Here to help your business
We are improving deposit protection for all letting agents and businesses. We have a team dedicated to helping you run your business more efficiently.
What makes mydeposits different?
Dedicated account manager
Access to a specialist team with a breadth of experience and knowledge across the private rented sector to assist with training and queries.
Lifetime partners
Join a lifetime partnership with the Hamilton Fraser group, including brands such as Client Money Protect and the Property Redress Scheme.
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
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.
Frequently asked questions
- Email info@mydeposits.co.uk confirming:
- DPC
- Vacating tenant
- Replacing tenant
- Confirm who the lead tenant is if the lead tenant has vacated
- DPN
- Vacating tenant
- Replacing tenant
- Replacing tenant contact details including email address, mobile number & alternative correspondence address
- Confirm who the lead tenant is if the lead tenant has vacated
- Insured: The agent holds the deposit and pays a fee to protect it; it must be held in a ring-fenced bank account.
- Custodial: The landlord or agent transfers the deposit to us to hold for the length of the tenancy.
- 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.
- 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.
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.
We also offer training and advice
mydeposits can provide you and your team with practical guidance and support relating to tenancy deposit protection, deposit disputes and system training.
For further information on how you can arrange training to suit your needs, please email us at businessdevelopment@mydeposits.co.uk or telephone us 0333 321 9404.