We all have things we want to keep safe. Documents, jewelry, family heirlooms—things that aren’t easily replaced and hold a great deal of importance. Deciding where to store these valuable items can be tricky. A safety deposit box, however, can be a great way to store these precious items in a secure location—but how much does it cost?
If you’re already exploring this option or just discovering safety deposit boxes, Remitly is here to help. With the safety deposit box market shifting, we’ve put together everything you need to know about costs and how to find a box that meets your needs.
How much does a safety deposit box cost?
One of the most common questions people ask is, “How much is a safety deposit box?” The answer, however, depends largely on the size, location, and provider. While safety deposit boxes are relatively affordable, prices may shift as some banks phase out safety deposit boxes altogether.
Let’s take a look at the sizes available to get a general idea of costs across the market.
Small safety deposit boxes: Budget-friendly security
Small boxes are the most common choice for those on a budget who don’t have many valuables to store.
Typical uses include:
- Rings, watches, or small jewelry items
- Birth certificates and Social Security cards
- Flash drives or backup hard copies
While most people choose to store the valuables listed above, you can store whatever you like in your safety deposit box, as long as you adhere to any rules set out in your initial contract. If you have collectibles or even family photos you want to protect, these can also be stored in your safe deposit box.
Average annual fee: $15-$55 USD per year
Most banks and private vaults offer the smallest boxes at 3” x 5”. First National Bank charges $22 USD annually for its 2” x 5” safety box.
Medium safety deposit boxes: A popular option
Medium-sized boxes offer more storage space while remaining relatively inexpensive.
Medium boxes are ideal for:
- Larger document folders
- Multiple jewelry pieces in larger cases
- Small heirlooms or collectibles
Average annual fee: $20-$150 USD per year
Sizes vary, but most medium boxes range from 5” x 5” to 3” x 10”, making them a great choice for families or homeowners looking to store more than a few documents.
Large safety deposit boxes: For high-value items
As the market is shifting and major cities often don’t have the space, larger boxes can be harder to find.
Large boxes are commonly used to store:
- Large collections
- Estate documents in binders
- Rare or oversized valuables
Average annual fee: $115-$300 USD per year
Large boxes typically range from 5” x 10” to 10” x 10”, or larger.
Tip: As prices vary by bank, it’s best to check at your local branch for the most current rate on a safe deposit box to ensure it’s within your budget.
Why do prices vary so much?
It’s not only the size of the safety deposit box that affects the price—it’s also where you choose to keep it. Banks and private vaults set their own prices at their discretion, but as times change, location is no longer the main factor in pricing. Many banks, including Chase and Santander Bank, have been phasing out their safe deposit boxes completely.
When a branch closes or relocates, the safety deposit boxes usually close with it. As other banks begin to follow this trend, safety deposit boxes are becoming increasingly rare in the banking sector.
If you’re set on a safety deposit box but your local bank no longer offers this service, the good news is there are other options. With banks exiting the safe deposit market, private vaults such as My Safe USA and Miles Franklin are filling the gap.
Location still matters
Despite banks phasing out safety deposit boxes, many still offer them along with private vaults. Location, then, is one of the largest and most important factors in pricing. A major city like New York City or Chicago will have limited storage space, which will increase prices.
A box that rents for $30 USD in a more rural area, for example, may cost anywhere between $50 and $300 USD, depending on the size.
Less availability means higher prices
Fewer boxes available in major cities will drive prices up, especially if customers don’t have many nearby alternatives. In many cities, customers are finding it increasingly difficult to secure a safety deposit box, unless a private vault is an optional alternative.
Banks are moving away from safety deposit boxes for two key reasons:
- Profitability: Banks don’t generate significant profit from safety deposit boxes.
- Customer surveys: According to JP Morgan, most customers come to the bank to ask a question or apply for a loan. The majority aren’t looking for safety deposit boxes.
Tip: With fewer boxes available through banks, it may be useful to look at private vaults instead. Doing research can help you compare prices and see what’s available in your area. If you choose to store at a private vault farther out, you may not be able to access your items as quickly in an emergency, but you may save on annual fees.
Banks vs. private vault providers
Traditional banks still offer the lowest prices, even as many phase out safe deposit boxes. Private vaults may charge higher flat fees for their boxes, appointment fees, and any other services they feel are necessary. This can make private vaults far more costly.
However, the greater security and easier access that come with private vaults are making them increasingly enticing.
Private vaults often provide:
- Extended or 24/7 access
- Higher-end security
- Insurance coverage
Banks typically offer:
- Lower annual costs
- Limited access (banking hours only)
- No automatic insurance coverage
The hidden costs most people overlook
While the safety deposit box itself will be the main cost, there are other fees to consider that are often overlooked. When looking into safety deposit boxes, consider your budget and ask yourself which size box is truly needed.
Sizing down and keeping out unnecessary items that can be stored at home can help reduce costs, especially when there are additional fees to pay.
Insurance to fill the gaps
The Federal Deposit Insurance Corporation (FDIC) doesn’t cover safety deposit box contents. There’s a misconception that, when renting a safe deposit box at a bank, your box will be insured and secure, regardless of the circumstances.
When setting up your safety deposit box, read the contract in full to understand exactly what is covered if something were to happen to your box. According to the FDIC, banks only make limited payments if the box or contents are damaged or destroyed.
You’ll want to ensure you can access your safe deposit box, especially now that branches are closing and the service is being discontinued. Mistakes can always happen, and you’ll want to protect yourself in any situation.
Lost keys and drilling fees
Safety deposit boxes usually require two keys, and banks rarely keep copies. At Key Bank, a key replacement fee is $40 USD, and the drilling fee is $200 USD.
What is a drilling fee, you might wonder. When rental payments aren’t made, the bank has the right to drill open your box and charge you for the drilling—think of it as a fine. So it’s important to store your keys in a safe place and keep on top of your annual payments, along with any other fees the bank or private vault charges.
Is a safety deposit box right for you?
If you’re wondering whether a safe deposit box is the right choice, it depends on what you’re looking to store and how often you’ll need access. Knowing what you want to store can also help you determine the box size and whether a bank or a private vault is the best fit. If you want safety and unlimited access to your valuables, for instance, a private vault with 24/7 access might be best.
Common valuables stored in safety deposit boxes include property deeds, jewelry, and collectibles. While you can store pictures or old letters there, there are certain items you should avoid storing:
- Cash (money isn’t covered by insurance in any circumstance)
- Passports (you may need them urgently)
- Wills and testaments (executors and lawyers may need immediate access)
Most importantly, firearms and any illegal items are prohibited from being stored in these boxes.
While some items can’t be stored, many can be. If you have items you’re anxious to protect or want to keep in a secure place, a safety deposit box might be the answer to your question, “Where should I keep this?”
Smart alternatives to safety deposit boxes
For some, safety deposit boxes are the right choice, whether it’s through a bank or a private vault. These boxes provide a sense of security that many feel alternatives cannot. However, if your budget is tight and your area doesn’t have safety deposit boxes available, there are a couple of other options to consider.
Home safes
Purchasing a home safe may not be cheap, but you can view it as an investment. Many home safes are both fireproof and waterproof, ensuring your valuables are safe and secure in any event of fire or flooding.
Home safes also provide 24/7 access and are only a one-time cost instead of annual fees.
Tip: Fireproof safes have different ratings. A UL Class 350 1 Hour safe can maintain a temperature of no more than 350°F for at least 1 hour. Researching different fireproof safes will ensure you pick the best one for you.
Digital storage backups
In today’s digital world, many of our documents are stored on computers, hard drives, USB drives, and in the cloud. Many people have gone paperless to reduce the volume of paper sent in the mail or the need to fill binders with tax forms and receipts.
Keeping essential documents digitally that aren’t original copies of your estate papers, for instance, means a safety deposit box may not be necessary.
Safety deposit boxes give peace of mind
Despite safety deposit boxes becoming scarcer at banks, they remain a safe and secure option for valuable items. Costs may continue to shift as the market changes and the number of boxes becomes more limited, but this doesn’t change the value a safety deposit box can offer for those needing to store important items.
Our homes may be safe, but taking extra precautions by storing valuables in a secure, monitored vault or at a bank can provide real peace of mind.
FAQs
Can I store cash in my safety deposit box?
Generally, yes, you can store cash in your safety deposit box, but it’s not encouraged, as cash isn’t covered by insurance. It’s also worth double-checking your contract so you can be confident you’re not violating any terms of your agreement.
What happens if I lose my key?
If you lose your key, you’ll typically need to pay a replacement fee as well as a drilling fee to open the box.
Can I access my safety deposit box at any time?
If your safety deposit box is located in a bank, you’ll only be able to access it during banking hours. Private vaults, however, may offer 24/7 access.
Who can access my box if I pass away?
It’s a good idea to have another family member or close friend able to access the safety deposit box or private vault in case you pass away unexpectedly. Alternatively, you may be able to add your will’s executor to a list of approved people to access the box through your bank.