As exclusively revealed on this website two months ago, TfL are phasing out the Oyster card deposit from February 23rd. Cards purchased before that date will still retain the £5 deposit which can be cashed in when returning or cancelling the Oyster card. From Sunday 23rd onwards an Oyster card will cost a £5 fee. If the card is retained then that £5 will be added to the PAYG credit balance on the first anniversary of purchase. Unused credit will still be refundable at any time, along with the deposit on older cards.
The main reason for making the change