N did not actually receive the deposit money via DPS … Rules surrounding returning a deposit. If your landlord holds your deposit (so should be protected in the Insured scheme), the landlord should pay your deposit back within 10 days of your request for the deposit to be returned. A deposit of £300 was taken but not protected until November 2015, when it was protected with DPS. Agree that one should never return the deposit until the tenancy has finished. Return of security deposit. If your landlord or letting agent has decided to return the full deposit to you › We'll ask you to log in to confirm the repayment › You’ll need to provide bank details you want us to use to repay the deposit. It would seem that I have 6 years to make a claim before the playing field changes. On 22 December 2015, the landlord, Y, authorised the return of the deposit to N with DPS. Tnt has the money, no deposit protection issues. If you need help with a deposit. A tenant cannot request the return of their deposit before the tenancy ends. If your landlord refuses to return your security deposit even after receiving the aforementioned letter, you may have no choice but to sue for your deposit back in small claims court. for the 3-year FD when it is opened by the general public. Your first step is to write to your landlord or agent and ask them to return your deposit. KTDFC pays the highest interest rate of 8.00% p.a. After a tenant moves out, a landlord has 21 days to: Return the tenant's deposit in full, or; Mail or personally give to the tenant: A written letter explaining why he or she is keeping all or part of the deposit, An itemized list of each of the deductions, Any remaining refund of the tenant’s deposit… The Interest rates are subject to change and are revised by the banks and financial institutions from time to time. And then, it may well come down to interpretation. So dont expect early action and phoning is a waste of time. Thanks for the replies. If you need help with a deposit for a new home before you move out look for a bond scheme in your local area. Even though it's never too late to start saving, it's better to start compounding interest as early as possible to give your deposit more time to grow. Would DPS return the deposit to the tenant if they asked for it, regardless of whether I refused, citing the 6-year court action limit? If time has passed and you have not received the deposit or any confirmation from the landlord that it is due to you, go ahead and check to see if they are in breach of regulations. deposit protection service I am still waiting for a refund to me (landlord ) of part of deposit after 4 months.I am told by tenant that he has written to them agreeing with my calculation 2 months ago.I arranged it through letting agent. On 23 December 2015, a s.21 notice was served. However, once a deposit has been released from our system we can’t guarantee how long the banking system will clear money into your account - so we always say to allow a further two or three days. But in answer to your question, I see no reason why the DPS will not permit an early return of the deposit to the tenants, why should they concern themselves. Itemized List : If the landlord is to make deductions from the security deposit, the same must be itemized in a list to be delivered to the tenant within the same 45 days. We take on thousands of new tenancy deposits each day, and have repaid over £1billion. If you're 33 years old and begin compounding $100 a month at 1.5 percent interest annually, you'll have earned nearly $60,000 by the time you're 70. Your landlord only has to return your deposit once your tenancy has ended. Ask your landlord for the money. I have never been contacted by D.P.S. 3-year Fixed Deposit key highlights. 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