How Much Does a Safe Deposit Box Cost?
Annual rental fees range from $20 to $200 or more depending on the box size and the bank. Small boxes (3x5 inches) are the cheapest, while large boxes (10x10 inches or bigger) cost more. Some banks offer free or discounted boxes to premium account holders. There may be a refundable key deposit of $10 to $25 as well.
What Should and Should Not Go in a Safe Deposit Box?
Store items that are difficult or impossible to replace: original deeds, titles, birth and marriage certificates, valuable jewelry, rare collectibles, and backup copies of digital data. Do not store items you may need urgently — your will (the original should be with your attorney), your passport if you travel frequently, or the only copy of a power of attorney. Cash is not insured in a safe deposit box.
Are the Contents of a Safe Deposit Box Insured?
No. FDIC insurance covers deposit accounts, not safe deposit box contents. Banks are not liable for losses unless negligence can be proven. It may be worth checking whether your homeowners or renters insurance covers items stored in a safe deposit box, or considering a separate rider. Document your box contents with photos and an inventory list kept elsewhere.
Frequently asked questions
What happens to a safe deposit box if the renter dies?
Access is restricted until the estate representative presents a death certificate, proof of authority (like letters testamentary), and proper identification. State laws govern the process. Having a co-renter can simplify access, as they retain full access rights.
Can the bank open my safe deposit box without me?
Banks can drill open a box if the rental agreement is significantly past due and you have not responded to notices, or if required by a court order or law enforcement warrant. You will be notified before any action is taken on overdue accounts.