Mydeposits has brought its insured and custodial tenancy deposit protection services together on a single platform.

This moves the provider’s insured scheme onto Total Property, the platform already supporting its custodial service.

Existing insured-scheme members will transfer automatically, with current protections remaining valid and no need to register deposits again.

Mydeposits has also redesigned how members pay for insured protection.

From now, members purchase enough reusable insurance allocations to cover the deposits they have actively protected at any one time. When a tenancy ends and its protection is closed, the allocation can be used to insure another deposit.

Memberships now have a single annual renewal date and the maximum price is £22 for each deposit allocation per year, including VAT. 

Mydeposits claims this could reduce the average cost per protected deposit for many landlords. National Residential Landlords Association members will continue to receive a one-third discount.

Total Property has also launched a digital negotiation process for deposit deductions and settlements.

Agents can upload supporting evidence and propose how the deposit should be agreed. Tenants can accept or submit a counter-offer through the platform.

Cases where an agreement cannot be reached can progress to mydeposits’ free dispute resolution service.

The custodial option, under which the scheme holds the tenant’s money throughout the tenancy, will remain free.