account into which the deposit amount has been paid is then handed over to the landlord.

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