At the DPS, we're always working on ways to make things easier and better. We've recently streamlined our incoming scheme transfer process by automating the allocation of interest on each deposit. If you have any deposits with another TDP provider, this makes it simple to move them to us for easier deposit administration, saving time and ensuring a smooth transfer of deposits between schemes. By following these simple steps there is little to no effort required.

Here's what you need to know if you are:

  • Transferring multiple deposits

    You don't need to do a thing. Your prior scheme will send us a data package containing deposit and interest information. Once we've validated the data, we'll request they send us the funds. We'll then create the deposits, and allocate the deposit funds and associated interest automatically.

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    Transferring a single deposit

    You just need to do a couple of things. First, create a deposit record in our system and enter the amount of the original deposit value only – don't include the interest in the value. Then, confirm the deposit ID with the prior scheme. They'll send us the funds and we'll allocate the interest and deposit the funds automatically.

In both scenarios, the deposit funds we receive from the transferring scheme are ringfenced by us so they can't be used for other deposits.

When using our scheme transfer process:
  • Don't pay by other methods i.e., debit card or unallocated funds already in your account. This will cause issues with the allocation of the transferred funds.
  • Don't create a deposit record that includes the value of any interest being transferred as this will result in an incorrect deposit value being posted for the tenancy.
To sum it up:
  • Multiple deposits – you don't need to do anything.
  • Single deposit – create a deposit record and confirm deposit ID to the other scheme. Make sure you don't include interest in the deposit value.


By following these processes, you can expect your funds to be allocated within five working days. For more information or for help in transferring your deposits today, contact switch@depositprotection.com.