Changes to mydeposits pricing
Our partner mydeposits are introducing a new annual fee for their insurance-backed deposit scheme from 28th July, resulting in a lower average price per deposit than previously.
The new model starts at £22 (including VAT) per deposit per year for a landlord protecting 1-10 deposits, with prices reducing for larger portfolios. NRLA members benefit from a 34% discount on the standard pricing – with a single deposit starting from £14.52.
Total Property, who run mydeposits, have set out key benefits for landlords:
- A lower average price per deposit compared to the old one-off payment.
- One single renewal date to remember, instead of tracking multiple expiry dates.
- More flexibility when a tenancy ends. If this happens during the membership period, landlords keep the remaining protection and don't need to pay again until renewal.
- Portfolio landlords benefit even more, as the average cost per deposit drops further the more properties they protect.
- Use of the Total Property platform which provides a more modern, secure experience, an enhanced resolution service and NRLA discounts automatically applied at renewal for authenticated users.
You can find out how much your annual fee will be using their online calculator.
Why is the model changing?
The Renters’ Rights Act made all tenancies periodic from 1 May 2026. This means mydeposits would be unable to plan and budget if it continued to protect deposits for the life of the tenancy as the majority of the tenancies previously were on fixed terms with an end date.
What if I already have deposits protected?
Anyone currently on the one-off payment model will be migrated automatically. You do not need to take any action to keep your protections active. No landlord will have renewal sooner than one year (and one month) from your last protection, and payment will be due within one month of this date.
Mydeposits will send multiple emails in the month prior to your membership renewal – then you have a further month to pay before the membership will lapse and at that point the deposits will remain protected for a further three months as per the insurance-based Tenancy Deposit Protection legislation.
During the month after renewal mydeposits will proactively contact you by email, phone and post if necessary to ensure you are aware of the changes and the payment required.
I had a periodic tenancy prior to the Renters’ Rights Act and last protected my deposit more than 12 months ago. Are they all switching over at the same time?
No, deposits will gradually move over to the new model, depending on the calendar date that you originally protected the deposit.
For example, if you protected your deposit on 1st Feb 2024 and the fixed term became a contractual periodic tenancy so that was the last time you protected, the new model will kick in from 1st March 2027 ie one month after the calendar day of your last protection. You will have one further month to pay for your membership renewal which covers all your protected deposits for the next year.
Will landlords need to reissue the deposit prescribed information to their tenants each time the deposit is reprotected ie annually?
No, the deposit will be continuously protected when the payment model changes, although you will be making an annual payment. You therefore don’t need to reissue any prescribed information.
Can I choose to move provider?
You can transfer your deposits to a free custodial scheme (through mydeposits or another provider) if you do not wish to pay any further fees for your deposit protection. After the renewal date you have one month to make the payment to continue to use the mydeposits insurance-backed scheme and you can choose to move providers at this time – although there will be costs involved if you move to another insurance-backed scheme.
Where can I find further information?
Take a look at our mydeposits page where we have some frequently asked questions.
