So, there's always the risk - albeit low - of losing the contents of your unit due to theft or damage. Unlike checking or savings accounts, safe deposit boxes are not protected by the Federal Deposit Insurance Corporation. In return for the fee, banks provide security measures to protect the safe deposit boxes. Your bank may offer a discount on a safe deposit box rental if you already have a checking or savings account with the institution. 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.

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