Kind-hearted mydeposits customers have donated more than £66,000 of interest earned on their deposits to the youth homelessness charity Centrepoint.
In the first three months of the partnership, over 10,000 renters have chosen to donate their interest rather than claiming it themselves, with contributions ranging from a pound or two to £50.
If a tenant’s deposit is held with mydeposits in their Custodial deposit protection scheme, after 182 days the tenant will earn interest. Since the launch of Total Property earlier this year, the company has facilitated tenants’ ability to donate any interest.
“We know that times are tough for many renters at the moment, so we’ve been astounded by their generosity,” says Eddie Hooker, CEO of mydeposits (pictured). “The substantial sum raised in such a short period of time far exceeds our expectations and we would like to extend our sincere thanks to everyone who chose to donate the interest on their deposit.”
He adds: “Every penny of this money has been donated to our chosen charity, Centrepoint, and we are delighted that these donations will be helping to fund their vital work.”
Centrepoint’s mission is to end youth homelessness by 2037. The charity says almost 136,000 young people approached their local authority for help in 2022-23, however, the real number of young people experiencing homelessness – not having a safe place to call home - is likely to be significantly higher as many more won’t have come forward.
Centrepoint and mydeposits will continue the scheme into next year. Tenants can let mydeposits know if they would like to donate their interest at any point during their tenancy or at the end of tenancy, on their online account.
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