How Much Does a Safe Deposit Box Cost?

It’s not always easy to know how much you should be spending on a safe deposit box.

Many people don’t even realize that they can get a safe deposit box, and those that do often aren’t sure how much they should be spending on one.

We’ve created this guide to help you understand how much a safety deposit box costs, what factors you should consider when choosing one, and tips for getting the most out of your box.

What Is A Safe Deposit Box?

A safe deposit box, also known as a security box, is a safe storage space for valuables and important documents.

It is usually located within a bank or credit union and can only be accessed by the account holder with the proper key or combination. The purpose of these boxes is to provide customers with a place to store valuables and important documents in a secure location.

Safe-deposit boxes are most commonly used for storing important documents and valuables.

However, they can also be used for other purposes, such as:

Renting a safe deposit box to store inventory for your business
Use a safe deposit box to store extra keys for your home or office
Using a safe deposit box to store cash

The contents of safe deposit boxes are not insured by the FDIC or NCUA, so it’s important to check with your homeowner’s or renters insurance policy to see if your items are covered.

Types of Safe Deposit Boxes and Their Cost

There are two main types of safe deposit boxes: Standard and Executive. Standard safe deposit boxes are the most common type and are typically small in size, ranging from 3×5 to 5×5. They’re perfect for storing things like important documents, jewelry, or other valuables that you want to keep safe but don’t need easy access to.

Executive safe deposit boxes are larger in size, ranging from 10×10 to 16×16, and are ideal for storing things like extra cash, family heirlooms, or important business documents. Because they’re larger, they typically cost more than Standard safe deposit boxes.

Features

Both Standard and Executive safe deposit boxes come with a key and a lock. The key is used to open the safe deposit box, and the lock is used to keep it secure. Some safe-deposit boxes also come with a secondary key, which can be used in case you lose your primary key.

Most safe-deposit boxes also come with insurance, which protects your belongings in case of theft, fire, or flood. Check with your bank to see what type of insurance is included with your safe deposit box.

Cost

The cost of a safe deposit box varies depending on the bank and the size of the box. Standard safe deposit boxes typically cost $30-$60 per year, while Executive safe deposit boxes can cost up to $500 per year.

Some banks also charge a one-time fee to open a safe deposit box, which can range from $20-$100. Be sure to ask about any fees before you rent a safe deposit box.

How to Choose the Right Safe Deposit Box for You

When it comes to safekeeping your important documents and valuables, you want to make sure they are well protected. A safe deposit box is a great option for keeping your items safe, but how do you know which one is right for you?

Here are a few things to consider when choosing a safe deposit box:

Size: Safe deposit boxes come in a variety of sizes, so you will want to choose one that is large enough to accommodate all of the items you need to store.

Location: Some banks offer safe deposit boxes at multiple locations, so you can choose the one that is most convenient for you.

Cost: Safe deposit boxes typically range in cost from $25 to $100 per year, depending on the size and location of the box.

Access: Most safe deposit boxes can be accessed during regular bank hours, but some banks offer 24-hour access for an additional fee.

Now that you know what to look for in a safe deposit box, you can choose the one that best suits your needs. Keep your valuables safe and sound with a safe deposit box from WOW Locks!

Do You Need a Safe Deposit Box?

The cost of safe deposit boxes varies depending on the bank and the size of the box. The average cost of a safe deposit box at a major bank is about $100 per year. Smaller banks and credit unions may charge less. The cost is usually worth it if you need to store important documents or valuables.

If you’re considering renting a safe deposit box, here are a few things to keep in mind:

What will you be storing in the box? Make sure the items will fit and that you have enough space.
How often will you need to access the box? If you only need to access it once in a while, a yearly fee may be more affordable than a monthly fee.
What is the bank’s policy on safe deposit box access? Some banks may require you to make an appointment, while others may allow you to access your box anytime during business hours.
What are the bank’s safe deposit box rules and regulations? Make sure you understand the bank’s policies before renting a box.

If you’re looking for a safe place to store important documents or valuables, a safe deposit box at a bank or credit union is a good option. Just be sure to do your research and understand the cost and policies before renting one.

WOW Locks is Here For You!

At WOW Locks, we understand that your safety is important to you and your family. That’s why we offer a variety of safe deposit box sizes and styles to fit your needs. And, our safe deposit boxes are affordably priced so you can keep your valuables safe without breaking the bank.

When it comes to safe deposit box costs, we have a variety of options to choose from. Our small safe deposit box starts at just $29 per year. For a larger safe deposit box, prices start at $39 per year. And, for our deluxe safe deposit box, prices start at $49 per year.

So, whether you’re looking for a small safe place to store your jewelry or a larger safe to store important documents, WOW Locks has you covered. Contact us today to learn more about our safe deposit box options and pricing. We’re here to help you keep your valuables safe and sound. Call us at (844) 969-5625!

What to (and Not to) Keep in a Safe Deposit Box

For most people, a safe deposit box is an ideal place to store important documents and valuables. But what exactly should (and shouldn’t) you keep in a safe deposit box? Here’s a quick guide:

What to Keep in a Safe Deposit Box

Vital records such as your birth certificate, marriage license, and divorce decree
Your will or other estate planning documents
Property deeds and titles
Stock certificates and bond certificates
Insurance policies
Passports and other travel documents
Valuables such as jewelry or family heirlooms

What Not to Keep in a Safe Deposit Box

While a safe deposit box is a great place to store important items, there are some things you should avoid keeping in one.

Here are a few examples:

Cash: While it’s fine to keep a small amount of cash in your safe deposit box for emergencies, you shouldn’t keep large sums of cash here. If your safe deposit box is ever burglarized, your insurance policy may not cover the loss of cash.

Food or water: Safe deposit boxes are not airtight, so perishables will go bad quickly.

Weapons: Guns and other weapons are best stored in a home safe or at a gun range.

When it comes to opening a safe deposit box, there are a few more things to consider.

In addition to the cost, there are a few other things you should consider before opening a safe deposit box.

Here are four factors to keep in mind:

1. Access

One of the most important things to consider is how you (and anyone else you designate) will be able to access the safe deposit box. Most facilities require that two people be present in order to open the box. So, if you’re planning on giving someone else access, make sure they’re available during business hours.

2. Security

Another thing to think about is security. How safe is the facility where you’re planning on storing your safe deposit box? Make sure it’s in a well-lit and secure location. And, if possible, choose a facility that has 24-hour security.

3. Location

You should also consider the location of the safe deposit box. If you’re planning on storing valuables, you may want to choose a facility that’s close to home. That way, you can easily access the box if you ever need to.

4. Insurance

Lastly, make sure you have adequate insurance coverage for the contents of your safe deposit box. Your homeowner’s or renter’s insurance policy may cover the contents of your safe deposit box, but it’s always a good idea to check with your insurer to be sure.

FAQs About How Much Does a Safe Deposit Box Cos

How do I access my safe deposit box?

In order to access your safe deposit box, you will need to go to the bank or financial institution where it is located. You will need to present a valid form of identification, such as a driver’s license or passport. You may also be required to sign a logbook. Once you have been given access to the safe deposit box, you will be able to open it with the key that you have been provided.

What happens to a safe deposit box if the owner dies?

If the owner of a safe deposit box dies, the box will usually be sealed by the bank or financial institution. The contents of the box will then be given to the executor of the estate.

The executor will then be responsible for distributing the contents of the box according to the instructions in the will. If there is no will, the contents of the safe deposit box will be distributed according to state law.

What happens if I lose my key to my safe deposit box?

If you lose your key to your safe deposit box, you will need to contact the bank or storage facility where it is located. They will usually have a spare key on hand that they can give you.

What happens if I forget the combination in my safe deposit box?

If you forget the combination in your safe deposit box, you will need to contact the bank or storage facility where it is located. They will usually be able to help you reset the combination.

I’m moving, what do I need to do with my safe deposit box?

If you are moving, you will need to contact the bank or storage facility where your safe deposit box is located and let them know your new address. You may also need to arrange for transportation of your safe deposit box to your new location.

How do I know if my safe deposit box is safe?

All safe deposit boxes are required to meet certain safety standards. However, it is always a good idea to take your own precautions, such as not storing all of your valuables in one place.

How do I access my safe deposit box?

Most safe deposit boxes can only be accessed during business hours. So, if you’re planning on giving someone else access to your box, make sure they’re available during those times. Some facilities require two people to be present in order to open the box.

What happens if I lose my key?

If you lose your safe deposit box key, you’ll need to contact the facility where your box is located. They’ll usually be able to provide you with a replacement key. However, there may be a fee for this service.

Do I need insurance for my safe deposit box?

It’s always a good idea to ensure the contents of your safe deposit box. Your homeowner’s or renter’s insurance policy may cover the contents of your safe deposit box, but it’s always a good idea to check with your insurer to be sure.

Worried about the security of your valuables?

A safe deposit box is a great way to protect your belongings from theft or damage. At WOW Locks, we have a variety of sizes and prices to fit your needs.

Our team is here to help you choose the right safe deposit box for your needs. We want to make sure that you feel confident and secure with your decision.