What is Insurance?

Our insurance scheme means you paid to join mydeposits
and also pay a protection fee that lets you hold the deposit
in your bank account.

If this is how you protect deposits login here

Member LOGIN


What is Custodial?

Our custodial scheme means that you joined mydeposits
for free and transfer the deposit money to us to hold.

If this is how you protect your deposits, then use:

Landlord login or Business login

Landlord LOGIN Business LOGIN

How our deposit protection scheme works

Fail to protect the deposit and the landlord could face harsh penalties including:

  • • A fine of up to three times the deposit amount and,

  • • The inability to serve a Section 21 notice to regain possession of the property.

1. Join mydeposits

mydeposits is a membership scheme.

 

To get started you’ll need to set up your member account.

Join here

2. Protect each deposit

You have 30 days to protect the deposit from when you receive it from your tenant.

You choose how to protect:

  • Keep the deposit in your segregated bank account using our insurance based product.

or

  • Pass the deposit to us to safeguard with our free to use custodial product.

 

You’ll also need to provide some key details about the tenancy.

Read more about your options here

3. Inform your tenant

Pass the tenant proof of the protection (called the Prescribed Information) within the same 30 days of receiving the deposit.

We provide you with the majority of this information for you to pass on.

4. That’s it, you’re done!

You can do all of this instantly in your online member account.

or

Your deposit protection options

We offer you a choice in how to protect your deposit.

Choose the product that best matches your business needs, insurance or custodial based deposit protection.

Ideal for large agents with high value deposits
Custodial
deposit protection product
  • Transfer the deposit to mydeposits by BACS, cheque or Debit Card.
  • Once the money clears you can pass the Prescribed Information to your tenant.
  • We hold the deposit for tenancy agreement
  • No fee for joining or protecting with custodial.
Ideal for large agents with high value deposits
Insurance
deposit protection product
  • Pay a small deposit protection fee to legally protect each deposit. See pricing plan.
  • Pass the tenant the Prescribed Information immediately.
  • You hold the deposit in your account for the length of the tenancy.
  • At the end of the tenancy: You are free to return the deposit immediately to your tenant and make any necessary deductions.

Custodial testimonial

"I prefer to pass the deposit over to a third party to safeguard. I feel happy knowing that the money is safe with mydeposits."

Insurance testimonial

"The experts at mydeposits have helped us to understand how and why we need to evidence the deposit deductions we make, which then enables us to be open and upfront with our tenants about why we may need to withhold part of their deposit money."

Townends

Insurance testimonial

"We have been working with mydeposits since 2007 and protect tens of thousands of our tenant's deposits every year. We have a well-established and productive working relationship with the team who are always on hand to provide support when needed."

Foxtons

Insurance testimonial

"We have used mydeposits since the Tenancy Deposit Scheme (TDS’s) inception in April 2007. We have always found them a pleasure to deal with. As they have grown in size they have adapted to make sure we still receive a personalized service. All of their communication is of a high standard, from an informative customer service team reply to their case study focused Letting Agent training courses. "

Redbrick Properties

Want to learn more?

Read about how we can help you comply

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