Deposit protection by deposit experts
mydeposits offers a choice of two deposit protection options, Insured or Custodial. Landlords partner with mydeposits to make deposit protection easy.
Why choose mydeposits?
Free resolution
If you can’t agree with your tenant at the end of the tenancy, you have free access to our award winning adjudication service.
Partnered with the NRLA
Backed by leading landlord association the NRLA, helping to raise standards in the private rented sector.
I have a new tenant. What do I need to do?
I have a new tenant. What do I need to do?
Choose
Before taking a deposit, choose how you would like to protect it. You can protect the deposit for free and send it to us or pay a fee and keep hold of it, or offer our deposit replacement service.
Protect the deposit
If you have taken a cash deposit, you must protect it in an insured or custodial government authorised scheme within 28 calendar days.
If your tenant would like to opt for a deposit replacement you can invite them from the portal to create a membership.
Issue prescribed information
Once you have protected the cash deposit, we will give you the prescribed information. You must give this to your tenant (and anyone who contributed to it) within 35 days of them first giving you the cash deposit. This will include the certificate and other information.
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You hold the deposit
You must keep hold of your tenant’s deposit for the duration of the tenancy.
Protection fee
You pay a small fee to protect each deposit.
Issue prescribed information
Give the tenant the prescribed information immediately after protecting the deposit.
You return
You can return the deposit as soon as the tenant has left the property.
Tenant can raise a dispute
Tenant provides all evidence and submits a dispute to mydeposits within three months of vacating the property.
We hold the deposit
We hold your tenant’s deposit for the duration of the tenancy.
Free for landlords
There is no fee for using Custodial.
Issue prescribed information
Once the money clears you can give the prescribed information to your tenant.
We release
You or your tenant can initiate the deposit release once the tenant has left the property.
Tenant can raise a dispute
Tenant provides all evidence and submits a dispute to mydeposits within three months of vacating the property.
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When it comes to the end of a tenancy...
When you reach the end of the tenancy you and your tenant might not agree on any deductions to the deposit.
Don’t worry, we offer a completely free dispute resolution service for all of our customers.
