Walk into your bank and ask for the safe deposit department

Getting a safety deposit box is straightforward: you visit a bank branch that offers them, fill out a rental agreement, pay an annual fee, and receive keys. Most banks have them, though not every branch does. Call ahead or check the bank's website to confirm the location nearest you has boxes available.

You will need a government-issued ID and proof of address (a utility bill, lease, or recent bank statement works). Some banks also ask for a second form of ID. The entire process usually takes 15 to 30 minutes.

Key Takeaways

  • Safety deposit boxes are rented annually, with fees ranging from roughly $25 to $300 per year depending on box size and location.
  • You will need a government ID, proof of address, and typically a second form of identification to open a box.
  • The bank holds one key and you hold another; both are needed to open the box, so losing your key does not lock you out permanently.
  • You can name a co-renter or authorized user so someone else can access the box if you become unable to, though rules vary by bank.

What you pay and what size box you need

Annual rental fees vary widely by bank and location. A small box (roughly 3 by 5 inches) might cost $25 to $50 per year at a community bank, while the same box at a large urban bank could run $75 to $150. Larger boxes cost more; a full-size box (roughly 10 by 10 inches) can range from $100 to $300 annually.

Think about what you plan to store. Small boxes hold documents, jewelry, and USB drives. Medium boxes fit photo albums, small collections, or a year's worth of important papers. Large boxes are rarely necessary unless you are storing extensive records or valuable collections. Ask the bank to show you the actual sizes before you commit to a rental period.

The two-key system and what it means

The bank keeps one key to your box; you keep the other. To open the box, both keys must be used. This means you cannot open it without the bank's key, and the bank cannot open it without yours — even if you lose your key or forget it at home. If you lose your key, the bank can drill the lock and issue you a replacement key, but you will pay a fee (typically $50 to $200).

If you forget your key at home, you can still visit the bank and ask them to open the box with their key while you wait. You do not need to bring your key every time you visit, though many people do for convenience.

Adding someone else to your box

Most banks allow you to name a co-renter or authorized user when you open the box or later. A co-renter has equal rights to the box and can access it without you present. An authorized user (sometimes called a signatory) can also access the box, but the exact rules depend on the bank — some require the primary renter to be present, others do not.

This matters if you want a spouse, adult child, or trusted person to be able to reach important documents or valuables if you become ill or die. Discuss the difference between co-renter and authorized user with the bank, because the legal implications vary. Some banks also allow you to name a beneficiary who can access the box after your death, though this is less common and the process differs by state.

What you can and cannot store

You can store documents (wills, deeds, birth certificates, insurance policies), jewelry, coins, stamps, photographs, and other small valuables. Many people use them for irreplaceable items or things they do not need frequent access to.

Do not store items the bank prohibits. Most banks forbid weapons, explosives, illegal drugs, and items that could damage the box or pose a safety risk. Some banks also restrict cash (they may require you to declare large amounts or limit how much you can store). Ask the bank for its full list of prohibited items before you sign the agreement.

Accessing your box and paying the annual fee

You can visit during the bank's business hours to access your box. The bank will ask you to sign in, verify your identity, and escort you to the vault. You open the box in a private room, take what you need, and return it. The entire visit usually takes 10 to 15 minutes.

The annual fee is due each year on the anniversary of when you opened the box, or on a date the bank sets. Some banks bill you automatically; others send a notice. If you do not pay, the bank may freeze access to the box or, after a set period, drill it open and inventory the contents. Read the rental agreement to understand the bank's policy on late payments and what happens if you do not renew.

What happens to your box if you die or move away

If you die, the bank will freeze access to the box until your executor or next of kin provides a death certificate and proof of authority. The contents then become part of your estate. If you named a co-renter, they can usually access the box immediately after providing a death certificate, depending on state law.

If you move and no longer want the box, you can close it at any time. Visit the bank, remove your contents, return your key, and sign a closure form. You will receive a refund of any unused portion of your annual fee (prorated by the number of months remaining). If you move to another state and want to keep your box, you can continue renting it from your original bank — many people do this for important documents they do not access often.

Frequently Asked Questions

Can I store my will in a safety deposit box?

Yes, but some people advise against it because the box may be frozen after you die until your executor provides a death certificate. If your will is inside, it could delay probate. A better approach is to store the will with your attorney or in a fireproof safe at home, and keep a copy in the safety deposit box.

What if I cannot remember my PIN or password for the bank?

Safety deposit boxes do not use PINs or passwords. You access them with your physical key and by signing in at the bank. If you forget your key, the bank can drill the lock and issue a replacement for a fee.

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

Most banks require you to have an account with them to rent a box, though some allow non-customers to rent for a higher fee. Call the bank directly to ask about their policy. You will still need a government ID and proof of address.

Is my safety deposit box insured if something is stolen or damaged?

No. Banks do not insure the contents of safety deposit boxes. Your homeowner's or renter's insurance may cover items stored in a box, but you need to ask your insurance company and may need to list high-value items separately. The bank is only responsible for the security of the box itself, not what is inside.

How much does it cost to drill a safety deposit box if I lose my key?

Drilling fees typically range from $50 to $200, depending on the bank and the size of the box. Some banks charge a flat fee; others charge by the hour. Ask your bank for its specific fee before you lose your key so you know what to expect.