mydeposits.co.uk

Letting agents: Are you considering switching to mydeposits? Read our Q&A sheet [ 274KB] for all you need to know.

What does it cost?

mydeposits is a "pay-as-you-go" scheme:

Agent Category	Joining Fee	Deposit Protection Fee (per tenancy Agreement)	Annual Membership Renewal Fee
Category 1 Members of ARLA, NAEA, RICS and NALS	£117.50 (incl VAT) per branch location	£23.50 (incl VAT)	£58.75 (incl VAT) per branch location
Category 2 All other Agents	£176.25 (incl VAT) per branch location	From £38.78 (incl VAT) dependent on mydeposits risk assessment	£88.13 (incl VAT) per branch location

• One-off Joining Fee per branch location to set up your account, and then an annual fee to keep your account open.
• A fixed Deposit Protection Fee for each tenancy deposit that you protect, regardless of the size of the deposit.  This will protect the deposit for the duration of the Tenancy Agreement, however long that might be.
• Discounts available for pre-purchased blocks of protections:

Number of Protections	Discount Available
40 protections	5% discount
60 protections	7.5% discount
100 protections	10% discount
200 or more protections	20% discount

• Payment options:
  • by monthly account (payable by direct debit only)
  • by credit/debit card at point of protection
  • or by pre-purchased blocks (see above)
• Agents must hold the protected deposit in a segregated client money bank account (you may be asked to provide evidence of this account).
• You must supply a copy of your latest company financial accounts and details of all shareholders, partners, directors and business owners.