mydeposits Registration for Landlords: Custodial, Insured, and Fees Explained

What mydeposits Is

mydeposits is one of three government-authorised tenancy deposit protection schemes in England, operated by HF Resolution Limited and backed by the National Residential Landlords Association (NRLA). Like the DPS and TDS, it offers both a custodial and an insured option. Under Section 212 of the Housing Act 2004, you must protect any security deposit taken for an assured tenancy in one of these three schemes within 30 calendar days of receiving the funds.

If you are already an NRLA member, mydeposits offers discounted insured pricing — which makes it worth considering even if you would default to the DPS for the zero-cost custodial route.

Custodial vs Insured at mydeposits

Custodial (free) — You transfer the full deposit to mydeposits. They hold it in a ring-fenced bank account until the tenancy ends. No charge. This is the same model every scheme offers and carries zero cost for any landlord.

Insured (paid) — You keep the deposit in your own bank account and pay mydeposits to insure it. In July 2026, mydeposits restructured its insured pricing model. The previous flat per-deposit fee was replaced with an annual membership structure based on the number of deposits held, capped at approximately £22 per deposit per year including VAT. NRLA members receive a discount of roughly 30%, bringing the effective cost to around £18 per deposit.

The restructuring means that landlords who were paying a one-off fee per deposit now pay annually for as long as the deposit is held. For a single-property landlord, this is a modest cost. For a portfolio landlord with 10+ properties, the annual renewal adds up and should be compared against the DPS insured model (which charges a one-off per-deposit fee with no annual membership).

How to Register a Deposit with mydeposits

1. Create an account. Go to the mydeposits portal, select "Landlord" as your account type, and enter your name, address, email, and contact number. If you are an NRLA member, link your membership for the insured discount.

2. Add the property. Enter the full property address, the property type (single let, HMO, or room), and the tenancy start date.

3. Enter all tenant details. Every named tenant needs their full name, contact address, email, and phone number. If a third party paid the deposit — a parent, guarantor, employer, or local authority — you must add them as a "relevant person."

4. Enter the deposit amount. The exact figure received. Check it against the Tenant Fees Act cap: five weeks' rent if annual rent is below £50,000, six weeks' rent if annual rent is £50,000 or above. mydeposits does not validate this cap for you.

5. Choose custodial or insured. For custodial, transfer the deposit to mydeposits using the bank details and reference the portal provides. For insured, pay the annual membership or per-deposit fee.

6. Confirmation and certificate. Once funds clear (custodial) or the fee is paid (insured), the portal confirms protection and generates a Deposit Protection Certificate.

7. Serve the Prescribed Information. Download the mydeposits Prescribed Information template and the scheme's official explanatory leaflet. Complete every field — scheme contact details, deposit amount, property address, full contact details for all landlords/agents, the specific deduction grounds from the tenancy agreement — and serve on every tenant and relevant person within 30 days of receiving the deposit.

mydeposits vs DPS and TDS

All three schemes fulfil the same statutory function. The practical differences come down to pricing and portal experience:

• Custodial is free at all three schemes — if you go custodial, there is no cost advantage either way
• Insured pricing differs — DPS charges a one-off fee (~£18.75–£27.75); TDS charges a per-deposit fee (~£18.50–£25.50 for non-members); mydeposits now charges annually (capped ~£22/deposit/year, ~£18 for NRLA members)
• NRLA members receive a mydeposits discount — if you already pay £125/year for NRLA membership, the ~30% insured discount partially offsets that cost
• ADR process is comparable — all three schemes offer free Alternative Dispute Resolution with similar timelines (28–42 days for adjudication)

For a full side-by-side comparison, see DPS vs mydeposits vs TDS: Which Scheme Should You Choose?

What Catches Landlords Out

The most common mistake is treating the protection certificate as proof of full compliance. The certificate proves the money is registered with the scheme — it does not prove you served the statutory Prescribed Information on the tenant. Courts award one to three times the deposit for failure to serve PI, even when the deposit itself was protected on time.

Other pitfalls specific to mydeposits:

• Forgetting to renew the annual insured membership — if you lapse, your insurance cover may end while the tenancy continues
• Not linking your NRLA membership at registration, then missing the discount
• Missing the third-party payer on the registration form — a guarantor parent must appear on the record and receive the Prescribed Information

If you want a single walkthrough covering every step from deposit receipt to final return — cap calculation, scheme registration, Prescribed Information service, end-of-tenancy deductions, and dispute evidence — the Tenancy Deposit Protection guide covers the full compliance sequence with worksheets and checklists.

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