Interest Payable on Escrow Accounts Announced

Pursuant to NH RSA 397-A:9, IV, Bank Commissioner Emelia A.S. Galdieri announced the minimum interest rate payable on moneys on deposit in escrow accounts maintained for the payment of taxes or insurance premiums related to loans on property secured by real estate mortgages.

The minimum interest rate shall be 0.00% and shall be effective commencing February 1, 2023 and shall remain in effect until the next rate announcement on August 1, 2023.

Please note that the above rate is applicable only to persons subject to NH RSA 397-A.

UPDATE: In June of 2023 HB520 was signed into law with its provision to amend RSA 383-B: 3-303(a)(7)(E) relative to escrow accounts maintained by depository banks. Thus, beginning on June 20, 2023 institutions were to credit the escrow accounts at least the rate on the National Deposit Rate for Savings Accounts as of January 2023. Beginning on October 1, 2023, this will become at least the rate on the National Deposit Rate for Savings as of July 2023.