What is a safe deposit box? A safe deposit box is a locked container located in most banks that are used to store valuables or important documents. These deposit boxes are secure inside your bank, and customers can lease an individual box to store their things. Why would I want a safe deposit box? Where can I rent a safe deposit box? How much do they cost? Keep reading this post to find out everything you need to know about safe deposit boxes and why you might consider one.
For those of you who are interested in opening a new banking account, be sure to check out great promotions from banks such as HSBC Bank, Chase Bank, Huntington Bank, Discover Bank, TD Bank, BBVA Compass Bank or CIT Bank.
|Best Bank Account Bonuses||Best Free Personal Checking Accounts|
|Best Savings & Money Market Rates||Best Free Business Checking Accounts|
|Best CD Account Rates||Best Student Checking Accounts|
What Goes In
As stated before, safe deposit boxes are used to store valuables and important documents. Because you can only access your box during bank hours, it is recommended you only store items that do not require immediate access. For example, you should not store passports, medical directives, or revocable living wills. These items might require immediate access in cases of emergency. Having access to the box during bank hours limits what you should put inside. Things you should store: birth certificates, meaningful jewelry, or other personal papers.
Is it Safe
Safe deposit boxes are very secure. They are found in the banks vault and require identification to access. Furthermore, most typical safe deposit boxes require two keys to open. One from you, and one from the bank. However, no space is entirely safe from natural disasters or other emergencies. If you have important documents, you might want to take extra precaution and use waterproof covers to ensure protection.
How many people have access to the box? Usually, a safety box is under one name. If somebody else needs access to the box, the account holder will need to give prior authorization.
Where to Rent
The best place to rent a safe deposit box is at a bank where you have an account. If you don’t have a Checking Account yet, check out our complete list of Bank Bonuses for all your banking needs! When opening a new bank account, you could have access to great account features and also take advantage of some huge bonuses!
To get started, call or visit your local branch. Because space is limited, there may be a wait list or slim availability. This might require some extra research or planning to find a location with open slots.
I recommend a Chase Premier Plus Checking Account. With this account, you will have access to a 3×5 safe deposit box with no annual fee. See the link below to find out more about the account and enjoy a nice $300 Bonus!
• Enjoy $300 as a new Chase checking customer, when you open a Chase Premier Plus CheckingSM account and set up direct deposit.
• Enjoy $300, more benefits, and earn interest on your new Chase checking account.
• The $25 Monthly Service Fee is waived when you keep an average beginning day balance of $15,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances.
• No Chase fee on first four non-Chase ATM transactions per statement period.
• Earn interest on your checking account balance.
• Access to 16,000 Chase ATMs and nearly 5,000 branches
• Apply online in minutes. Open your account online now.
• Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
How Much Does it Cost
When it comes to safe deposit boxes, there are different sizes and prices to choose from. Some banks offer a free safe deposit box as one of the many account features. However, if you don’t have access to this feature, the average cost of a box depends on the size you want, the bank, and even the bank location. The table below has average rent prices for some notable banks. Keep in mind, actual prices will vary.
Average Safe Deposit Box Price
|Box Size||3 x 5||5 x 5||3 x 10||5 x 10||3 x 10|
|Bank of America||$75||$125||$150||—||$300|
Safe deposit boxes are a secure place to store your most valuable documents or items. However, it’s not ideal for all valuable items, like passports or medical directives. It’s important to keep these things safe, but you will want to have more access to them in rare cases or emergencies. Are you interested in opening a safe deposit box with your bank? If so, get started as soon as possible because space is limited.
If you’re interested in posts like this, check out Where to Find Lowest ATM Fees and much more on BankCheckingSavings!
Also, you can also check out our complete list of Credit Card Bonuses. Depending on your needs you can find all sorts of accounts that have great features and benefits. You can also check out our Referral Bonuses, Bank Rates as well as our CD Rates!
|Chase Premier Plus CheckingSM||$300 Cash||Review|
|Chase Total Checking® + Chase SavingsSM||$350 Cash||Review|
|Chase Total Business Checking®||$200 Cash||Review|
|Chase SapphireSM Checking||$750 Cash||Review|
|Discover Bank Online Savings||$200 Cash||Review|
|Discover Cashback Debit||$360 Cash||Review|
|HSBC Premier Checking Member FDIC||$750 Cash||Review|
|HSBC Advance Checking Member FDIC||$350 Cash||Review|
|Huntington Asterisk-Free Checking®||$150 Cash||Review|
|Huntington 5 Checking||$200 Cash||Review|
|Chase College CheckingSM||$100 Cash||Review|
|Chase Private Client||$1,250 Cash||Review|
|TD Bank Beyond Checking||$300 Cash||Review|
|TD Bank Convenience CheckingSM||$200 Cash||Review|
|Huntington Bank Unlimited Plus Business Checking||$500 Cash||Review|
|Huntington Bank Unlimited Business Checking||$400 Cash||Review|
|Huntington Bank Business Checking 100||$200 Cash||Review|