Landlords have 30 days from receiving the deposit to register with either the Deposit Protection Service, MyDeposits or the Tenancy Deposit Scheme. Separate schemes apply in Scotland and Northern Ireland.
In the case of a dispute between landlord and tenant, the deposit will be protected in the scheme until the issue is sorted out.
The Deposit Protection Service is free to use, although landlords will not hold the money and therefore earn no interest (custodial). If the landlord wants to hold on to the money, it costs £22.20 per deposit (insured).
MyDeposits lets landlords hold on to the money, but costs up to £24 per deposit, with a standard joining fee of £20.
The Tenancy Deposit Scheme is free to sign up to and costs up to £21.95 per deposit. Landlords can keep the deposit during the tenancy.
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