Interest on rental deposit?

[kira000]

Hi, I have just moved out of my flat after two years. The management company have been responsible for holding the deposit for the two years, and have said i will get it back without deductions.

My question is, should i get interest back with the deposit? It was handed over before the deposit scheme started, so it will have been in a bank somewhere, and the interest on �1300 over 2 years, might not be much, but will be something.

I seem to recall i got interest on my deposit from a previous flat, but not sure if it is the norm or not.
Thx

[bednobs]

hi kira, how do you know it's been in a bank somewhere? the person might eiher have spent ti at the time or stuffed it under the matress!

[kira000]

Hi Bednobs. Thanks for the encouraging thought!
Luckly, Its not a person who held the deposit. As i said in my question, it is the Estate/lettings agency who were the management company- and they are stil business and hae a good reputation.

[bednobs]

but that dosent mean your deposit has gone in a bank account for 2 years though - the money you gave may have been put towards business costs, and now they are paying you back out of the business, if you see what i mean?

[Twenty20]

If your deposit was held in a TDS you might get a very small amount of interest as most of the interest goes to pay for the scheme.

If its held by a landlord or agent then, unless it says differently in your AST, they dont pay interest. Check the wording of your agreement.