Since April 2007 all landlords and letting agents who take a deposit from their tenant on an Assured Shorthold Tenancy (AST) in England and Wales* must comply with the tenancy deposit protection legislation and protect the deposit within 30 days of receiving it.
mydeposits is a government authorised scheme designed to help letting agents meet their legal obligations whilst enabling you to manage your business more efficiently. With mydeposits, you have a choice of how your protect your tenants' deposits. You can either keep hold of the deposit for the duration of the tenancy (insurance protection) or transfer the deposit to mydeposits for safekeeping (custodial protection).
About insurance deposit protection
By choosing to keep hold of the deposit in your segregated client money account, you have the freedom to deal with your landlords and tenant clients directly at the end of the tenancy, without the need to involve the scheme.
This means you can negotiate any necessary deductions and return the deposit immediately. In the unlikely event of a dispute, mydeposits is here to help with an award winning dispute resolution service.
UKALA members benefit from heavily reduced fees and can protect a deposit from as little as £10**, saving up to £30 per deposit. This means that most agents can save the UKALA membership fee if they protect just two deposits a month with mydeposits.
About custodial deposit protection
mydeposits Custodial is completely free to join and use. At the start of the tenancy, you simply transfer the deposit over to the scheme for safekeeping throughout the tenancy.
- Comply with deposit protection legislation quickly and easily with our simple, straightforward processes.
- Face to face support and guidance with our Business Development Team on hand to provide specialist advice.
- Free and impartial dispute resolution service in the event of a dispute with your tenant.
- Events, training and workshops.
- Low joining fees and deposit protection rates (mydeposits Insurance) for members of UKALA.
To join mydeposits
Visit the website here and click Join Now. Select your preferred protection method and complete the application forms as required or use the links below:
To access the discounted rates select UKALA when promoted and enter your UKALA membership number and membership expiry date.
Already with mydeposits?
If you are already with mydeposits and would like to find out more about switching to the discounted rates, call the mydeposits team on 0333 321 9404.
Please mention that you are a member of UKALA or thinking of joining UKALA.
* There are different deposit protection laws for landlords in Scotland and Northern Ireland.
** Fees based on account type, volume of protections and dispute ratios.