Here to help your business

We are improving deposit protection for all letting agents and businesses. We are powered by Total Property and have a team of experts dedicated to helping you run your business more efficiently and making it easier for you to be compliant.

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What makes mydeposits different?

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Dedicated account manager

Access to a specialist team with a breadth of experience and knowledge across the private rented sector to support you with training and queries.

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Powered by Total Property

The dedicated home to property products and services, including brands such as Client Money Protect, HF Assist and the Property Redress Scheme.

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Deposits at scale

Use our bulk upload feature or ask us about our market leading APIs to help reduce your admin and automate deposit protection at no extra cost.

It's now even easier to switch to mydeposits

Switch to mydeposits today to streamline your rental process with secure, compliant deposit protection powered by Total Property. Switching is easier than you think. Let our dedicated team do all the hard work for you, including the transfer of data and deposit funds, with no break in deposit protection when you switch to mydeposits.

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What is the best option for your business?

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Insured

For a small fee you keep the deposit in your client segregated deposit account throughout the duration of the tenancy

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Custodial

We hold the deposit for the duration of the tenancy for free.

We have recently launched a new and improved system for our custodial scheme, designed to make the deposit management process even more efficient and user-friendly

Frequently asked questions

Agent
How to videos - agent
How to videos - custodial
You can find all of the above on our Content Hub.  
Swapping a tenant:   Insured: How to action this? 
  • DPC 
  • vacating tenant 
  • replacing tenant 
  • who the lead tenant is if the lead tenant has vacated 
When can we action this? We can action this before or during the fixed term of the tenancy. If a tenant swap happens after the fixed term has ended a new protection will be required. When can’t we action this? If all original tenants are vacating to be replaced, we are unable to action this, and you would need to create a new deposit protection then unprotect the former protection as the tenancy has ended. If a tenancy is a sole tenancy, we are unable to action this and you would need to create a new deposit protection then unprotect the former protection as the tenancy has ended.   Custodial:  How to action this? Email info.custodial@mydeposits.co.uk or contact us via live chat confirming: 
  • deposit ID (starting EWC) 
  • vacating tenant 
  • replacing tenant 
  • replacing tenant contact details including email address & mobile number 
  • who the lead tenant is if the lead tenant has vacated 
When can we action this? We can action this at any time while the deposit status remains protected. When can’t we action this? If all original tenants are vacating to be replaced, we are unable to action this and you would need to follow the release process and lodge the deposit under a new deposit protection. If a tenancy is a sole tenancy, we are unable to action this and you would need to follow the release process and lodge the deposit under a new deposit protection. If the deposit is in release or negotiation, we cannot swap tenants.   Removing a tenant:  Insured:   When can we action this? We are unable to remove a tenant that has not been replaced, this would require a new deposit protection to be registered and purchased.  Custodial: How to action this? Email info.custodial@mydeposits.co.uk or contact us via live chat confirming: 
  • deposit ID (starting EWC) 
  • vacating tenant 
Attach a copy of this vacating sharer form  

When can we action this?

We can action this at any time while the deposit status remains protected and there is more than one tenant on the protection. When can’t we action this? If the tenancy is a sole tenancy, this would require a deposit release. 

Adding a tenant: 

Insured: How to action this?  
  • DPC 
  • additional tenant name 
When can we action this? We can action this before or during the fixed term of the tenancy. When can’t we action this? If a tenant joins a tenancy after the fixed term has ended a new protection will be required.  Custodial:  How to action this? Email info.custodial@mydeposits.co.uk or contact us via live chat confirming: 
  • deposit ID (starting EWC) 
  • additional tenant 
  • additional tenant contact details including email address and mobile number 
When can we action this? We can action this at any time while the deposit status remains protected. When can’t we action this? If the deposit is in release or negotiation. 
Since April 2007, it has been a legal requirement to protect tenants’ deposits in a government approved tenancy deposit scheme. No matter how or where it is protected, the deposit belongs to the tenant. The Housing Act 2004 covers all deposits taken on Assured Short-hold Tenancies (ASTs) in England and Occupation Contracts in Wales as of 1 December 2022, under the Renting Home (Wales) Act 2016. It allows tenants to safely recover their deposit at the end of the tenancy, unless landlords or agents propose costs for any breach of the tenancy agreement, which they can prove with evidence. mydeposits is one of three government authorised schemes and all three deposit protection schemes offer a free resolution service.   
mydeposits is approved by the Government to offer two ways of protecting tenancy deposits. These are the insured and custodial methods, which are all monitored by the DLUHC (Department for Levelling Up, Housing and Communities).
  1. Insured: The landlord / agent holds the deposit and pays a fee to protect it; agents must hold the depositin a ring-fenced bank account (private and commercial landlords can hold the money in any bank account, as long as the money is safe).
In the event of an issue requiring resolution at the end of the tenancy, the landlord or agent must pay us the unresolved amount. This allows our free resolution service to review the evidence and decide how the amount should be distributed, based on the evidence provided. 
  1. Custodial: The landlord or agent transfers the deposit to us to hold for the length of the tenancy.
In the event of a formal resolution at the end of the tenancy, we will continue to hold the unresolved amount. This allows our resolution service to review the evidence and decide how the amount should be distributed, based on the evidence provided. We retain any interest earned on the deposit for that time. If your tenant’s deposit is held with us in our custodial deposit protection scheme, after 182 days they will earn interest on it. This means that at the end of the tenancy your tenant may be entitled to receive the interest earned in addition to their deposit. 
Insured: All letting agents who meet certain criteria can become insured members. You can apply to join online and we will need to see proof of your ring-fenced client money account where deposits are held. Custodial: All businesses can join mydeposits custodial based deposit protection instantly online or by phone.   We are no longer able to offer postal applications because to register a member in-house we need them to have their mobile number to hand there and then, so that we can verify it with a one time passcode (OTP). This would not be possible with a postal application and so would delay the membership set up. 
  1. Client money account.Agents must hold all tenant deposits in a ring-fenced client money account which must be set up purely for the purpose of holding client money only. This account must not be subject to any right of set off, lien or charges by the issuing bank, guarantor or any other creditors.  You will be required to provide proof of the client money account by producing bank statements detailing regular deposit money transactions.
  2. Risk assessment. You must ‘pass’ our risk assessment, which includes an independent credit score and financial risk report from credit referencing companies such as Experian. One of our Business Development Executives may also visit your main office to discuss deposit protection and your deposit taking practices in general.
In line with our scheme rules, all agent members must hold all deposits in a ring-fenced client account. We need to make sure that the total value in the account covers the value of all your current protected deposits. If you are unable to provide us with proof of a ring-fenced client money account or provide us with a statement, when requested, your membership will be suspended and then cancelled. We may request confirmation in writing from your bank that you hold and control a ring-fenced client account.
mydeposits is powered by Total Property. As a mydeposits member you benefit from a reduced protection fee when you use other products and services that are powered by Total Property. If you have CMP Professional Indemnity insurance, a requirement of CMP membership, you will receive a discount on your deposit protection fee. For more information please contact our Business Development team on businessdevelopment@mydeposits.co.uk.  
Insured: There is no fee for private and commercial landlords to join and once they are a member they can protect deposits. Agents pay a membership fee and an annual membership renewal fee Custodial: It is completely free to join our custodial scheme and to protect deposits.
Insured: We will review agent membership applications and email you confirmation, including the cost of the deposit protection fee, which normally takes four days. Custodial: You can join and start protecting deposits instantly in your online member account here.  

Payment of interest to tenants

If your tenant’s deposit is held with us in our custodial deposit protection scheme, after 182 days they will earn interest on it. This means that at the end of the tenancy your tenant may be entitled to receive the interest earned in addition to their deposit.

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Training and education

We also offer training and advice

mydeposits can provide you and your team with practical guidance and support relating to tenancy deposit protection, resolution and system training. As we are powered by Total Property we are also able to access a wide range of expertise and relevant products and services from other Total Property brands to support the whole tenancy lifecycle.

For further information and to arrange bespoke training to suit your needs, please email us at businessdevelopment@mydeposits.co.uk or telephone us 0333 321 9404.

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