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  • Deposit Protection

    Zero Deposit celebrates first anniversary

    Property Tribes deposit protection partner, Zero Deposit celebrates its first year of success helping thousands of people with an alternative route to the traditional tenant deposit, alongside reaching the important milestone of its first anniversary since becoming directly authorised by the FCA.

    There are many deposit replacement products available in the market. Zero Deposit is the only one offering the full protection of the FCA to both landlords and tenants, while covering all tenant obligations under the tenancy agreement.

    This combination of regulatory safeguards, and clear and comprehensive cover for landlords, with no exclusions for important claims like professional cleaning and unpaid rent, is proving to be a deciding factor for many letting agents. In fact, out of the top 50 UK lettings agents offering deposit replacement group-wide across their networks*, over 75% of offices offer Zero Deposit, with many citing the security of the product as a key advantage compared to other providers.

    A year on and Zero Deposit has guaranteed nearly 9,000 tenancies, equating to over £10m of deposit cover provided to landlords around the country.

    A large part of Zero Deposit’s success is the safety and security it offers its customers; every individual guarantee is underwritten by Great Lakes Insurance SE, part of Munich Re, one of the world’s largest reinsurance firms and is further bolstered by protection under the Financial Services Compensation Scheme and the Financial Ombudsman Service for both landlords and tenants.

    Jon Notley, Co-Founder and CEO of Zero Deposit says:

    “We decided early on that we wanted to offer the protections that come with FCA regulation to our customers and partner agents, both to set the bar for our market and to give customers the utmost confidence in our product. Achieving FCA regulation takes considerable investment and places a responsibility on our business to operate to the highest standards. With so many of the UK’s leading agents choosing to partner with us, along with industry bodies such as the Residential Landlords Association, we are pleased to see the industry taking regulation in this area seriously.”

    “Deposit replacement is changing the way that people rent and helping agents and landlords by speeding up the process and taking away a huge affordability barrier for tenants. You can see from our Trustpilot feedback how positively tenants view our product when they move in, and we are getting excellent feedback on the end of tenancy process which is designed to be as simple as possible.”

    “Once a Zero Deposit Guarantee is in place, it stays in place for the lifetime of the tenancy (to a maximum of 10 years), and the contract of guarantee is given to the landlord directly by the insurer, so the landlord can be sure that the protection that we advertise will be there when they need it.”

    Paul Deveney, Director at Acorn Group says:

    “We were excited about the potential of Zero Deposit from the beginning, and we haven’t been disappointed. With a push to make renting more accessible, easier and more affordable, Zero Deposit ticks the boxes for a lot of tenants who don’t want to tie up large amounts of cash for what are now much longer periods, as the average length of stay for a tenant continues to increase. Without question it has helped us rent properties faster and tenants are actively looking for properties that offer the Zero Deposit product.

    “Once a landlord understands the offering and the fact that the tenant still needs to pass affordability checks and is still be personally liable for any damage at the end of the tenancy means the product becomes a no brainer, given they will receive more cover than a traditional cash deposit along with the added protection put around the product.”

    “The beauty of this is that the tenants get a fair deal and our landlords are protected and can make speedy claims with no hassles!”

    *Research conducted in June 2019. We analysed the main property portals and identified the top 50 UK letting agents by number of offices and then whether these agents offered a deposit replacement product across their network. For those who did, 76.6% of offices offer Zero Deposit to their tenants and landlords.


    I just wanted to add that I let a property in Manchester recently on a slightly higher than average rent and offered the Zero Deposit option.  This enabled the tenant to move more quickly and reduced the void period between tenants.  My personal experience so far has been nothing but positive.

    SEE ALSO  -           Deposit replacement is here - Zero Deposit

    UP NEXT -              Zero Deposit announces partnership with RLA

    DON'T MISS -         Zero Deposit - best new LL product in ages



    Zero Deposit has appointed former ARLA president Peter Savage as its official spokesman.

    Savage has held various roles within ARLA Propertymark, including two terms as president in 2015/16 and 2018/19.

    He remains a member of the Propertymark board, a position he has held since 2015.

    ARLA itself does not back any individual deposit replacement products and has not endorsed the sector itself, but has issued a factsheet that calls for agents to conduct due diligence on the schemes and describes them as “relatively unproven”.

    Savage said: “I have watched the growth of the deposit replacement product market with interest. It offers a fantastic opportunity for landlords and tenants alike, but as with any new industry, it is liable to rogue entrants too.

    “Much of my career has been spent raising standards in our industry and placing consumer protection and transparency at the heart.

    “In the deposit replacement sector, it is crucial that landlords are fully aware of the level and consistency of their cover and that tenants fully understand what they are and are not covered for when they buy a deposit replacement product.

    “To ensure this is the case, I firmly believe that deposit replacement should evolve as a regulated marketplace, and I look forward to doing what I can to promote this message and all of the safeguards and protections that regulation brings.”

    Full/source article


    Well done on Zero Deposit for their first year of success! It can be hard to start your own business and to get one year of success is amazing! It is great to see that they have helped so many people succeed, and find alternative route to traditional tenants deposit.

    I hope they have many years of success ahead of them!


    Transparency notice: OneandOnlyPro is a commercial partner of Property Tribes.