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Tenancies

Tenant Deposits

Manage security deposits, protection schemes, and deposit returns. Keep track of UK deposit protection requirements and deadlines.

Getting Started

  1. Record a deposit — When creating a tenancy, enter the deposit amount you have taken. Leave it at zero if you are not taking one (for example where the tenant is using a deposit replacement scheme).
  2. Protect it with a scheme — An unprotected deposit shows a "Protect this deposit" panel with the days left and links to TDS Custodial or DPS Custodial (both free) or mydeposits. Protect it on the scheme's own website.
  3. Record the protection — Click "Record protection details" (or Deposits → Record Deposit) and enter the scheme, deposit type (Custodial or Insured), scheme reference and date protected, and upload the certificate. You must protect the deposit and serve the Prescribed Information within 30 days of receiving it; RentFig shows the deadline.
  4. Track deposit status — The Deposits page lists every deposit with its scheme, reference and status (Protected, Returned, Retained, Disputed).
  5. Return the deposit — At the end of the tenancy, open the deposit and use the Deposit action form: return it in full, retain it in full, or split it, adding categorised deduction lines with reasons. RentFig posts the accounting entries for you.
  6. Match the bank payment — When the refund leaves your bank, open the transaction on Accounting → Transactions and confirm the "Deposit return match available" suggestion (not needed for custodial schemes, which pay the tenant directly).
  7. Letting agents with TDS — Agents with a TDS membership can use "Connect agent account" on the Deposits page to register deposits with TDS straight from RentFig.

Common Questions

What happens if I don't protect a deposit?

Failure to protect deposits within 30 days is a serious breach. Tenants can claim up to 3x the deposit amount. Always use a registered scheme.

Can I make deductions from a deposit?

Yes, for damages or unpaid rent. Document the reason and amount. The tenant should agree; if they dispute, you may need to use dispute resolution.

How long do I have to return a deposit?

Once you and the tenant have agreed how much is being returned, the deposit (or the agreed portion) must be paid back within 10 days of that agreement. The separate 30-day deadline applies at the START of a tenancy — that is the window for protecting the deposit and serving the Prescribed Information. If you cannot agree deductions, use your scheme’s free dispute resolution rather than withholding the money.

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If it’s still not resolved, email us at support@rentfig.co.uk