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
Wigwam takes a £0 security deposit from new customers. Nothing is held back against your unit, so there is nothing to claim back when you leave. Longer-standing customers may still hold a deposit from the previous arrangement. What you pay when you book is your first four weeks' rent, plus the charge for our contents protection if you take ours rather than arranging your own insurance. The quote shows the exact amounts before you pay.
It is worth knowing this when you compare operators, because a deposit is still common in the trade. Two weeks' rent, held for as long as you store, is typical, and it is usually charged at the standard weekly rate, so an introductory offer lowers the rent but not the deposit. With us there is no such sum to find up front.
Deposit vs payment in advance
The two are easily confused. Your first four weeks' rent is payment in advance: it buys storage time, and if you leave partway through a paid period the unused days come back to you. A deposit buys no storage time at all; it simply sits with the operator until the agreement ends. Because we do not take one, the only money of yours we hold is rent you have paid for days you have not yet used, and that is refunded when you move out.
If you're…
- Budgeting a first booking: expect your first four weeks' rent in one up-front payment, plus the first charge for our contents protection if you take it rather than arranging your own insurance. There is no deposit on top of that. 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. Any unused days you have paid for are then refunded (see move-out inspection).
- Storing for a business: a business account works the same way, with no deposit either, and we can issue a VAT invoice if you need one.
For what you pay when you book, and when each payment falls due, read Do I have to pay a deposit for storage? 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 for storage? · How do I move out of my unit?