Landlords now have a greater choice about where they place a tenant’s deposit. Previously, the only custodial deposit scheme was the Deposit Protection Service, as TDS and My Deposits only offered an insurance backed scheme.
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However, TDS and My Deposit are now able to offer a custodial deposit protection scheme. This means you can pass on your deposits to the scheme for safekeeping, which for busy landlords is a real bonus.
Choose the Right Deposit Protection Scheme Choice is always a good thing, and when it comes to protecting tenants’ deposits, it is helpful to have more than one protection scheme to choose from says Steve Harriott from TDS.
“The launch of TDS Custodial now gives them [landlords] that choice, providing a fast, free and secure service that removes the hassle from protecting their tenant’s money. Those who make the switch to TDS Custodial can expect a quick transfer of the deposit into our scheme at the start of the tenancy, and an even quicker repayment once the tenancy comes to an end. It really couldn’t be simpler.”
Easy to Use for Landlords TDS promises that the transition to TDS Custodial will be smooth and easy for landlords.
My Deposits is also embracing the extra choice for landlords. They have created numerous focus groups in the last few years to try and address tenant concerns that landlords unfairly hold on to deposits. They are planning on introducing more service enhancements throughout 2016 to make the service even easier to use.