The Deposit Protection Service (DPS) has recently announced the pricing structure for its new insurance based deposit protection scheme.

It claims it is offering customers the easiest and cheapest option for tenant deposit protection offering the industrys cheapest published option for landlords and letting agents to protect their deposits. The DPS insured scheme will not be charging membership or annual renewal fees to its customers, so there will be no membership paperwork to contend with.

Landlords will be charged just £15.00 per deposit for deposits under £500 (inc VAT), and only £22.20 per deposit for deposits over £500 (inc VAT) on a pay-as-you-go basis.

Kevin Firth, Director of The DPS, said: "Were delighted to announce the pricing for our insurance based deposit protection scheme and provide our customers with the best value for money deposit protection options. Our goal is to deliver excellent service to the industry, and offering the most cost effective insured scheme alongside our custodial option will ensure landlords and letting agents have the best choice of protection."

The DPS launched its custodial scheme in 2007 and currently protects over 970,000 deposits.