Most major banks offer safety deposit boxes, but availability and cost vary widely by location and institution
Safety deposit boxes are available at most national banks, many regional banks, and some credit unions, but not all branches of a bank carry them. Chase, Bank of America, Wells Fargo, Citibank, and US Bank all offer boxes at many locations, though you will need to call your specific branch to confirm they have them in stock. Smaller regional banks and credit unions may or may not have boxes; some have waiting lists because demand exceeds supply in their area.
The cost ranges from roughly $25 to $200 per year depending on the box size, the bank, and your location. A small box (typically 3 by 5 inches) costs less than a large one (typically 10 by 10 inches). Some banks waive the fee if you maintain a checking account with a minimum balance or direct deposit, while others charge the same rate to all customers. A few banks have stopped offering boxes altogether because the liability and storage costs no longer justify the revenue.
You do not need to be a customer of the bank to rent a box at some institutions, though most require it. Even if you are a customer, you may face a waiting list in urban areas where demand is high. The box itself is yours to use for the rental period, but the bank owns the vault and controls access during business hours.
Key Takeaways
- Call your bank's branch directly to ask whether they have safety deposit boxes available, because not all branches of the same bank carry them.
- Annual fees typically range from $25 to $200 depending on box size, with smaller boxes costing less than larger ones.
- Some banks waive the fee for customers who maintain a checking account with direct deposit or a minimum balance.
- Regional banks and credit unions may have waiting lists or may not offer boxes at all, so confirm availability before opening an account for this reason.
How to learn about your bank has boxes available
The fastest way is to call the branch where you bank or want to bank and ask directly: "Do you have safety deposit boxes available for rent right now?" Do not ask whether they offer them in general; ask whether they have them in stock. Many branches have a waiting list, and some have stopped carrying them.
If you are looking for a new bank partly because you want a box, ask this question before you open an account. Some banks' websites list which branches have boxes, but the information is often outdated. A phone call takes five minutes and gives you a current answer.
If your bank does not have boxes, ask whether they can refer you to a nearby bank that does, or whether they partner with another institution for box rentals. Some banks have agreements to let their customers use boxes at partner branches in other cities.
What size box you need and what it costs
Safety deposit boxes come in standard sizes. A small box is usually 3 by 5 by 24 inches (about the size of a shoebox lying flat). A medium box is typically 5 by 7 by 24 inches. A large box is often 10 by 10 by 24 inches. Some banks offer even larger boxes or non-standard sizes.
Small boxes usually rent for $25 to $75 per year. Medium boxes run $50 to $125 per year. Large boxes cost $100 to $200 or more per year. These ranges vary by region and by bank; a box in Manhattan will cost more than the same box in a rural area. Ask for the specific price at your branch, because rates differ even between branches of the same bank in different cities.
Before you commit to a size, think about what you will store. Wills, deeds, birth certificates, and insurance policies take up very little space and fit easily in a small box. Jewelry, coins, or collectibles may need more room. You can usually upgrade or downgrade to a different size the next year if you misjudge.
Banks that waive fees for account holders
Some banks waive the annual box rental fee if you meet certain conditions. Chase waives the fee for some account types and in some regions, but the policy varies by location. Bank of America waives it for certain premium checking accounts. Wells Fargo offers fee waivers for customers with specific account packages. US Bank waives fees for some account holders as well.
The conditions usually involve maintaining a minimum balance in a checking account, setting up direct deposit, or holding a certain account type (such as a premium or wealth management account). Call your branch and ask what conditions, if any, would waive the box fee for you. The fee waiver may be worth more than the box itself, so factor it into your decision about which account to open.
Credit unions sometimes offer free boxes to members, but this is less common than at banks. Ask your credit union whether they offer boxes and whether membership includes a fee waiver.
What happens to your box if the bank closes or merges
If your bank is acquired by another bank, your box usually transfers to the new owner. You will receive notice of the change and may be given the option to move your contents to a different institution. The new bank will honor your rental agreement through the end of the year or billing period.
If a bank fails and is closed by regulators, the FDIC (Federal Deposit Insurance Corporation) takes control of the vault. You will be notified and given a deadline to retrieve your contents. The FDIC does not charge you to access your box during this period, but you must act before the deadline. After that, the FDIC may charge storage fees or turn unclaimed contents over to the state.
This is one reason to keep a record of what is in your box and where it is stored. If you die, your heirs will need to know which bank holds your box and may need a court order to access it, depending on your state's laws.
Alternatives if your bank does not have boxes or has a waiting list
If your bank has no boxes available, you have several options. You can rent a box at a different bank, even if you do not have an account there (though most banks prefer that you do). You can also use a private vault company, which operates independently of banks and often has more availability in urban areas. Private vaults typically cost more than bank boxes—often $100 to $300 per year for a small box—but they may have shorter waiting lists and longer access hours.
Another option is a safe deposit box at a credit union if you are a member. Some credit unions have boxes available when banks do not, particularly in smaller towns.
If you only need to store documents, you might consider a fireproof home safe instead. A good home safe costs $100 to $500 upfront but has no annual fee. The trade-off is that a home safe is vulnerable to theft or fire damage in ways a bank vault is not, and it offers no privacy from family members who live with you.
How to rent a box and what documents you will need
To rent a box, visit the branch in person. You will need a government-issued photo ID and your Social Security number. If you are not yet a customer of the bank, you may need to open an account first, though some banks will rent a box to non-customers if they pay a deposit or meet other conditions.
You will sign a rental agreement that specifies the box size, the annual fee, and the bank's liability limits. Read this agreement carefully; most banks limit their liability to a small amount (often $500 to $1,000) if the contents are lost or damaged due to the bank's negligence. This is why insurance for the contents is important if you store high-value items.
Once you have rented the box, you can access it during the bank's business hours. You will use your key and the bank's key together to open it. The bank keeps a record of when you access the box, though this record is private and the bank will not tell you what is inside.
Frequently Asked Questions
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, but some will rent to non-customers. Call the branch and ask their policy. If they require an account, you may be able to open a basic checking account with a low or zero minimum balance just to become may be able to access for the box.
What happens if I lose my key to the box?
The bank will charge you a fee to drill open the box and replace the lock. This fee varies but is typically $50 to $150. You will then receive new keys. Keep your key in a safe place and tell a trusted family member where it is, in case you need them to access the box after you die.
Can the bank open my box without my permission?
No, except in very limited circumstances. A court order, a death with no heirs, or a criminal investigation may allow the bank to open your box. Otherwise, the bank cannot open it without you present and your key. This is why banks cannot tell you what is inside or verify that your contents are still there.
Is my jewelry insured if I keep it in a safety deposit box?
No. The bank's insurance covers the building and vault, not the contents. You need a separate homeowners or renters insurance rider, or a specific valuable items policy, to cover jewelry or other high-value items in a box. Check your current policy to see whether it covers off-premises storage.
How long can I keep a box if I stop paying the rental fee?
If you do not pay the annual fee, the bank will send you a notice and eventually charge the fee to your account if you have one with them. If you do not pay and have no account, the bank may drill the box and turn the contents over to the state as unclaimed property. Pay the fee on time or notify the bank in writing if you want to close the box and retrieve your contents.