MyDeposits
myDeposits is one of three government-authorised tenancy deposit protection schemes in England and Wales, operating under the Housing Act 2004. It is a trading name of Tenancy Deposit Solutions Limited (TDSL), which is jointly owned by Hamilton Fraser (HFIS Ltd) and the National Residential Landlords Association (NRLA), and operates as part of the Total Property group. Founded in 2007, the year mandatory deposit protection was introduced, myDeposits has over 400,000 members and protects more than £1.3 billion in tenants' deposits across the UK.
myDeposits is one of three government-authorised schemes in England and Wales. The other two are the Deposit Protection Service and the Tenancy Deposit Scheme, which is the only not-for-profit provider. What sets myDeposits apart from both is its geographic reach. It is the only scheme authorised in every UK region, including Scotland, Northern Ireland, and the Channel Islands, making it the natural choice for landlords with properties across different parts of the UK.
myDeposits Custodial
myDeposits Custodial is free to use for all landlords and letting agents. The landlord transfers the deposit to myDeposits, which holds it securely for the duration of the tenancy on the Total Property platform. At the end of the tenancy, the landlord initiates a repayment request. If the landlord and tenant agree on the amount to be returned, myDeposits pays out accordingly. If there is a dispute, myDeposits's free adjudication service handles the resolution. Under myDeposits's custodial terms, interest accrues on deposits held; from July 2023, myDeposits retains interest for the first 182 days, after which any interest is payable to the tenant, with the option to donate it to the homelessness charity Centrepoint.
myDeposits Insured
myDeposits Insured allows the landlord to retain the deposit in their own bank account while paying a per-deposit protection fee to myDeposits as insurance. Unlike TDS Insured, which uses an annual subscription model, myDeposits Insured charges per deposit, a pay-as-you-go structure that suits landlords who want to avoid ongoing subscriptions and protect deposits only as needed. NRLA members receive a 30% discount on myDeposits Insured rates. At current pricing, insured deposits over £500 cost £27.20 for non-members and £17.95 for NRLA members.
From working with self-managing landlords across the UK, myDeposits Insured is the most common choice for landlords who want the deposit funds accessible during the tenancy and prefer per-transaction costs to annual subscriptions. The NRLA discount makes it the lowest-cost insured option for association members across the three schemes.
Geographic coverage
myDeposits is the only government-authorised deposit scheme covering every UK region. In England and Wales, it operates under the Housing Act 2004 alongside DPS and TDS. In Scotland, myDeposits Scotland operates as a separate custodial scheme under Scottish deposit protection legislation. In Northern Ireland, myDeposits Northern Ireland provides both custodial and insured protection under Northern Irish legislation. A custodial scheme is also available for the Channel Islands. Landlords with properties in multiple jurisdictions can manage all deposits within a single myDeposits account, a practical advantage that neither DPS nor TDS can offer, as both are restricted to England and Wales.
The 30-day deadline and prescribed information
Regardless of which scheme a landlord uses, the deposit must be registered and the prescribed information served to the tenant within 30 days of receipt. myDeposits generates prescribed information documents automatically on registration for both custodial and insured products. Failure to register or serve the prescribed information within the deadline can result in a financial penalty of between one and three times the deposit value, and may prevent the landlord from relying on certain possession grounds.
Dispute resolution
myDeposits provides a free alternative dispute resolution service for deposit disputes at the end of the tenancy. Both landlords and tenants submit evidence, including check-in and check-out reports, photographs, invoices, and correspondence, and an independent adjudicator issues a binding decision. For insured deposits in dispute, the landlord must transfer the disputed amount to myDeposits for the duration of the process. Tenants have three months from the date they move out to raise a dispute. Once this window closes without a dispute being raised, the deposit can be returned to the landlord. myDeposits processes disputes in-house and publishes case study guidance on its content hub at mydeposits.co.uk to help landlords understand what evidence adjudicators require.
The Renters' Rights Act 2025, in force from 1 May 2026, retains compulsory deposit protection, the 30-day registration deadline, and the prescribed information requirements. The deposit cap, five weeks' rent for annual rent below £50,000, or six weeks for £50,000 and above, also remains unchanged. myDeposits continues to operate within the same legal framework under the new periodic tenancy regime across all jurisdictions it serves.
For a side-by-side comparison of myDeposits, DPS, and TDS, including how their insured fee structures compare and which suits different landlord profiles, see the August scheme comparison guide.
Frequently asked questions
Is myDeposits free?
myDeposits Custodial is entirely free for landlords and letting agents. myDeposits Insured carries a per-deposit fee: currently £27.20 for deposits over £500, or £17.95 for NRLA members (a 30% discount). There are no annual subscription fees on the insured product, the landlord pays only for deposits they protect.
Does myDeposits cover Scotland and Northern Ireland?
Yes. myDeposits is the only government-authorised deposit scheme operating across every UK region. myDeposits Scotland covers Scottish tenancies under Scottish deposit protection legislation. myDeposits Northern Ireland covers Northern Irish tenancies under Northern Irish legislation. Channel Islands coverage is also available. Landlords with properties in multiple UK regions can use a single myDeposits account.
How do tenants check if their deposit is protected with myDeposits?
Tenants can use the online deposit checker at mydeposits.co.uk, or contact myDeposits directly on 0333 321 9401. The checker confirms whether the deposit is registered, the type of protection, and the protection date. Landlords are also encouraged to provide tenants with their prescribed information certificate as standard practice, which contains all the protection details.
Who owns myDeposits?
myDeposits is a trading name of Tenancy Deposit Solutions Limited (TDSL), which is jointly owned by Hamilton Fraser (HFIS Ltd) and the NRLA. It now operates as part of the wider Total Property group, which also includes Total Landlord Insurance, the Property Redress Scheme, Client Money Protect, and housing law specialist Landlord Action. This ecosystem gives myDeposits members access to a range of complementary property services under a single provider group.
This entry reflects myDeposits's products and the legal framework as of 1 May 2026. Scheme fees and operational details are subject to change, always verify current terms at mydeposits.co.uk before registering a deposit.
