Interest Payable on Escrow Accounts

Rate:  0.00%                          Effective: February 1, 2022

The Bank Commissioner has announced the new interest rate to be paid on mortgage escrow accounts, effective February 1, 2021. The new minimum interest rate is 0.00% and shall remain in effect until the next rate change, effective August 1, 2022.

Please note that the above rate is applicable only to persons subject to NH RSA 397-A. After the passage of House Bill 610 in 2021, depository banks shall credit each escrow account with interest at a rate no lower than the highest target federal funds interest rate in the range set by the Federal Open Market Committee, minus one percent. For more details, please review RSA 383-B:3-303(a)(7)(E).

You may also find this announcement on the State of NH - Banking Department’s website at www.nh.gov/banking.

If you have any questions, please contact the Banking Department or the Association office.