As its name implies, a safety deposit box helps keep your valuables safe. You may or may not have one of these at your nearest bank. Show
Safety deposit boxes cost around $23 to $300 per year. The price depends on factors such as size, bank, and location. For example, the safety deposit box cost Chase offers for a 3” x 5” (8 x 13 cm) box will differ from the safety deposit box cost Wells Fargo offers. The following section will elaborate on the average safety deposit box cost according to bank and size. I will also talk about instances where you can get a safety deposit box for free, what you can and can’t put in a safety deposit box, and how to choose a safety deposit box according to size. How Much Does a Safety Deposit Box Cost?Safety deposit box prices vary depending on the size of the box and the bank. Also, the cost of a safety deposit box of the same size and bank can differ depending on the branch. For example, the Bank of America deposit annual box fee for a 3” x 5” (8 x 13 cm) in New York, NY, may not be the same as a box of a similar size in a BoA branch in Los Angeles, CA. Based on publicly available information, I have compiled the following data on average safety deposit box prices according to size and bank. As noted, the cost can vary depending on the branch, so the figures cited here won’t necessarily match your nearest bank’s fees to a T.
Now that you know how much safety deposit boxes cost, you may want to see whether it’s possible to get them for free. I will answer that question in the next section. Does Anyone Offer a Free Safe Deposit Box?Certain depositors are eligible for a free safety deposit box. If a depositor belongs to a specific tier (which usually depends on the size of their deposit), they may get discounts or even a complimentary box altogether. Members of groups like the military and senior citizens may also enjoy free or discounted rental fees. Banks that offer discounted or free safety deposit boxes include:
Below, I will discuss banks that offer deals for their safety deposit boxes. Bank of AmericaPlatinum and Platinum Honors tier members have a waiver on their Bank of America safe deposit box fee, as long as it’s for “small” safety deposit boxes. The website doesn’t specify how small the safety deposit box is, though. BMO Harris BankIf you have a BMO Harris PremierTM Account, you don’t have an annual rental fee for a 3” x 5” (8 x 13 cm) safe deposit box. BB&TSafety deposit boxes for BB&T [email protected] Checking accounts are free up to 3” x 5” (8 x 13 cm) and have a $40 discount on other sizes. Chase BankThe safety deposit box cost Chase offers its Premier Plus CheckingSM account holders is zero, as long as the box is 3” x 5” (8 x 13 cm) or smaller. In addition, they can get a 20 percent discount on larger box sizes. Fifth Third BankFifth Third Preferred Checking® holders can waive their annual fee for safety deposit boxes 3” x 5” and smaller and enjoy discounts for larger boxes. M&T BankIf you’re a MyChoice Premium Checking account holder at M&T, and your safety deposit box has a $50 or less rental fee, you can waive that fee. Alternatively, if your safety deposit box costs more than $50, you can get a maximum discount of $200 on your annual rental price. Santander BankSantander Select Checking account holders can have the smallest available safety deposit box for free. If they’re using larger boxes, they may also enjoy a 50 percent discount provided the account is auto-debit. SunTrust BankAll Advantage Checking account holders at SunTrust bank have $25 off their safety deposit box fees of any size, subject to the boxes’ availability. U.S. BankAt U.S. Bank, Platinum Checking account holders, military service members (current and former), and those aged 65 and older enjoy a 50 percent discount off their annual safety deposit box rental fee. If you’re interested in getting a safety deposit box from any bank, make sure to contact that bank first. Otherwise, you might scramble to keep things in your safety deposit box, only to realize that such boxes aren’t available in your nearest bank. So what items are acceptable to put in a safety deposit box? What Can You Put in a Safety Deposit Box?At least one of these items shouldn’t be in the boxIf you want to put anything into a safety deposit box, it should be something valuable that you’re not going to need in the near future. It should also be something you can insure and replace. Things you can put into a safety deposit box include:
Below, I’ll explain why keeping the above documents in a safety deposit box is a good idea. Vital RecordsVital records include:
You can obtain duplicate copies of these from the government, but it’s more cost-effective to tuck them away in a safe place until you need them. School / Military RecordsLike your vital records, school and military records are essential documents, but you don’t necessarily need them now. If you can’t access your safety deposit box for any reason, you can get copies of these from the institution where you received them. JewelryBut don’t store jewelry that you use every day. Get your jewelry appraised, pick the ones that are most likely to be valuable, and protect them further with a personal articles floater attached to your insurance policy. CollectiblesDo you have a coin, rock, or other valuable collectibles passed down from generation to generation? Stash them away in your safety deposit box, and protect them with a personal articles floater. Titles for Your House and CarThe only time you’ll need house and car titles is when you’re about to sell the properties those titles are attached to. Still, both of them are valuable documents, and you want to keep them in a safe place until you need them. Physical Proof of Stock OwnershipUnless you’re a high-volume trader or your investments are primarily online, you may still have paper copies of stock and bond certificates. In that case, it’s a good idea to store these in your safety deposit box too. Duplicate Copies of Legal DocumentsLegal documents include:
Make sure you create duplicates of these documents, however. Flash DrivesIf you’re tech-savvy, your sensitive documents may be in electronic format. Assuming you don’t need those documents any time soon, you can stash away the flash drive containing them too. Other Sensitive DocumentsAre there any documents not listed above you don’t want family members to know? A safety deposit box can be the answer to your problems. Now you know what you can put in a safety deposit box. What about the stuff you can’t store in a safety deposit box? What Can’t You Put in a Safety Deposit Box?Don’t put anything in a safety deposit box that you’ll need asap. Also, don’t store anything that can’t be insured or duplicated. Remember that the Federal Deposit Insurance Corporation (FDIC) doesn’t insure safety deposit boxes. Things you shouldn’t put in a safety deposit box include:
Let me explain why the above shouldn’t go into a safety deposit box. CashIt’s better to stash cash in a place that you can access easily, like your ATM or wallet. Identity DocumentsPassports, driver’s licenses, social security cards, and the like shouldn’t be in a safety deposit box. You need these documents almost every day, and storing them in a place you can’t open easily is a bad idea. Lone Copies of Legal DocumentsDon’t keep the original copy of your will in the safety deposit box. Otherwise, you may encounter a catch-22 situation where a probate court cannot appoint an executor without the will, but only the executor can access the will inside the safety deposit box. Uninsured ValuablesAgain, items in safety deposit boxes aren’t insured. If you stash away jewelry and collectibles without insuring them first, and a disaster strikes the bank, you will have difficulty replacing the precious items lost. Contraband ItemsFirearms, illicit drugs, and other items you’re not legally allowed to have shouldn’t be anywhere near a safety deposit box. How To Choose the Best Size Safety Deposit BoxNever pay for more than you needAt this point, you’re all set on having a safety deposit box. So how do you choose one? To choose the best size safety deposit box, remember these tips:
Let’s go into more detail about choosing the best size safety deposit box. Consider Whether Your Item Should Be in a Safe Deposit BoxEarlier, I talked about what you can and can’t keep in a safety deposit box. If your answer to most or all of the questions below is “Yes,” it’s safe to stash that item away.
Measure the Item You Will Store in the Safety Deposit BoxSafety deposit boxes come in five basic sizes:
Based on your item’s size, which box do you think fits the best? For paper documents, you can discern what size you need. For other things, use a tape measure or ruler to measure the item’s length, width, and height, and see which box you can comfortably keep it in. Shop for the Best Safety Deposit Box Rates in Your AreaCall your nearest bank and ask whether they offer safety deposit boxes. If their answer to the question is “Yes,” ask them what kind of account you should have to get a complimentary box or discounted rental fees. Consider whether the overall costs of maintaining that account are worth the savings from the safety deposit box. Ask the Bank if There’s a Limit to How Much You Can StoreBanks aren’t going to let you stuff your safety deposit box to the brim. Consider how much you can keep inside the box. Ask the bank if they impose a maximum value for items inside their safety deposit boxes. Final ThoughtsIf you have a lot of valuables, a safety deposit box might be worth looking into. After all, it functions as an extension of your home, where you keep things that matter to you. On the other hand, remember to weigh the pros and cons of a safety deposit box. It can either be your best investment or your worst idea. Choose carefully! For more, check out How to Store Large Amounts of Cash (With Locations to Avoid). Hey, I’m Jim and the author of this website. I have always been interested in survival, fishing, camping, and anything in nature. In fact, while growing up I spent more time on the water than on land! I am also a best-selling author and have a degree in History, Anthropology, and Music. I hope you find value in the articles on this website. Feel free to contact me if you have any questions or input! How much do safe deposit boxes cost at Bank of America?Annual cost of safe deposit boxes by bank and size. Does Bank of America offer free safety deposit boxes?Bank of America offers a small safe deposit box free as a part of its senior account package.
Are bank safe deposit boxes worth it?Renting a safety deposit box is absolutely worth it and an excellent place to store irreplaceable and important documents that you don't need to access very often. Safe deposit boxes are more secure than your home because they are usually kept in weather-proof bank vaults.
How long will money last in a safety deposit box?Federal law requires unclaimed deposit accounts to be transferred to the state after 18 months, and state laws differ on the period of time after which contents of safe deposit boxes must be transferred.
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