Our banking arrangements

Safeguarding the tenancy deposit

Lodging the tenancy deposit with a scheme you trust in essential.

Approved by the Scottish Government: The Scottish Government went through our financial arrangements in great detail and are satisfied with our banking practises

All submitted deposits protected by mydeposits Scotland are:

  • held in a ring fenced account
  • held in its own unique client account
  • held separately from other mydeposits Scotland funds
  • All deposits are held in UK based bank accounts only
  • All deposits are covered by the Financial Services Compensation Scheme.

Once the deposit release has been agreed by you and your tenant we will release the deposit straight away by the preferred method of payment.

Our experience: Although we operate a slightly different scheme in England and Wales, we have held over £15 million worth of tenancy deposits during dispute process and then distributed the deposit money within the relevant timelines.

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