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Utility Deposit Interest Rates

Minnesota law (Minn. Stat. 325E.02 (b)) requires that, privately or publicly owned water, gas, telephone, cable television, electric light, heat, or power companies shall pay a specific interest rate on customer deposits.

By December 15 of each year, the Commissioner of the Minnesota Department of Commerce is required to announce the interest rate for the next year.

The rate for 2020 is 1.5%

View the language of the statute

The rates are calculated using these steps:

The last full week in November 2019 was November 18 - 22.

The yields on one-year United States Treasury securities adjusted for constant maturity for this week are:

  • Monday, November 18 : 1.54%
  • Tuesday, November 19 : 1.54%
  • Wednesday, November 20 : 1.54%
  • Thursday, November 21 : 1.55%
  • Friday, November 22: 1.56%

These yield rates come from the U.S Department of the Treasury's Interest Rate Statistics, specifically the one-year Daily Treasury Yield Curve Rates from the Treasury's web site.

The average of these five yields is 1.546%. The required interest rate, rounded to the nearest tenth of a percent, is 1.5%

Rate History 

2019 = 2.7%
2018 = 1.6%
2017 = 0.8%
2016 = 0.5%
2015 = 0.1%
2014 = 0.1%
2013 = 0.2%
2012 = 0.1%
2011 = 0.3%
2010 = 0.3%
2009 = 1.0%
2008= 3.3%
2007= 5.0%
2006= 4.4%

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