How Savings Accounts Are Revolutionising Rental Deposits

Revolutionising Rental Deposits

In the world of renting, affordability and flexibility are crucial, which is why DepositPass is excited to introduce a groundbreaking new feature: assigning savings accounts to secure rental deposits. This innovative solution not only keeps your money safe but also allows it to continue earning interest while providing landlords with peace of mind. Savings accounts are revolutionising rental deposits, making the process simpler and more beneficial for everyone involved.

With our new approach, tenants can assign a portion of their savings account as a rental deposit without ever having to transfer the money. The assigned amount remains in their account, accruing interest as usual, while being blocked for the rental period. This means tenants don’t lose access to their savings, and landlords can rest easy knowing they’re protected in case of a dispute.

So, how exactly are savings accounts revolutionising rental deposits? This solution allows tenants to retain control of their finances while meeting rental obligations. It’s a win-win: tenants continue growing their savings while landlords get a guarantee that funds will be available should an issue arise. Additionally, DepositPass offers access to an impartial dispute resolution service, providing fair outcomes should any disagreements occur during the tenancy.

At DepositPass, we’ve designed this feature with flexibility in mind. You can assign various types of savings accounts, even those of a third party like a family member or friend. This allows tenants and landlords to benefit from an innovative, secure solution that puts financial control back in the hands of the tenant.

Explore the future of rental deposits today by signing up with DepositPass and see how this new feature can provide more flexibility and security for your renting experience.

DepositPass Relaunch: A New Brand, A New Way to Secure Rental Deposits

DepositPass Relaunch

At DepositPass, we’re excited to unveil our fresh new brand and an innovative approach to making rental deposits easier and more beneficial for tenants. After listening to our customers and reflecting on our journey, we’re relaunching with a key addition to our services – the ability to assign savings accounts for rental deposits. This pivot builds on our commitment to providing tenants with smarter financial solutions while giving landlords the security they need.

Why We’re Changing
When we first launched, our main focus was on using life savings insurance policies to cover rental deposits. However, through valuable feedback from customers and industry experts, we realised that tenants wanted more flexibility and simplicity. This is why we’ve introduced the option to assign savings accounts for deposit coverage, keeping your money where it belongs – in your account – while it continues to earn interest.

Our revamped platform now allows tenants to assign a defined amount of their savings directly to the landlord as the deposit. The money remains in the tenant’s account, blocked only during the rental period, providing financial peace of mind for both tenants and landlords. This change marks a significant improvement in convenience, security, and overall financial health.

How the New Deposit System Works

  1. The tenant assigns the deposit amount from their savings account directly to the landlord.
  2. The assigned amount stays in the tenant’s account and continues to earn interest.
  3. The money is blocked during the rental period in case of any dispute.
  4. In the event of a dispute, our trusted resolution service steps in to ensure a fair outcome.

A New Look, the Same Commitment
Along with these changes, you’ll notice a new look and feel across our platform. Our updated brand reflects our values of simplicity, transparency, and trust. Whether you’re a tenant looking for a smarter way to manage your rental deposit or a landlord seeking secure protection, DepositPass is here to help.

We’re thrilled to relaunch with these exciting improvements and invite you to explore our new site to see how DepositPass can make renting easier for everyone involved.