It’s a legal requirement for all landlords in England and Wales to protect their tenants’ deposits with a landlord deposit protection scheme.
2. Protect each deposit
You have a choice of how you protect the deposit with mydeposits:
- Keep the deposit in your 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.
What are the fees to use our insurance based scheme?
It is free to join the mydeposits insurance based scheme, with a deposit protection fee paid each time you take a deposit.
|Deposit amount||Standard Protection Fee
per Tenancy Agreement
|Up to £500||£20||£14|
|Over to £500||£26||£18.20|
These fees are subject to change.
*Discounts available on protection fees for full landlord members of the National Landlords Association.
External adjudicators are important as this ensures a fair process for both the landlord and tenant.
I can print the certificate and paperwork instantly and my tenants are immediately reassured their deposit is protected safely.
mydeposits has always been helpful. It’s good to have them at the end of the phone if I have any queries.