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:
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
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.
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.