New custodial deposit schemes for landlords

Two new custodial deposit schemes have launched, meaning landlords who prefer a custodial deposit scheme now have a choice of three providers.

TDS Custodial and My Deposits will hold the tenant’s deposit money for the duration of the tenancy. Previously the Deposit Protection Service (DPS) was the only provider to offer a custodial scheme with TDS and My Deposits both offering just insurance-backed schemes.

TDS chief executive Steve Harriott said: “As the UK’s leading provider of tenancy deposit protection, we know that landlords and agents in the private rental sector want more choice when it comes to meeting their legal obligations to protect tenancy deposits.

“The launch of TDS Custodial now gives them that choice, providing a fast, free and secure service that removes the hassle from protecting their tenant’s money. Those who make the switch to TDS Custodial can expect a quick transfer of the deposit into our scheme at the start of the tenancy, and an even quicker repayment once the tenancy comes to an end. It really couldn’t be simpler.

“And the change needn’t be complicated either. We want to make the move to TDS Custodial hassle-free too, with our award-winning customer service team here to ensure the transition to TDS Custodial is as easy and smooth as possible.”

My Deposits CEO Eddie Hooker said his company’s new scheme was an important step forward for landlords, letting agents and tenants because there was now a choice between custodial deposit providers.

“As the longest serving chief executive officer of all the deposit schemes, I’ve seen first-hand how tenancy deposit protection has helped raise standards and addressed the implication that landlords and agents unfairly withhold deposits,” he said, “We’ve used the experience we’ve gained since 2007 and held numerous focus groups with everyone who uses our scheme in order to create this new service. We have further enhancements planned throughout 2016 that will make deposit protection with mydeposits even quicker and easier”.

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