Deposit Protection Service vs Tenant Deposit Scheme (both custodial, ie. free)

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    Deposit Protection Service vs Tenant Deposit Scheme (both custodial, ie. free)

    Hi there! Apologies for the rookie thread here and thanks for your patience. I am about to rent out a two-bed property, having previously used a big-ticket letting agent. What I'm finding hard to navigate is where to place our tenants' deposit. I've read bad reviews of the custodial DPS and am struggling to find reviews of the newer custodial TDS. I'd certainly like to use a free service. I guess there's also My Deposits, if I'm correct? Does anyone have advice for me? Thanks so much!

    #2
    I use DPS custodial and do not have any complaints about them.
    the web site is pretty easy to navigate, I can log on and view my deposits, paying in or starting a claim is similarly easy.
    On the odd occasion when I have called with a query they have been perfectly pleasant to deal with.
    I recently used the ADR service and again the process was all clear and straight forward.
    My guess is that most of the bad reviews will be from disgruntled landlords who either did not lodge their deposits in the correct time frame or who felt that ADR went against them, perhaps after unrealistic claims.
    make sure you do a detailed Inventory with lots of date stamped photos, submit the deposit immediately and serve the PI on the tenant and all will be well.

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      #3
      My beef with DPS custodial is that when I release a deposit immediately after taking over a property it then takes them 3-5 working days for it to go into the tenant's account.
      Same delay for paying in deposits.
      I can do instant bank transfers, why can't they?

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