Is there a way out of the Tenancy Deposit Law?

I am a landlord and am just in the process of letting out another property. I have been told that instead of taking a deposit you can take extra money but call it something else, is this true? Not keen on putting the money in a goverment account where they hog all the interest on the money.|||I don't know the answer to your question. You may want to tell us what state you are in. I still won't be able to help, but someone else might!