Reminder: HB520 relative to interest rates on escrow accounts is now in effect

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. Please see this link for more information. 
 
The current rate is 0.33% as of January 17, 2023, as detailed in this link. The Banking Department would point out that this rate is the floor, not a required rate.