How mydeposits works for letting agents
Fail to protect the deposit and the landlord could face harsh penalties. mydeposits is here to support you.
Fast, simple deposit protection. Here's how it works.
1. Join mydeposits
mydeposits is a membership scheme.
To get started you’ll need to set up your member account.
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.
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.
Our agent member views
mydeposits provides us with an effective technical integration platform which is invaluable for us to be able to process the protections efficiently and quickly.
Our agent member views
We have been members of mydeposits since 2007 and it’s been fantastic working with the mydeposits team. They’re always on hand for anything we’ve needed and we simply wouldn’t dream of moving to another scheme.
Our agent member views
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
Want to learn more?
Read about how we can help you comply