A new tenancy deposit protection scheme for private sector landlords has been launched by the Tenancy Deposit Scheme in association with the Residential Landlords Association.
Called DepositGuard, it is exclusively for RLA members who can benefit from specially discounted prices. It is also open to associates on RLA accounts, this can be one extra person on an individual membership or up to 4 extra people on a corporate membership.
Until now, the TDS, which says it already protects £1bn worth of deposits, has been available primarily to regulated letting agents for whom it was originally designed. But now it has opened up to private landlords.
Non-RLA members will be able to use the TDS, but not DepositGuard.
DepositGuard prices are also substantially cheaper than the Mydeposits scheme, and there is no annual subscription or joining fee.
Steve Harriott, chief executive of the TDS, said: “TDS has been the scheme of choice for regulated letting agents for some time, but we are delighted to be able to offer deposit protection directly to landlords.
“Landlords can save time and money by keeping hold of the deposit – as well as taking advantage of market-leading rates.”
RLA chairman Alan Ward said: “DepositGuard enables us to offer competitive deposit protection without compromising our position in representing landlords’ interests.
“The systems and documentation are also ready for changes being introduced by the Government in April and are designed to give better protection to landlords.”
DepositGuard is an insurance-backed scheme. It permits landlords to hold deposits throughout a tenancy and to use the dispute resolution service.
To get ready for your next tenancy register with DepositGuard for free at www.rla.org.uk/depositguard