Deposit transfersGuides for RentersBlogHelpLogin

5 Things You Didn't Know About Deposit Protection

Will Southall

Will Southall

6 months ago - 1 minute read

Fronted Lifetime Deposit banner

If you're a renter in the UK, you most likely will have paid a deposit before moving into your new place.

Here are 5 things you didn't know about deposit protection.

1. There are 3 different companies that offer protecting your deposit

Those companies are:

  • Deposit Protection Service (DPS)
  • MyDeposits
  • Tenancy Deposit Scheme (TDS)

2. If your landlord doesn't protect your deposit within 30 days, you can get 3x your deposit back

Your landlord or the letting agent your landlord is working with has to make sure your deposit is protected, this is required by law. After you pay your deposit, they have 30 days to protect it.

3. There are two types of Deposit Schemes (custodial and insured)

There are two types of Deposit Schemes your landlord can choose from, custodial and insured.

A custodial scheme will hold the deposit for free, whereas an insured deposit scheme involves the landlord or letting agent holding the deposit in their own bank account and the scheme is then paid to ‘insure’ it.

4. Challenging a deposit deduction from your landlord or letting agent is free

If there's ever a dispute between you and the landlord, the Deposit Scheme will help you and the landlord resolve it in an impartial matter, meaning they won't take sides.

5. You have no choice as to how your deposit is protected

Rather sadly, even though it's your money, the choice of whether to have the deposit in a custodial or insured scheme is entirely up to your landlord.

Get your Lifetime Deposit

Did you know you also don't have to pay a double deposit when you move? With our Lifetime Deposit, you can take your existing deposit with you to your next place - making your move hassle-free. Sounds good? Sign up here

Fronted Lifetime Deposit banner
Will Southall

Will Southall

6 months ago - 1 minute read

Share on

Guides for Renters
Contact Us

Fronted is a trading name of Fronted Holding Ltd. We are registered in England and Wales (Company No.12278750), registered office address is Fronted, The Fisheries, 1 Mentmore Terrace, London, E8 3PN. Fronted Loans Ltd (Company No.12307305) is authorised and regulated by the Financial Conduct Authority under a Consumer Credit Licence (FCA No. 933316). Fronted Ltd (Company No.12304059) is authorised and regulated by the Financial Conduct Authority under a Broker Licence (FCA No. 933317).

Fronted Loans Ltd and Fronted Ltd is a wholly owned subsidiary of Fronted Holding Ltd. We are part of the FCA regulatory sandbox - Cohort 6. The regulatory sandbox allows firms to test innovative offerings in a live environment. More information on the FCA's regulatory sandbox can be found here.

Made with ❤️ and ☕️ in London