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.
- 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.
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.
"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."
"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."
"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. "
Want to learn more?
Read about how we can help you comply