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.
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.
mydeposits provides us with an effective technical integration platform which is invaluable for us to be able to process the protections efficiently and quickly.
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.
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