Safe deposit boxes are available at most banks and credit unions, though not all branches carry them

A safe deposit box is a locked metal container held inside a bank's vault. You rent it by the year, keep your own key, and the bank keeps a second key. Only you and an authorized person you name can open it. Banks offer them because they generate steady rental income and keep customers coming back, but they are not a profit center—many branches have phased them out or stopped taking new customers.

The fastest way to find one is to call your current bank's main branch and ask whether they offer boxes and whether they are taking new renters. If they say no, ask which of their branches does. If none do, you will need to call other banks in your area. Credit unions often have them too, though usually only at larger branches.

Size, location, and annual cost vary widely. A small box (roughly 3 by 5 inches) might cost $25 to $75 per year. A large box (roughly 10 by 10 inches) might cost $100 to $300 per year. Prices depend on your region, the bank, and whether you have other accounts there—some banks discount the rental if you maintain a checking account or hold a certain balance.

Key Takeaways

  • Call your bank's main branch first to ask whether they offer safe deposit boxes and whether they accept new customers for them.
  • If your bank does not have boxes, ask which other banks in your area do, or contact credit unions—they often rent them at larger branches.
  • Annual rental costs range from roughly $25 for a small box to $300 for a large one, depending on size, location, and your relationship with the bank.
  • You will need to bring a government-issued ID and sign a rental agreement that names who can access the box if you die or become incapacitated.

What to bring when you visit to rent a box

Bring a current government-issued ID—a driver's license, passport, or state ID card. The bank will photocopy it. You will also need to sign a rental agreement that spells out the annual cost, the renewal date, and what happens to the box if you die or become unable to manage your affairs.

The agreement will ask you to name a person who can access the box if you pass away or are incapacitated. This is not the same as a will or power of attorney—it is a separate instruction to the bank. Some banks call this an "authorized user" or "co-renter." Choose someone you trust completely, because that person will have full access to everything inside.

You will also sign a liability waiver. Banks do not insure the contents of safe deposit boxes. If the box is damaged, flooded, or broken into, the bank is not responsible for what is inside. This is a hard rule, so do not assume your homeowner's or renter's insurance covers it either—most policies do not. If you store something valuable, ask your insurance company whether you can add a rider to cover it.

What you can and cannot store in a safe deposit box

You can store documents (deeds, titles, birth certificates, marriage licenses), jewelry, coins, photographs, and heirlooms. You can also store backup copies of important digital files on a USB drive or external hard drive, though the bank cannot may provide the drive will work after years in a vault.

You cannot store anything illegal, anything that might decay or smell (food, plants, medicine), or anything that requires climate control beyond what a vault provides. You also cannot store a will in most banks' safe deposit boxes—when you die, the box is sealed until the court opens it, which delays your heirs from reading your will. Keep your original will with your attorney or in a fireproof safe at home instead.

Do not store the only copy of something critical. If you keep your only set of house keys in the box and lose your bank key, you cannot get to your keys without a locksmith and a court order. Keep duplicates at home or with a trusted person.

How to access your box and what happens if you lose your key

When you rent a box, the bank gives you one key and keeps another in a sealed envelope. To open the box, you insert both keys—yours and the bank's—at the same time. This two-key system means neither you nor the bank can open it alone.

If you lose your key, the bank can drill the lock and replace it. You will pay a fee for this service, usually $50 to $150 depending on the bank. The bank will also give you a new key. If you lose access to the box for a long time—say, you move away and cannot visit—some banks allow you to request that they drill it and mail you the contents, though this is not standard and you should ask first.

If you die, the box is sealed until your executor or next of kin contacts the bank with a death certificate and proof of authority (usually a court order or a copy of the will). The process can take weeks. This is why keeping a will in a safe deposit box is a bad idea—your heirs cannot read it until the court unseals the box.

Alternatives if you cannot find a safe deposit box nearby

Many banks have stopped offering safe deposit boxes because they take up vault space and generate little profit. If your bank does not have one and nearby banks are full, you have other options.

A home safe is a fireproof, waterproof box you keep in your house. It costs $100 to $500 depending on size and quality. It protects documents and small valuables from fire and theft, though it does not offer the same level of security as a bank vault. A safe bolted to the floor or wall is harder to steal than one sitting loose.

A private vault is a commercial storage facility that rents secure boxes. These are not banks, so they are not insured the same way, but they often have more availability than banks. Search online for "private vault" or "safe deposit box rental" in your area. Costs are similar to banks—$30 to $200 per year depending on size.

You can also store documents with your attorney, accountant, or a trusted family member. This is free but depends on someone else's reliability and security. If you go this route, tell at least one other person where the documents are, so your heirs can find them after you die.

What to do if your bank closes or merges

If your bank closes or merges with another bank, the new bank or the FDIC (Federal Deposit Insurance Corporation) will contact you about your safe deposit box. You will have a window of time—usually 30 to 90 days—to retrieve your contents or transfer the box to another bank.

If you do not respond, the bank will eventually drill the box and inventory the contents. Items are held for a set period (often seven years), then turned over to your state's unclaimed property program. You can reclaim them by contacting your state's treasurer's office, but the process is slow. To avoid this, keep your rental agreement in a place where your heirs will find it, and tell at least one trusted person where your box is and which bank holds it.

Frequently Asked Questions

Can I rent a safe deposit box if I do not have a bank account at that bank?

Most banks allow it, but some require you to have a checking or savings account with them. Call ahead and ask. If the bank requires an account, opening one usually takes 15 minutes and costs nothing.

What if I want two people to be able to open the box while I am alive?

You can name an authorized user or co-renter on the rental agreement. Both of you will have keys, and either of you can open the box alone. Make sure you trust this person completely—they have full access to everything inside.

Is my safe deposit box insured if the bank is robbed?

No. The bank is not responsible for the contents if the box is stolen, damaged, or lost. Your homeowner's or renter's insurance may cover items in a safe deposit box, but most policies do not. Contact your insurance company to ask whether you need to add coverage.

Can I store my will in a safe deposit box?

You can, but it is not recommended. When you die, the box is sealed until the court opens it, which can delay your heirs from reading your will. Keep your original will with your attorney or in a fireproof safe at home, and keep a copy in the box if you want.

What happens to my safe deposit box if I stop paying the rental fee?

The bank will send you a notice when the fee is due. If you do not pay, the bank will eventually drill the box, inventory the contents, and hold them for a set period before turning them over to your state's unclaimed property program. Pay the fee on time or close the box if you no longer need it.