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The Deposit Protection Service (The DPS) has announced the pricing structure for its new insurance based deposit protection scheme and rules out membership and annual renewal fees.
In the DPS press release they claim to be offering the easiest and cheapest option quoting:
• We will offer the industry’s cheapest published option for landlords and letting agents to protect their deposits.
• The DPS insured scheme will not be charging membership or annual renewal fees to its customers, so no membership paperwork to contend with either!
• Letting Agents will be charged per deposit monthly by direct debit; the (ex vat) fee to protect each deposit will be just £9.50 (further discounts will be available for volume).
• Landlords will be charged just £15.00 per deposit for deposits under £500 (inc vat), and only £22.20 per deposit for deposits over £500 (inc vat) on a pay-as-you-go basis.
The DPS currently runs the only custodial based deposit protection scheme in England and Wales and is the first scheme to offer landlords and letting agents both protection options.
Following in the footsteps of The DPS custodial scheme, landlords and letting agents will be able to register with the service online as well as by phone, and manage both their custodial and insured deposits via one easy, integrated online account. The new insured scheme is due to launch on the 2nd April 2013 and landlords and letting agents are already registering in advance.
With the addition of the insured option, The DPS is now able to provide customers with a “one stop shop”’ for deposit protection.
Kevin Firth, Director of The DPS, said:
“We’re delighted to announce the pricing for our insurance based deposit protection scheme and provide our customers with the best value for money deposit protection options. Our goal is to deliver excellent service to the industry, and offering the most cost effective insured scheme alongside our custodial option will ensure landlords and letting agents have the best choice of protection.”
The DPS launched its custodial scheme in 2007 and currently protects over 970,000 deposits. Following the introduction of The Tenancy Deposit Schemes (Scotland) Regulations 2011, the company behind The DPS (Computershare Investor Services PLC) also created The Letting Protection Service Scotland (The LPS Scotland), the first Scottish Government approved deposit protection scheme which launched in July 2012. The DPS was granted approval by the UK government to run the insurance based deposit protection scheme in England and Wales in September 2012.
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