How Much Do Safe Deposit Boxes Cost?
If you have some valuable items that you don’t want to keep at home such as cash, jewelry or more, you may find that you want to head to your local bank to get a safety deposit box. When considering one, there are many factors to consider when wanting to rent one. AllFinancial.com has a great list of what you should put in your safety deposit box.
How much is it?
- There are many various sizes that you can get with a bank. For example, BankersTrust.com offers a 2x5x12 for $10.50 per year, a 3x10x22 for $45.50 per year, and their most expensive box is a 14x22x22 for $185.50 annually.
- According to CBS Money Watch, the average safe deposit box costs anywhere from $30 to as much as $75 a year.
- Bank of America charges $30 for a 2×5, $100 for a 10×10, and $190 a year for a 17×15.
- Chase Bank has over 60 different sizes to choose from. For example, a 2×5 can run $65 annually.
- Citibank has many various sizes. A 2×5 is $20 a year, a 24×48 is as much as $3,318 a year.
- Wells Fargo also has many different sizes. Their most common ones such as the 2×5 is $40 a year, while their 10×10 is $120 a year.
- If you want to purchase one for your home, the SentrySafe H2300 ranges anywhere from $40 to $60.
- The Digital Safe Box by Solar Eclipse runs anywhere from $30 to $50.
- The Neiko Fit Anywhere runs anywhere from $40 to $60.
What is going to be included?
- A safe deposit is going to protect your valuables such as jewelry, birth certificates and more from potential theft, tampering, floods, damage and more.
- The bank will more than likely assign you a key. While this key won’t necessarily open it, you’re going to need the bank’s key, as well as your signature and more to access your safety deposit box.
What are the extra costs?
- Some banks may require a key deposit fee. This is a fee to pay in order to get the key in the beginning. This deposit fee can be anywhere from $10 to $30.
- If you lose the key, many banks are going to charge you to replace the key. This can vary from $10 to $40+
- Drill fees may be required if you lose your key, or you need access. These fees can be as much as $150+
- Insurance is highly recommended for items outside of cash. Since the items won’t be covered by the FDIC or bank, an insurance policy is highly recommended. Count on paying $15 to $20 per $1,000 worth of valuables.
Tips to know:
- It’s always safer to open up a safe deposit safe, rather than have a safe at home. While home safes can be cheaper, they are a lot easier to crack if a thief does break into your home.
- Safe deposit boxes aren’t covered by the FDIC. If you’re going to keep any type of jewelry, coin, etc, it’s best to have it insured by a separate entity.
- While it’s safe to keep papers in the box, always make sure that you keep copies at your own home just in case they get lost or something happens.
How can I save money?
- Consider installing a safety deposit box in your home. ThisOldHouse has a great installation guide on how you can install a safe. Make sure that your safe is bolted into the ground so that it can’t easily be taken.