Renters typically up to five weeks' worth of rent as a deposit, with the money only being returned after the tenancy is finished
Renters typically up to five weeks’ worth of rent as a deposit, with the money only being returned after the tenancy is finishedRenters who have their money locked away in tenancy deposit schemes are losing out on £100 or more in potential savings interest a year,has shown that, at the end of tenancies, schemes pay out miniscule interest on the locked-away money despite the official rate of interest increasing significantly.
It also said it had to pay for its services this way, and that it had increased the rate of interest it paid four times in the past four months. “Not only is the cost of a deposit extortionate, but tenants are being hit in the pocket again by the incredibly low interest rates that deposit schemes utilise. Renters’ money accrues significant interest while sitting in deposit schemes and the added value of this money should be spent to benefit tenants or returned directly to the tenant, he said.
He said there was also a case for “pooling interest on tenancy deposits” and creating a fund that could then help tenants to take legal action against landlords “who are failing to meet minimum standards.”
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