Bank of America safe deposit box costs vary by box size and location

Bank of America charges between roughly $120 and $275 per year for a safe deposit box, depending on the size you rent and which branch you use. The smallest boxes (3x5 inches) cost less than the largest ones (10x10 inches or bigger). Some branches in high-cost areas charge more than branches in other regions. You pay the annual fee upfront when you rent the box, and you renew it each year on the same date.

The exact price for your branch is not published online — you have to call or visit in person to find out what that specific location charges. This matters because two Bank of America branches in different cities can have different pricing. If cost is your main concern, it's worth calling a few branches near you to compare.

You also need a Bank of America checking or savings account to rent a safe deposit box there. Some account holders get a discount on the annual fee, though the discount amount varies by account type and branch.

Key Takeaways

  • Bank of America safe deposit box fees range from approximately $120 to $275 per year, with smaller boxes costing less than larger ones.
  • The exact price depends on your branch location, so you must contact your local branch directly to learn what they charge.
  • You must hold a Bank of America checking or savings account to rent a safe deposit box.
  • Some account types include a discount on the annual fee, though the discount varies by branch and account.
  • You pay the full year's fee upfront and renew it annually on the same date.

How safe deposit box sizes affect the price

Bank of America groups boxes by physical dimensions, and larger boxes cost more to rent. A 3x5 inch box (the smallest standard size) costs less than a 5x12 inch box, which costs less than a 10x10 inch box. The largest boxes can be 10x10 inches or bigger depending on what the branch stocks.

Think about what you actually need to store before you rent. A 3x5 box holds important documents like birth certificates, marriage licenses, and a few insurance policies. A 5x12 box fits those items plus jewelry, coins, or small collectibles. A 10x10 box is large enough for stacks of documents, multiple jewelry boxes, or small firearms. Renting a larger box than you need means paying more each year for space you don't use.

What happens when you rent a safe deposit box

When you decide to rent a box, you visit your Bank of America branch in person with a valid ID. You sign a rental agreement that lists the annual fee and the renewal date. The bank gives you one key and keeps a second key in their vault. You need both keys to open the box — the bank's key and yours — so neither you nor the bank can access it alone.

You can visit during business hours to access your box as often as you want. There is no limit on how many times you open it or how long you spend inside the private viewing room. When you no longer want to rent the box, you return your key and the bank stops charging you after that year ends.

Discounts for certain Bank of America accounts

Some Bank of America checking and savings accounts include a discount on the safe deposit box fee. The discount is usually $25 to $50 off the annual cost, though the exact amount depends on your account type and your branch. Premium accounts like Preferred Rewards or higher-tier checking accounts are more likely to include a discount than basic accounts.

You have to ask your branch whether your specific account qualifies for a discount — the bank does not advertise this clearly online. When you call to ask about box pricing, also ask whether your account type reduces the fee. If you are thinking about opening a new account partly to get a discount on a safe deposit box, do the math first: the discount might be smaller than the monthly maintenance fee on a premium account.

Why banks charge for safe deposit boxes

A safe deposit box takes up physical space in the bank's vault, which is expensive to build and maintain. The vault has climate control, security systems, and insurance. The bank also employs staff to manage access, keep records, and handle the keys. These costs are spread across all the customers who rent boxes, so each person pays an annual fee.

The fee also covers the bank's liability insurance in case something happens to your box or its contents. If a fire, flood, or theft damages what you stored, the bank's insurance may cover part of the loss (though coverage limits vary and you should read the rental agreement carefully).

Alternatives to Bank of America safe deposit boxes

If Bank of America's pricing is higher than you want to pay, other banks and credit unions often charge less. Some credit unions charge $50 to $100 per year for small boxes. Some regional banks charge $80 to $150. Prices vary widely, so if you are shopping around, call several institutions in your area.

You can also store important documents at home in a fireproof safe, though a home safe does not protect against theft the way a bank vault does. A fireproof safe costs $100 to $500 upfront but has no annual fee. For items like jewelry or collectibles that you rarely access, a home safe may be enough. For documents you need to keep secure and accessible but do not need to touch often, a safe deposit box is more secure.

What you can and cannot store in a safe deposit box

You can store documents (wills, deeds, birth certificates, insurance policies), jewelry, coins, stamps, photographs, and small collectibles. You can also store cash, though the bank does not insure cash the way it insures other items — check your rental agreement for coverage limits.

You cannot store anything illegal, anything that could damage the box or vault (like chemicals or explosives), or anything that requires climate control beyond what the vault provides (like certain medications or perishables). You also cannot store items that belong to someone else unless you have a legal power of attorney or the box is registered as a joint rental.

Frequently Asked Questions

Can I add someone else's name to my safe deposit box?

Yes, you can rent a box jointly with another person, and both of you can access it independently using your own keys. The bank treats a joint box like a joint bank account — either person can open it without the other's permission. Make sure you trust the other person completely, because they have full access to everything inside.

What happens to my safe deposit box if I close my Bank of America account?

You can keep the safe deposit box even after you close your checking or savings account, though Bank of America's policy on this varies by branch. Call your branch to ask whether they allow this, because some locations require you to maintain an active account. If you must close the box, the bank gives you time to remove your items before they drill it open.

Does Bank of America insure what I store in the box?

Bank of America's insurance covers the box itself and most items inside, but coverage limits vary and are spelled out in your rental agreement. Cash, for example, may have a lower coverage limit than documents or jewelry. Read the agreement before you sign it, and consider whether you need additional insurance through your homeowner's or renter's policy.

Can I rent a safe deposit box online or by mail?

No, you must visit a Bank of America branch in person to rent a safe deposit box. The bank requires you to show a valid ID and sign the rental agreement face-to-face. You cannot complete this process remotely.

What if I lose my safe deposit box key?

Call your branch immediately. The bank can drill open the box so you can access your items, but you will be charged a fee for the drilling (usually $100 to $200). To avoid this, keep your key in a safe place at home, not in your wallet or car.