My Deposits

MyDeposits was established in 2007 with the objective of providing landlords, agents, and tenants with an alternative option for tenancy deposit protection in the UK. Over a decade since its inception, the company continues to offer a choice between two distinct types of deposit protection schemes: insured and custodial. The firm operates as a government-authorised deposit protection provider across all regions of the UK. 3 billion of tenants’ deposits.

This extensive reach solidifies its position as a significant entity within the private rented sector. The company offers both insured and custodial deposit protection schemes, providing flexibility to its members. Under the insured deposit scheme, landlords or agents retain possession of the deposit and pay a fee to MyDeposits for its protection. This scheme includes partnerships, such as with the National Residential Landlord Association, which offers discounts to members.

Conversely, the custodial deposit scheme involves MyDeposits holding the deposit for the entire duration of the tenancy at no charge to the landlord or agent. This custodial option is facilitated through the Total Property platform, designed to enhance the efficiency and user-friendliness of deposit management. Both schemes are monitored by the Department for Levelling Up, Housing and Communities (DLUHC) and include a free resolution service. MyDeposits operates as a brand under the umbrella of Total Property, which serves as a dedicated hub for private rented sector products and services in the UK.

Total Property consolidates various HFIS brands, collectively reaching over 40% of the private rented sector and establishing a market-leading presence. Other brands within the Total Property portfolio include government-approved schemes such as The Property Redress Scheme and Client Money Protect, alongside the landlord insurance provider Total Landlord, and housing law specialist Landlord Action. , one of the world's largest insurance broking businesses. This broader corporate structure provides MyDeposits with access to extensive insurance partnerships, enhanced products, risk management resources, and the expertise of over 14,000 insurance professionals globally.

The firm is committed to providing expert support and advice to its members. Its dedicated support team possesses over 25 years of experience within the private rented sector, offering assistance with queries and issues. MyDeposits also provides full access to its adjudication service as part of its membership, which is available for free resolution of disputes. The company's operational philosophy is guided by core values that include honesty and transparency, ensuring products are clear and fit for purpose.

It also upholds respect and integrity, fostering an inclusive environment for customers and colleagues. Furthermore, MyDeposits demonstrates passion and leadership through continuous innovation and improvement, aiming for market-leading products, and maintains a curious and innovative approach to challenging existing processes. MyDeposits extends its comprehensive support to student accommodation providers, corporate landlords, and letting agents who rent to tenants, including those in the student housing market. The company acknowledges the specific dynamics of student tenancies, such as the potential for higher wear and tear and the importance of clear tenancy agreements.

It offers guidance for landlords on managing student properties, including advice on choosing between single or joint tenancy agreements and furnishing strategies. MyDeposits is recognised as one of the three government-authorised tenancy deposit protection schemes applicable to student deposits in England and Wales. For students who may face challenges affording an upfront deposit, MyDeposits facilitates a deposit replacement scheme in partnership with Ome, where tenants pay a monthly subscription while landlords receive protection equivalent to a five-week cash deposit. This demonstrates the company's tailored approach to the diverse needs within the rental sector, including the student housing segment.