On the other hand, a larger safe deposit box that measures 10 inches by 10 inches may run more than a hundred dollars per year. You can expect to pay around $10 to $50 per year for a small box measuring 3 inches by 5 inches. The rental fees for safe deposit boxes vary by bank. Typically, these include personal documents, family heirlooms, stamp or coin collections, and other irreplaceable or hard-to-find items. Customers often rent a safe deposit box from the bank to store valuables for a fee. Safe Deposit Boxes ExplainedĪ safe deposit box is a locked box located in the vault or safe of a brick-and-mortar bank or credit union. We’ll explain the basics of this storage option, including what is a safe deposit box, how safe deposit boxes work, and do's and don'ts for selecting what to store in your rental.
However, there are still occasions when renting a safe deposit box (sometimes also referred to as a 'safety deposit box') makes sense. Due to the increased popularity of online banking, safe deposit boxes aren't quite as common as they once were.
