deposit

[Sparks_]

I was wondering where is my deposit stored? If its in a bank account somewhere who is getting the interest?

The interest on £600 over 6 years is not small change!

[stu007]

Have a read of this link on Tenancy Deposit Protection: https://www.gov.uk/tenancy-deposit-protection/overview

[mariner51]

No interest is due to any T, for any deposit held.

 

 

£600 @ 4% pa for 6 yrs in a Current a/c equates to

[legalistic]

Sparks, you should have been given the details about the deposit protection service used etc. Once you know that you can read the terms and conditions. The Deposit Protection Service (for instance) says it keeps the interest as income for its service.

[Sparks_]

I still think it is wrong! They have had my £600 for 7 years, could have done with that money!

[Steve__M]

It is the law that your landlord or agent should have told you how your deposit is being protected when you first paid your deposit. Either an insurance-backed scheme will be used or the DPS scheme in which DPS holds your money will be used.

 

DPS used to pay interest on the deposits they held - but that was before rates fell so far. The DPS scheme that holds the deposit costs no money for the landlord or the tenant.

 

On the other hand, insurance-backed schemes run by DPS, TDS and others rely on payment of a fee for an insurance policy, and the landlord or agent keeps the actual deposit money. If there is an argument about the deposit at the end of the tenancy, the insurance policy essentially pays for the cost of resolving the argument.

 

If you think it is wrong you need to argue with your landlord either for interest to be paid or the deposit to be returned...