Its all getting a bit hot and bothered in the tenancy deposit fees arena.
A few weeks ago, the Dispute Service, TDS announced a new service, Deposit Guard, in association with the Residential Landlord Association,which undercut by a few pounds, the service offered to landlords by My Deposits.
Now My Deposits are fighting back. They have announced a price reduction (with effect from 5 April), not for their landlord fees, but for agents fees, where agents use Safe Agent or belong to ARLA, NAEA, RICS, NALS or UKALA.
These agents will now pay a reduced joining fee of £50 and some of them will pay a reduced fee per deposit. SafeAgent agents will now pay just £10 and ARLA, NAEA, RICS, and NALS agents £12.
A lot of agents left TDS for My Deposits when TDS put its price up a few years ago, and My Deposits is obviously keen to hang on to them.
So now TDS, which was originally set up mainly to cater for agents, is the cheaper of the two for landlords, and My Deposits which was set up by a landlords association mainly for the benefit of landlords, is the more expensive of the two schemes for landlords, but is cheaper (maybe) for agents!
The third scheme, the DPS, is apart from all this of course as, being a free scheme, they cannot reduce their fees any further.