Deposit registration

I have not previously used open rent and am now in the process of accepting tenants & the contract being drawn up. I am concerned from the initial draft that open rent appear to lodge the deposit for me in a custodial scheme. As with previous tenancies through agents I would like to register the deposit with an insurance based scheme My Deposits, so I can initially utilise the capital for some improvements & of course then have the funds available to repay at the end of the tenancy. I am very much hoping that open rent will facilitate this, i would not have used this site if I had thought I was unable to be in charge of my managing my own deposit. I am sure I can not be the only landlord in this situation. I would be grateful for any advice. Thank you