Whether you’re new to renting, beginning a new tenancy with a new landlord, or in an existing tenancy, it’s important to know where your tenancy deposit is being held.
It is a legal requirement for your tenancy deposit to be protected in a government-backed scheme like ours. Tenancy Deposit Scheme (TDS) offers two deposit protection schemes: TDS Insured (where the landlord holds the deposit and pays us a small fee to insure it) and TDS Custodial (where we hold the deposit and protect it for free).
If your landlord has chosen to protect your tenancy deposit in the TDS Custodial scheme, there are probably a few reasons why they’ve made that decision:
- TDS is the longest-running provider of a tenancy deposit protection scheme in the UK and is also the only non-profit organisation.
- The TDS Custodial scheme is free to use. Your landlord (or letting agent) won’t need to pay any fee at all to protect your deposit.
- The scheme also comes with an online, secure dashboard that your landlord or agent can access to instantly update details and check progress on deposits or disputes. You also have access to your tenancy deposit information with your own login and can update your contact details and payment details as needed.
- With TDS Custodial, your landlord can quickly adjust deposits if one tenant moves out of your property or if you want to split the repayments between tenants. This is particularly useful if you’re a student or living in shared accommodation.
- The online features also include a pre-populated version of the prescribed information (this is the information your landlord has to legally give to you within 30 days of you paying your deposit), which makes it easier for them to comply to the law and get you the documents you need in good time.
- Both you and your landlord will also be able to see a communications log, which shows what emails have been sent when and where during the tenancy. This can be helpful if a deposit dispute arises at the end of the tenancy.
- TDS continuously outperforms other schemes in how quickly its award-winning customer service team respond to landlords, agents and tenants by phone and email. We don’t keep you waiting.
- As a TDS customer, your landlord can also access the latest information and tools to help them manage tenancy deposits easily whilst staying abreast of the ever-changing legal requirements. We help them to stay informed and on the right side of the law regarding tenancy deposits and fees, which should give you extra peace of mind.
What does all of this mean to you as a tenant?
To summarise all of the points above, the greatest benefit of TDS Custodial to you as a tenant is that your deposit is being protected by a trusted, well-established, government-approved scheme that cares as much about tenants as it does about landlords and letting agents.
Because we are the only not-for-profit option, we also invest in developing better customer service and technological solutions to make the tenancy deposit process quicker, easier and more user-friendly – for all of you.
If you would like to check if your deposit is held with TDS, you can do that quickly here: Is my deposit protected?
If you’d like to see how TDS deals with deposit disputes between tenants and landlords, take a look at our case studies, which feature real life stories from our adjudicators: Tenancy Deposit Dispute Case Studies
About the Author
Kelly Wallace
Sales Manager at TDS
Kelly Wallace has been part of The Tenancy Deposit Scheme for six years, initially within the Dispute Resolution team, progressing to a central role within the Customer Relations department and now the Sales Manager. Kelly’s focus within TDS is membership, business development, growth and training; this encompasses all aspects of new business across both the Insured and Custodial schemes, assisting agents and landlords in transitioning from alternative providers to TDS.
About TDS
Tenancy Deposit Scheme (TDS) is a Government-approved scheme for the protection of tenancy deposits; TDS offers both Insured and Custodial protection and provides fair adjudication for disputes that arise over the tenancy deposits that we protect.
Your landlord or letting agent can protect your deposit using our TDS Custodial Scheme where TDS hold the deposit for the duration of the tenancy. Join TDS Custodial for FREE today
Alternatively, they can protect your deposit using our TDS Insured Scheme where a TDS member can hold the tenancy deposits as stakeholder during the term of the tenancy. Join TDS Insured today.
We provide invaluable training in tenancy deposit protection and disputes for agents and landlords through the TDS Academy as well as joining with MOL to provide the Technical Award in Residential Tenancy Deposits.
TDS Academy: TDS provides property professionals with invaluable training in tenancy deposit protection and tenancy deposit disputes. Click here to see upcoming TDS Academy’s.
TDS can only comment on the process for our scheme, other deposit protection schemes may have a different process/require different steps. Content is correct at the time of writing.
These views are those of the author alone and do not necessarily reflect the view of TDS, its officers and employees.
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