A deposit is a sum paid at the start of an agreement and held as security against anything owed at the end. When the agreement ends it is refunded, less any proper deductions. It isn't a payment for storage time, though money you owe can be taken from it.
At Wigwam
When you book, you pay a refundable deposit of two weeks' rent at your unit's standard weekly rate, plus your first four weeks' rent. The quote shows the exact amounts before you pay. Because the deposit uses the standard rate, an introductory offer lowers your first four weeks but not the deposit.
Clause 4 of our terms sets the rule:
"You must pay the Deposit on signing this Agreement. The Deposit (or the balance of it after any appropriate deductions for unpaid Fees, repairs, cleaning or other charges to put right any breach of this Agreement by You) will be refunded by cheque or electronic transfer within 21 days of termination of this Agreement."
The 21 days run from the end of your agreement, not from the day you give notice. Other clauses also reach the deposit: clause 23 (a unit left dirty or damaged), clause 41 (less notice than your agreement requires) and clause 6(c), which lets us "apply the Deposit against the Debt" if payments are missed while you store.
Deposit vs payment in advance
Your first four weeks' rent is payment in advance: it buys storage time. The deposit buys no storage time; it waits to come back, less anything owed. At the end, only unused days of rent come back with it: our move-out guide says we will "refund you your deposit and any unused days on your contract after the notice period". The 21-day limit in clause 4 is for the deposit.
If you're…
- Budgeting a first booking: expect the deposit and the first four weeks in one up-front payment, plus the first charge for our contents protection if you take it rather than arranging your own insurance. What you pay on day one sets it out.
- Moving out: give the written notice your Cover Sheet sets (our move-out guide says "Normally 14 days"), leave the unit empty and clean, and clear any balance to get it all back (see move-out inspection).
- Storing for a business: the deposit works the same way on a business account.
For the full rules, deductions and refund steps, read Do I have to pay a deposit, and when do I get it back? or call 0800 2545585.
Related terms: Payment in advance · Move-out inspection · Notice period · Introductory offer
Related questions: Do I have to pay a deposit, and when do I get it back? · How do I move out of my unit?