How Much Do Safe Deposit Boxes Cost?
It’s great that banks have evolved from merely being able to safe-keep your hard-earned money, but you probably know that banks can keep your high-value items as well.
You can keep essential documents, expensive jewelry, and other valuables in safe deposit boxes. But how much do they cost?
The Cost of Safety Deposit Boxes
The average cost of the smallest-size deposit box is about $60 a year. The prices vary according to the size, location, and relationship with your bank. Some banks have discounts, too, depending on the type of account.
The common sizes of boxes in inches are:
- 3” x 5”
- 5” x 5”
- 3” x 10”
- 5” x 10”
- 10” x 10”
Here are the annual prices according to size and per bank:
|Bank||3” x 5”||5″ x 5″||3″ x 10″||5″ x 10″||10″ x 10″|
|Citibank||$65||–||see description below*||–||see description below*|
Note: There are discounts for Citibank account holders: the bank will waive an annual fee of up to $125 for clients in the Citigold or Citi Priority Account Package. Safe deposit boxes valued over $125 will have a 50% discount.
Overall you have many options, but you could choose the bank where you already have an account or open another one elsewhere.
Getting your box opened without your key is another thing to consider when deciding where to have your safety deposit box.
The Cost of Losing Your Deposit Box Key
Don’t lose your key since, usually, it is the only copy your bank has for security purposes. You can order a replacement key, but a locksmith needs to drill into your safety box if you’ve lost both the original and replacement keys.
Replacement keys and drilling charges are added costs. Fees differ as well across banks. Let’s see them here.
|Name of Bank||Replacement Key Fee||Drilling Fee|
|Wells Fargo||$20 – 2 replacement keys||$125|
|PNC Bank||$15 – 2 replacement keys||cost of your box|
|TD Bank||Starts at $50||$200|
Chase Bank allows you to pay a key deposit covering the cost of your replacement key. You must surrender your contract for the safe deposit box before returning it.
As of last year, Chase is no longer offering new leases on deposit boxes. The boxes are taking up too much square footage in a bank, and fewer and fewer people need them. Also, training staff on how to operate this type of storage takes time and money, making it costly to operate overall.
Also, take note of how late payments add to the equation.
Paying Late Fees
For how your landlord might penalize you for a late payment on your rent, and your bank will charge you if it has been more than 30 or 60 days past your payment due date. The different banks’ charges range from $5 to $10. Check your bank for their rules on late payment charges.
The Bottom Line
Select the best size and price of the safe deposit box and your distance to the bank branch. You can choose the one most fitting for you and your items; ask the bank for their complete guidelines.
A safe deposit box is a great way to secure physical items too valuable to lose. Still, consider a digital safety deposit box for more sensitive files.
Is there a no-cost safe deposit box?
Some banking institutions offer a free small box for premium account holders, such as Bank of America Platinum or Platinum Honors and Chase’s Premier Plus Checking. You may check your specific bank to see if they offer this.
What should and shouldn’t I put in a safety deposit box?
You can put in original versions of birth certificates, car titles, property deeds, marriage and divorce documents, etc. Valuable items such as heirlooms, card and coin collections, and expensive jewelry are also accepted.
Refrain from putting in passports, cash, driver’s license, safe deposit keys, and other forms of ID since these are items you need to access immediately when required. Banks prohibit dangerous items such as guns as well.
Are safe deposit boxes safe?
They are not 100% safe if the contents are not insured. Neither your bank nor the Federal Deposit Insurance Corporation or FDIC insures them. There are no safeguards if your items get stolen or destroyed. It’s best to have a private insurer safeguard them inside the bank.