mydeposits
One of the three government-authorised deposit protection schemes in England. Offers custodial and insured options. Deposits must be protected within 30 days of receipt.
At a glance
- Scheme options
- Custodial + insured
- Window
- 30 days from receipt
- Operator
- Tenancy Deposit Solutions Ltd
Full guide
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Open full guideWhy mydeposits matters for landlords
mydeposits is the smallest of the three authorised schemes but offers competitive agent-focused insured products. The scheme choice is operationally neutral — the compliance outcome is the same as DPS or TDS — but a landlord using multiple agents may find their deposits spread across different schemes, which complicates dispute tracking at end-of-tenancy.
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Official sources
LetCompliance editorial reviews this entry every quarter against the sources above. Always confirm specific duties with a qualified solicitor or your local council.
Related terms
Check-in / Check-out Report
The dated, photographed inventory record taken at the start (check-in) and end (check-out) of a tenancy, signed by tenant and landlord/agent. It is the primary evidence base for any deposit deduction claim through the DPS, TDS or mydeposits adjudication process — without it, the scheme will almost always award the deposit back to the tenant. Best practice: third-party inventory clerk, time-stamped photographs of every room and meter reading, and tenant sign-off within 7 days.
Deposit Protection Scheme
A government-authorised scheme that holds or insures tenancy deposits. Three schemes are approved in England: DPS (Deposit Protection Service), TDS (Tenancy Deposit Scheme) and mydeposits. Deposits must be protected within 30 days of receipt.
Inventory (Inventory Clerk)
The detailed, photographed schedule of the property’s condition and contents at the start of a tenancy, used as the comparison baseline at check-out for deposit deductions. A professionally prepared inventory by an APIP / AIIC-accredited inventory clerk costs typically £80–£200 depending on property size and is the strongest evidence base for the DPS, TDS or mydeposits adjudication process. The Renters Rights Act 2025 strengthens tenant rights to challenge unfair deductions, raising the evidentiary bar for landlords.
Schedule of Condition
The room-by-room photographed report of the property’s condition at check-in (and updated at check-out). Distinct from the Inventory (which lists items and their condition); Schedule of Condition focuses on the fabric of the property: walls, floors, fittings, decoration. Together they form the deposit deduction evidence base. Required to win a fair-wear-and-tear contested deduction at the DPS, TDS or mydeposits adjudication; absence usually means the deposit is returned in full to the tenant.
Deposit Cap
The limit on tenancy deposits set by the Tenant Fees Act 2019. Five weeks' rent where annual rent is under £50,000, six weeks' rent where rent is £50,000 or more. Holding deposits are separately capped at one week's rent.
DPS (Deposit Protection Service)
The largest of the three government-authorised deposit protection schemes in England. Offers both custodial (free) and insured deposit protection. Landlords upload deposits within 30 days and issue Prescribed Information to the tenant.