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


The tenancy deposit
protection law

How we help landlords’ comply with the law

 

It is normal practice for a landlord to take a deposit from their tenant to safeguard against potential
breaches of the tenancy agreement (for things like failure to pay rent or damage to the property).
The tenancy deposit protection legislation was introduced in April 2007 and is designed to:

shield-1 Protect the tenant’s deposit.
pounds Make sure they get the deposit back when they move out (provided they’ve met the terms of their tenancy agreement).

 

How to comply with the law 

When you take a deposit from your tenant on an Assured Shorthold Tenancy (AST) in England and
Wales you need to:

shield Protect the deposit with a government authorised scheme, such as mydeposits,
shield Provide the tenant(s) with the Prescribed Information. You must do both within 30 calendar days of receiving the deposit from the tenant.

 

Penalties for non-compliance

Your tenant could take you to court if you fail to comply.
Penalties include:

exclamation-mark A fine between one and three times the deposit amount, payable to the tenant.
exclamation-mark You may also lose the ability to obtain a court order to regain possession of the property (under a Section 21 notice).

How mydeposits helps you comply

 

How we help landlords’ comply with the law

Here’s how we help you comply with your legal obligations in 2 simple steps:

shield-w Join us and protect deposits in your online account in a matter of minutes.
You choose how to protect deposits with us, using either:
a. Insurance based protection that means you can hold the deposit, or:
b. Free-to-use custodial protection and transfer the deposit to us.
grade-w All the Prescribed Information documents are automatically created for your tenant.
A Deposit Protection Certificate/Template is created automatically once the deposit has
been successfully protected.
pencil-w Simply sign the Certificate/Template and pass it to your tenant along with the mydeposits
Information for Tenants leaflet within the 30 day deadline. You also need to outline any
circumstances that you may wish to withhold the deposit, referencing any terms in the
Tenancy Agreement.

What is the Prescribed Information?

You must also provide the tenant with key information about the deposit’s protection called the Prescribed Information in the same 30 calendar day deadline. This includes details about the scheme, getting the deposit back, instructions about disputes and contact details. We help by creating all this information automatically when the deposit is protected.

The aims of the tenancy deposit protection law?

The new legislation is designed to safeguard the tenant’s deposit and ensure they get it back at the end of the tenancy, provided they have met the terms of their tenancy agreement. Deposit protection aims to help improve standards in the rental sector.

Can a letting or managing agent protect deposits on my behalf?

Yes, landlords can instruct an agent to protect deposits on their behalf. Landlords should always ensure they use a reputable agent who has either client money protection insurance, or that they use a separate client money bank account to hold funds. The landlord is ultimately responsible for the deposit, even if they use an agent, so make sure you research and select an agent carefully.

Which deposits need protecting?

All deposits on an AST agreement in England & Wales must be protected. Landlords can protect other deposits with mydeposits if they wish. Landlords in Scotland, Northern Ireland and Jersey can also protect deposits with the mydeposits regional schemes.

How do I protect a deposit?

You have 30 calendar days from receiving the deposit money to protect it with mydeposits. You can use our insurance based or custodial based deposit protection products. The choice is yours.

Protecting the deposit

We will safeguard the deposit in a regulated bank. It’s held in an account until it is due to be repaid at the end of the tenancy. The deposit is safeguarded in the event of bank failure. Once the deposit is protected we will send confirmation to you and your tenant, including the deposit amount paid in, how to get your deposit back and what to do if there’s a dispute over the deposit.

Disputes over the return of the deposit

mydeposits offers a free dispute resolution service if you disagree about how much deposit money should be returned at the end of a tenancy. You can also have your case heard by the Court. You must provide evidence to support your claim to the deposit money.

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