You rent a safety deposit box from a bank or credit union, usually for $25 to $200 per year depending on the box size

A safety deposit box is a locked metal container inside a bank's vault that you rent to store valuable documents and items. You get one by walking into a bank or credit union branch, asking about their safety deposit box program, and signing a rental agreement. The bank keeps the box in a secure vault behind multiple locks and alarms. You keep one key, and the bank keeps another — neither of you can open it alone.

Not every bank offers safety deposit boxes anymore. Larger banks like Chase, Bank of America, and Wells Fargo have them at most branches. Credit unions often have them too, though smaller ones may not. Community banks and regional banks are more likely to have them than online-only banks, which have no physical vaults.

The cost varies by box size. A small box (about 3 by 5 inches) might cost $25 to $50 per year. A large box (about 10 by 10 inches) might cost $100 to $200 per year. Some banks waive the fee if you keep a certain balance in a checking or savings account with them. A few banks have stopped offering them entirely because they take up vault space that could be used for other purposes.

Key Takeaways

  • You rent a safety deposit box directly from a bank or credit union branch by signing a rental agreement and paying an annual fee.
  • The box stays in the bank's vault and requires two keys to open — yours and the bank's — so neither party can access it alone.
  • Not all banks offer safety deposit boxes; call ahead or check the bank's website to confirm they have them before visiting.
  • Annual rental fees range from about $25 for a small box to $200 for a large one, though some banks waive the fee for customers with high account balances.
  • You can store documents like wills, deeds, and insurance policies, but banks typically do not allow cash, firearms, or hazardous materials.

What you can and cannot store in a safety deposit box

Banks allow you to store documents and small valuables: original wills, property deeds, birth certificates, marriage licenses, insurance policies, stock certificates, jewelry, coins, and photographs. You can also store a list of your passwords or account numbers, though some people prefer to keep that information elsewhere.

Banks prohibit cash, firearms, ammunition, explosives, hazardous materials, and anything illegal. Some banks also restrict items of unknown value or items that might decay and damage the box. If you store something the bank later discovers you were not supposed to, they may drill the box open and charge you for it, or they may simply refuse to renew your rental agreement.

One important limit: if you die, the bank may freeze your safety deposit box until your executor or next of kin shows up with a death certificate and proof of authority. This can take weeks or months. For that reason, some people keep a copy of their will or a list of important contacts outside the box so someone can find it.

How to rent a safety deposit box at your bank

Visit a branch in person. You will need a government-issued photo ID and your Social Security number. The bank will show you the available box sizes and prices, and you will sign a rental agreement that explains the terms — usually that you pay annually, that you keep your key safe, and that the bank is not responsible if the box is damaged by fire, flood, or other events beyond their control.

You will receive two keys: one for you and one the bank keeps on file. Some banks give you a third key as a backup. The bank will show you how to access the box during business hours and explain their access procedures. Most banks let you visit your box during regular banking hours, and some offer after-hours access for customers with safe deposit boxes.

The rental agreement usually renews automatically each year, and the bank will charge your account or send you a bill. If you do not pay, the bank may drill the box open and store your contents, charging you for the drilling and storage. Read the agreement carefully to understand what happens if you move, close your account, or stop paying.

What happens to your safety deposit box if you die

When you die, your safety deposit box becomes part of your estate. The bank will not let anyone open it without a death certificate and legal proof that the person has authority — usually a will, a court order naming an executor, or a power of attorney. This process can take weeks.

Some states have laws that let a spouse or next of kin open the box briefly to look for a will or funeral instructions without waiting for full probate. Ask your bank whether your state has this rule. If you want someone to be able to access the box quickly after you die, you can list them as a co-renter on the box, though that gives them access while you are alive too.

The bank will continue charging the annual rental fee even after you die, so your estate will owe money until the box is emptied and the rental is closed. For that reason, it is helpful to tell your executor or a trusted family member where your safety deposit box is and where you keep the key.

Safety deposit boxes versus home safes and bank safes

A safety deposit box is different from a safe deposit box (which is the same thing, just different wording) and different from other ways to store valuables. A home safe is a locked box you keep in your house — it is cheaper and more convenient, but it is only as secure as your home's locks and it offers no protection against fire or theft unless it is a fire-rated safe bolted to the floor. A safe deposit box at a bank is more secure because it is in a vault with alarms and surveillance, but you can only access it during business hours and you pay an annual fee.

Some banks also offer safe deposit lockers in a separate room where you can store larger items like documents or collectibles. These work the same way as a box but are bigger. A few banks offer safe deposit vaults where you can rent space for very large items, though this is rare and expensive.

For most people, a safety deposit box is worth the cost if you have important documents you need to protect from fire, theft, or loss, and if you do not need to access them often. If you need to access your documents frequently, a home safe or a digital backup (like a scanned copy stored securely online) might work better.

How to find a bank or credit union with safety deposit boxes

Call your current bank and ask whether they offer safety deposit boxes and what the fees are. If they do not, ask whether they can refer you to another bank in their network. You can also search online for "safety deposit boxes near me" or visit the websites of large banks in your area to see whether they list safety deposit box services.

Credit unions often have safety deposit boxes, especially larger ones. If you are a member of a credit union, ask at your branch. If you are not a member, you can search the CO-OP Network or Shared Branch locator to find credit unions near you that offer the service.

When you call or visit, ask about the box sizes available, the annual fees, whether the fee is waived for certain account balances, and what the access hours are. Some banks charge extra if you want to access your box outside regular business hours. Ask whether the bank allows co-renters and what happens to the box if you die or move away.

Frequently Asked Questions

Can I have someone else access my safety deposit box?

Yes, you can add a co-renter to the box when you sign the rental agreement. A co-renter can access the box anytime without you present. You can also give someone a power of attorney to access it on your behalf, though the bank may require additional paperwork. If you want someone to access it only after you die, you cannot do that through the rental agreement — they would need a death certificate and court order.

What if I lose my safety deposit box key?

Contact your bank immediately. The bank will drill the box open and give you a new key. You will be charged for the drilling, usually $50 to $150. To avoid this, keep your key in a safe place and consider giving a copy to a trusted family member or storing it in a home safe.

Can I store cash in a safety deposit box?

Most banks prohibit cash because they cannot insure it and because large amounts of cash can trigger reporting requirements. Check your bank's rental agreement. If you want to store cash, a home safe or a safe deposit box at a different bank that allows it may be an option, though you should understand the tax and legal implications of storing large amounts of cash.

Do I need a bank account to rent a safety deposit box?

Most banks require you to have a checking or savings account with them to rent a safety deposit box, though some allow non-customers to rent one for a higher fee. Ask your bank about their policy. If you do not have an account, you can open one at the same time you rent the box.

What if the bank goes out of business?

If your bank fails, the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) will arrange for another bank to take over the safety deposit boxes. Your contents stay in the vault and you can access them through the new bank. The bank cannot sell or dispose of your contents without a court order.