The information below is correct as of April 6, 2012 when legislation changes in relation to Tenancy Deposits. To see the full changes click here.

The Tenancy Deposit Scheme Guide

Since 6th April 2007 all deposits taken by landlords must have been safeguarded by one of three Government approved schemes. Landlords can choose which scheme they wish to use and must safeguard each deposit and inform the tenant which scheme has been used within 30 days of receiving the deposit. The Government has awarded contracts to three companies to run its tenancy deposit schemes.

RLA advice in a nutshell

Make sure your inventory is accurate and signed by yourself and the tenant. (For more information and advice on inventories, click here)
Use the correct AST agreement - RLA has two versions.
Read our Tenancy Deposit Scheme: Information for Landlords
If you take a deposit you must issue Prescribed Information to the tenant together with a copy of the Scheme leaflet for tenants.

Tenancy Deposits: the options available

New RLA service

DepositGuard

DepositGuard is an exclusive service for members of the Residential Landlords Association who are protecting deposits for properties they own and manage themselves. This service has been developed in conjunction with the Tenancy Deposit Scheme run by The Dispute Service (TDS) and provides a more cost effective alternative when a landlord wants to keep hold of their deposit monies. The scheme is provided to RLA members by RLA_Publishing Ltd. who act as introducer to TDS.

Registration with DepositGuard is free and members can protect deposits up to £500 for just £15.00 and those over £501 for £22.50 – making it by far the cheapest insurance based scheme in the market.

For further information on DepositGuard or to register for free and begin protecting deposits today click here

Deposit Protection Scheme (DPS)

The Deposit Protection Scheme is managed by Computershare. This is a Custodial Scheme in which you hand your entire deposit over, there is no charge to landlords as the scheme is funded by the interest earned from the deposits held in the scheme.

For further information on the Deposit Protection Scheme (DPS) or to register/submit a deposit click here

The importance of Inventories and Conditions Schedules, click here

Check out the RLA Inventory service for the best protection against future deposit disputes, click here

The Tenancy Deposit Scheme (TDS) - Letting Agents

The Tenancy Deposit Scheme is an insurance backed deposit protection and dispute resolution service run by the Dispute Service and builds on a scheme that has been running since 2003. The scheme allows landlords and agents to hold onto deposits. There is an annual fee per property for landlords and a one off annual fee for letting agents. It is really a scheme for agents.

For further information on The Tenancy Deposit Scheme (TDS) or to register/submit a deposit, click here

The importance of Inventories and Conditions Schedules, click here

Check out the RLA Inventory service for the best protection against future deposit disputes, click here

My Deposits

My Deposits (formerly Tenancy Deposits Solutions) operates an insurance backed deposit protection service. It also deals with any disputes which arise. This scheme allows landlords and agents to hold on to their deposits. There is a membership fee and a fee payable for registering each deposit.

For further information on mydeposits.co.uk or to register/submit a deposit, click here

The importance of Inventories and Conditions Schedules, click here

Check out the RLA Inventory service for the best protection against future deposit disputes, click here

No Deposits

The majority of landlords in the UK rarely encounter the need to hold onto some or all of the deposit, which poses the question "do you really need to take deposits?"

If you wish to avoid the cost and paperwork of entering any of the schemes, there are some suggestions on what can be done.

To see these suggestions, click here

Join the RLA today

DepositGuard is an exclusive product for RLA members which allows you to protect your deposit and keep hold of it yourself and at a lower cost than the MyDeposits scheme. If you are not an RLA member, why not join today and take advantage of DepositGuard and a host of other benefits designed especially for landlords like you.

Other benefits include:-

Round the clock support from the RLA help desk
An extensive landlord library complete with documents and guides for each stage throughout the tenancy lifecycle
RLA forums giving you the opportunity to network with the help desk team and over 10,000 members
Discounts on a variety of services (including tenant credit reports)
and much more...

For details of membership options and cost of membership