If we hold your Custodial deposit and it’s 183 days or more since it was originally placed it in a deposit protection scheme, interest will become payable to you, meaning that at the end of your tenancy you could receive more than just your deposit back.
What you need to know
- Once your Custodial deposit has been protected with us for more than 182 days, interest will become payable to you. We will calculate this interest from day 1 of the deposit being under our protection.
- We’ll calculate interest on a daily basis using The DPS interest rate in place at the time of calculation. The current DPS interest rate is 0.73%.
- We’ll pay any interest due at the end of the tenancy, once the deposit balance is £0.00. We’ll send you details on how to claim any interest at the end of your tenancy.
- We’ll provide you with a tax certificate when we pay you your interest, which will note the tax year and interest paid. It’s your responsibility to meet your tax obligations.
- You can view how much interest has accrued on your deposit by viewing your tenancy in your online account.
- If your landlord chooses to transfer your deposit to a different deposit protection provider, we’ll transfer any interest accrued along with your deposit. You will need to claim it from them when your tenancy ends.
Donate your interest to charity
- If you wish you can choose to donate any accrued interest to charity. If you would like to donate your deposit interest, you can choose to opt out of receiving interest using your online account at any point during the tenancy, or during the repayment process. Once the tenancy has ended, we’ll pay the interest to The DPS’ nominated charity.
FAQs
Q. If I have to repay part or all of the deposit to the landlord, would they get the interest on that part of the deposit?
A. No, you will get all the interest payable on the entire deposit.
For more information on this topic please read our terms and conditions.