MyDeposits
Mydeposits is one of the government-authorised tenancy deposit protection schemes operating across the UK. In England and Wales it is one of three approved schemes under the Housing Act 2004. Similar branded schemes also run in Scotland and Northern Ireland.
If you pay a tenancy deposit for a tenancy, your landlord or agent can choose to protect it with mydeposits using either:
an insured scheme, where the landlord holds the money but pays mydeposits a fee, or
a custodial scheme, where mydeposits holds the deposit for free until the tenancy ends.
The scheme safeguards your deposit and offers free alternative dispute resolution (ADR) if there is a disagreement at the end of the tenancy about deductions. An independent adjudicator decides how the deposit should be split, based on evidence from both sides.
The Renters’ Rights Act strengthens this framework. Landlords remain legally obliged to protect deposits correctly and provide “prescribed information” on time. Failure can restrict their ability to regain possession and may lead to financial penalties, so tenants should always check where their deposit is protected and keep written confirmation.
