Banks and credit unions are the most common places to rent a safety deposit box

Most safety deposit boxes are offered by banks and credit unions as a paid service. You rent the box by the year, usually for $25 to $200 depending on the size and location, though prices vary widely. The bank holds the box in a vault on its premises, and you visit in person during business hours to access it.

Not every bank or credit union offers boxes — some branches have them and others do not. The easiest way to find out is to call or visit the branch where you have an account, or to check their website under "services" or "safe deposit boxes". If your current bank does not offer them, ask whether they can refer you to a nearby branch that does, or whether you can rent one at a different location within their network.

Key Takeaways

  • Banks and credit unions rent safety deposit boxes for an annual fee, typically $25 to $200 depending on box size and your location.
  • Not all branches offer boxes, so call ahead or check the bank's website to confirm availability before visiting.
  • You will need a government-issued ID and proof of address to open a box, and you can usually access it during the bank's business hours.
  • If you want someone else to access your box after you die or become unable to visit, you can name an authorized user when you rent it.
  • Safety deposit boxes are not insured by the FDIC, so the contents are your responsibility — keep a list of what is inside in case of loss.

What you need to bring when you rent a box

To rent a safety deposit box, bring a government-issued photo ID (driver's license, passport, or state ID) and proof of your current address. Proof of address can be a recent utility bill, lease, mortgage statement, or bank statement in your name. Some banks also ask for a Social Security number.

If you want to give someone else access to your box — a spouse, adult child, or trusted person — you can name them as an authorized user at the time you rent it. That person will also need to show ID. You can change or remove authorized users later by visiting the bank and updating your agreement.

How to compare boxes at different banks

Size and price are the main things to compare. Boxes come in small (roughly 3 by 5 inches), medium (roughly 5 by 10 inches), and large (roughly 10 by 10 inches). Smaller boxes cost less but hold fewer items. Think about what you plan to store — documents take less space than jewelry or collectibles — and rent accordingly.

Ask about the bank's hours for box access. Some banks let you visit during all business hours; others have a separate vault room with limited hours. If you need evening or weekend access, ask whether the bank offers it. Also ask what happens if you lose your key — most banks charge a fee to drill the box open.

Credit unions as an alternative to banks

Credit unions often charge less for safety deposit boxes than banks do, and membership fees are sometimes lower too. However, credit unions are smaller and may have fewer locations, so you might have less flexibility if you move or need access at a different branch.

To rent a box at a credit union, you must first become a member. Membership usually requires living or working in a certain area, belonging to a specific employer or organization, or having a family member who is already a member. Check the credit union's website to see whether you are may be able to access, then contact them about membership and box availability.

What safety deposit boxes do and do not protect

A safety deposit box protects your items from theft and fire because they sit in a bank vault with limited access. However, the FDIC does not insure the contents of safety deposit boxes — only the money in your bank accounts. This means if the bank loses or damages your items, you would need to file a claim and possibly take legal action to recover the loss.

For this reason, keep a detailed list of what is in your box, including descriptions and approximate values. Store a copy of this list somewhere else — at home or with a trusted person — so you have a record if something happens. Do not store anything in a safety deposit box that you might need to access quickly in an emergency, such as cash or insurance documents you need to file a claim.

Accessing your box and what happens if you stop paying

You can visit your box during the bank's business hours. Bring your key and your ID. The bank staff will verify your identity, escort you to the vault, and give you privacy while you access your box. The visit usually takes 10 to 15 minutes.

If you stop paying the annual rental fee, the bank will send you a notice. If you do not pay within the grace period (usually 30 to 90 days), the bank can drill the box open and remove the contents. They will hold the items for a set period — often one to three years — and then may sell them or donate them. To avoid this, set a calendar reminder to pay your fee each year, or ask the bank to charge it automatically to your account.

Planning for access after you die or become unable to visit

If you name an authorized user when you rent the box, that person can access it if you become unable to visit. However, after you die, access becomes more complicated. Your authorized user cannot automatically take over — the bank will require a death certificate and proof that the person has legal authority, such as being named in your will or being your spouse.

To make this easier, tell your family members or executor where your box is located and which bank holds it. Write down the box number and your key location. Some people leave this information in their will or with their attorney. Without this information, your family may not know the box exists, and the bank will eventually drill it open and handle the contents according to state law.

Frequently Asked Questions

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

Most banks require you to have an account with them to rent a box, though some may make exceptions. Call ahead and ask — if the bank does not allow it, you can open a basic checking account, which usually has no monthly fee.

What should I store in a safety deposit box?

Good items to store include original birth certificates, marriage licenses, property deeds, stock certificates, jewelry, and important family documents. Do not store cash, passports you need to travel with, or insurance policies you might need to file a claim quickly.

Can my spouse or child access my box without my permission?

No. Only you and anyone you have named as an authorized user can access the box. The bank will ask for ID and verify the person's name against the rental agreement before allowing access.

What if I lose my safety deposit box key?

Contact the bank immediately. They can drill the box open, though they will charge a fee — usually $50 to $150. You will then need to pay to have a new key made or to rent a different box.

Is my safety deposit box insured if the bank is robbed or burns down?

No. The FDIC insures money in bank accounts, not items in safety deposit boxes. The bank's insurance may cover some losses, but you would need to file a claim and prove the value of what was lost. This is why keeping a detailed list and storing copies elsewhere is important.