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- Many banks and credit unions offer safe deposit boxes for a fee.
- Bank safe deposit boxes may be ideal for heirlooms or documents you don't want to store at home.
- Consider granting permission to someone you trust, and make sure to review your box routinely.
Safe deposit boxes are one of the first resources people turn to when looking for a place to safely store valuables. Many banks and credit unions offer safe deposit boxes at branch locations for a fee.
Find out what types of items safe deposit boxes are best for and how to manage one properly.
What are safe deposit boxes?
A safe deposit box is a small storage container that you rent from a local bank branch or credit union. It stays in the bank vault and can only be accessed by the renter or anyone they have given authorized permission to, including bank employees.
People use safe deposit boxes to store personal documents, valuable jewelry or collections, and other sentimental items. However, safe deposit boxes are not protected by FDIC insurance, so they could be compromised in a fire, flood, or robbery.
Choosing a safe deposit box
First, contact a local branch to see if any safe deposit boxes are available.
Once you've narrowed down the place where you'd like to rent out a safe deposit box, you'll fill out a rental agreement and choose what size box you need.
A small 3-by-5-inch safe deposit box could cost between $10 to $60 per year, depending on the bank location. A large safety deposit box that's 10 inches by 10 inches might be $50 to $165 per year. Some financial institutions may give you the option to pay monthly or annually.
The rental agreement form will outline what you can or can't keep inside a safe deposit box, whether you may add co-renters, and what the bank is liable for in the event something happens to your belongings.
After reading through the agreement, verifying your identity, and paying any rental fees, you'll get your keys and have access to your safe deposit box. In the future, you will need to set an appointment to access your items.
What to store in a safe deposit box
James J. Burns, a CFP® professional and president and founder of JJ Burns & Company, says a safe deposit box might be ideal if you're storing important papers such as contracts or valuable assets like family heirlooms or expensive jewelry. Consider storing hard to replace documents such as marriage and birth certificates and property records, too.
You should never keep cash or a will inside of a safe deposit box, Burns says. A safe deposit box isn't a good place for a will because it isn't easily accessible, he says, so it'd be better to store a copy instead of the official document.
Avoid storing cash in a safe deposit box. It's better to use a savings account or CD, since your funds are federally protected, earning interest, and easily accessible.
Accessing your safe deposit box
Most safe deposit boxes require two keys to open. The renter has one key and the bank has the other. Most banks require you to make an appointment to access the contents of your safe deposit box and will record the date and time of each visit for security purposes.
If you add a co-renter, or co-lessee, to your agreement, they will have the same level of access to your safe deposit box as you do.
Burns suggests reviewing your safe deposit box annually to ensure your valuables are secure and well-kept.
Safety and security considerations
Keep in mind valuables kept in a safe deposit box are not FDIC insured. When a bank says it's FDIC insured, it means money deposited in a bank account is insured if a bank shuts down. A bank could be liable for the value of the content inside your box if you file a claim, though. Read your agreement for specific details.
Burns recommends thinking carefully about what you want to store in your safe deposit box, your purpose for storing it there versus at home, and how long you plan to keep it. If you are considering giving a key to a family member or partner, make sure it's someone you trust.
FAQs
Rental fees vary by bank location and box size, but can be as high as a few hundred dollars per year.
Yes, bank employees and any co-renters you grant access to.
The contents of a safe deposit box are included in the deceased person's estate and handled according to their will, or according to state law in the absence of a will.
Banks don't typically insure safe deposit boxes but renters can set up their own insurance coverage.
You can purchase a home safe to keep your physical valuables secure. Important documents can be stored in a password-protected folder or on a secure hard drive.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
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