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Interest on deposit?

red_devil
red_devil Posts: 10,793 Forumite
in House buying, renting & selling
If you get your deposit back what happens to the interest on that? A deposit given many years ago it occurred to me would have gained interest? Does the landlord or agency keep that?:eek:
:footie:
«1

Comments

  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    It depends. If placed in a custodial scheme then the scheme keeps any interest earned to help fund the scheme. If the deposit is revered with an insurance backed scheme then the landlord retains the interest although I imagine that is used to offset the cost of insuring the deposit.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The landlord adds interest when he returns the deposit, based on the standard Barclays credit card interest rate - currently 19.5%.

    :rotfl:
  • red_devil
    red_devil Posts: 10,793 Forumite
    G_M wrote: »
    The landlord adds interest when he returns the deposit, based on the standard Barclays credit card interest rate - currently 19.5%.

    :rotfl:


    now wouldn't that be great?
    :footie:
  • red_devil
    red_devil Posts: 10,793 Forumite
    Pixie5740 wrote: »
    It depends. If placed in a custodial scheme then the scheme keeps any interest earned to help fund the scheme. If the deposit is revered with an insurance backed scheme then the landlord retains the interest although I imagine that is used to offset the cost of insuring the deposit.

    in other words tenant dosent get the interest?
    :footie:
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    That is correct.
  • Guest101
    Guest101 Posts: 15,764 Forumite
    red_devil wrote: »
    in other words tenant dosent get the interest?



    No. But realistically what's the interest on the deposit over a year? £5?


    Bigger fish to fry.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You can get 2 decent sized trout for a fiver at Morrisons.
  • Guest101
    Guest101 Posts: 15,764 Forumite
    G_M wrote: »
    You can get 2 decent sized trout for a fiver at Morrisons.

    Damn you... :)
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Fish farmers use temporary damns to keep the trout in ponds........
  • Guest101
    Guest101 Posts: 15,764 Forumite
    G_M wrote: »
    Fish farmers use temporary damns to keep the trout in ponds........

    Oh bog off :)

    And I'm pretty sure trout don't live in bogs :P
This discussion has been closed.
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