What a Safety Deposit Box Is and Where to Find One

A safety deposit box is a locked container held inside a bank or credit union vault. You rent it from the institution, keep the key, and only you (and anyone you authorize) can open it. Banks and credit unions offer them as a service — they are not part of your checking or savings account, and you pay an annual rental fee, usually between $25 and $300 depending on box size and location.

To find one near you, start with banks and credit unions where you already have an account — they often offer boxes to existing customers at a discount. If you do not bank anywhere yet, search online for "safety deposit boxes near me" or call local banks directly. Credit unions sometimes offer lower fees than large national banks, so if you are a member of one, ask about their rates first.

The box itself comes in standard sizes: small (about 2 by 5 by 12 inches), medium (about 2 by 10 by 12 inches), and large (about 10 by 10 by 12 inches). Larger boxes cost more to rent. Most people use small or medium boxes for documents, jewelry, or irreplaceable items.

Key Takeaways

  • Safety deposit boxes are rented annually from banks or credit unions, not included with your checking account, and cost between $25 and $300 per year depending on size.
  • You keep one key, the bank keeps another, and only you can access the box during business hours — the bank cannot open it without a court order or your permission.
  • Items stored in a safety deposit box are not insured by the bank; you must cover them under your homeowner's or renter's insurance policy.
  • Common items to store include wills, deeds, birth certificates, passports, jewelry, and stock certificates — not cash or items you need frequent access to.
  • If you die, the box may be sealed by the bank until your executor or heir presents a death certificate and court paperwork, which can take weeks.

What You Can and Cannot Store in a Safety Deposit Box

Banks have rules about what goes inside. You can store original documents (wills, deeds, titles, birth certificates, passports), jewelry, coins, stamps, photographs, and stock certificates. You cannot store cash in large amounts — banks report this to the IRS and may freeze the box. You also cannot store anything illegal, perishable, or hazardous (explosives, firearms in most states, or anything that smells).

Do not store the only copy of your will in a safety deposit box. When you die, the box is often sealed by the bank until your executor presents a death certificate and court order, which delays access to the will itself. Keep the original will with your attorney or at home, and store a copy in the box instead.

Items in a safety deposit box are not insured by the bank. If there is a fire, flood, or theft, the bank is not liable. You must add the contents to your homeowner's or renter's insurance policy and keep an inventory with photos or receipts to prove what was inside.

How to Rent a Box and What Documents You Need

Walk into the bank or credit union with a photo ID and proof of address (a utility bill or lease). If you already have an account there, the process is faster. You will sign a rental agreement that states the annual fee, renewal terms, and what happens if you stop paying. The bank will give you one key; they keep a master key in case of emergency.

Rental fees are usually charged to your checking account once a year, often in the month you opened the box. Some banks waive the fee for customers who maintain a minimum balance or have direct deposit set up. Ask about this when you sign up — it can save $50 to $150 per year.

You can access your box during the bank's business hours, which are typically Monday through Friday, 9 a.m. to 5 p.m., and sometimes Saturday mornings. You cannot access it after hours or on weekends, even in an emergency. If you need something from the box urgently, plan ahead.

What Happens to Your Box If You Die or Stop Paying

If you die, the bank will seal the box once they learn of your death. Your executor or next of kin must present a death certificate and a court order (usually from probate court) before the bank will open it. This process can take two to eight weeks, depending on how quickly the court moves. During that time, no one can access the contents, even if the will is inside.

If you stop paying the rental fee, the bank will send you a notice. If you do not pay within 30 to 60 days (this varies by bank), they may drill open the box, inventory the contents, and hold them in storage. You will owe the drilling fee plus storage charges. After a set period — usually three to seven years — unclaimed property laws require the bank to turn the contents over to your state's unclaimed property program.

If you move or no longer need the box, you can close it anytime. Return your key to the bank, and they will refund any unused portion of the annual fee on a prorated basis.

Safety Deposit Boxes Versus Home Safes and Bank Safes

A safety deposit box is not the only way to store valuables. A home safe (a fireproof, bolted-down box you keep at home) gives you 24/7 access but offers less security and no protection from fire or flood unless it is rated for those hazards. A bank safe (also called a safe deposit box) offers the most security but limits your access to business hours.

If you need to access documents frequently — such as insurance policies, mortgage paperwork, or medical directives — keep those at home in a fireproof safe or file cabinet. Use the safety deposit box only for items you rarely need but must protect: original deeds, titles, wills, and irreplaceable jewelry.

Some people use both: a home safe for everyday important documents and a safety deposit box for long-term storage of items that could be hard or expensive to replace. The choice depends on how often you need to access what you are storing.

Costs and Fees to Expect

Annual rental fees range from $25 for a small box at a credit union to $300 or more for a large box at a major bank in a high-cost city. Mid-size boxes at regional banks typically cost $50 to $150 per year. Some banks charge extra if you lose your key or need the box drilled open.

When you first rent a box, you may pay a prorated fee if you sign up mid-year. For example, if the annual fee is $100 and you sign up in September, you might pay $25 for the remaining four months. The full fee will be charged the following year.

Ask about discounts when you rent. Many banks waive or reduce the fee if you have direct deposit, maintain a minimum balance, or are over 65. Credit unions often offer lower rates to members than banks do to non-members, so joining a credit union can save money if you plan to use a box long-term.

Frequently Asked Questions

Can someone else access my safety deposit box if I give them permission?

Yes. You can authorize a spouse, adult child, attorney, or anyone else by signing an authorization form at the bank. Both of you will receive keys, and either of you can open the box during business hours. If the authorized person dies, you must notify the bank to remove their access.

What if I lose my key?

Contact the bank immediately. They will charge you a fee (usually $50 to $150) to drill open the box and rekey it. You will receive a new key. Do not wait to report a lost key — if someone else finds it, they could attempt to access your box.

Are safety deposit boxes protected if the bank fails?

No. The FDIC (Federal Deposit Insurance Corporation) insures your money in checking and savings accounts up to $250,000, but it does not insure the contents of a safety deposit box. The bank is responsible for the security of the box itself, but not for what is inside. Your homeowner's or renter's insurance must cover the contents.

Can the IRS or police open my safety deposit box without my permission?

Only with a court order or warrant. The bank cannot open your box on its own for any reason except to drill it open if you stop paying and do not respond to notices. Law enforcement or the IRS must go through the court system first.

Should I store cash in a safety deposit box?

Not in large amounts. Banks report cash deposits of $10,000 or more to the IRS as a matter of routine. Storing large sums of cash in a safety deposit box can trigger questions from tax authorities. Keep cash in a bank account instead, where it is insured and traceable.