# Safe Deposit Box: What You Should/Shouldn't Store in One

## What Is a Safe Deposit Box?

Safe deposit boxes, found within the vaults of federated banks and credit unions, serve as highly secure metal containers for safeguarding valuable items, important documents, and sentimental keepsakes. Whether you're looking to store hard-to-replace paperwork like contracts or [valuable family heirlooms](https://www.investopedia.com/articles/insights/052416/top-10-wealthiest-families-world.asp), these boxes are designed to provide enhanced security compared to most home environments. However, not everything should be placed in a safe deposit box. Understanding what to store and what to avoid is essential to maximizing their utility while minimizing risks.

### Key Takeaways:

*   Safe deposit boxes provide secure storage for valuables and documents within a bank vault, but their contents are not insured like bank account deposits.
*   Ideal for items not needed frequently, such as heirlooms or original copies of vital documents; however, avoid storing items you'll need in emergencies or those that can earn interest, like cash.
*   Access to a safe deposit box typically requires a personal key and a bank-held key, while modern systems may use biometric scans.
*   Safe deposit boxes are better protected against theft and natural disasters than home safes, but their access is limited to the bank's operating hours.
*   Declining demand for safe deposit boxes, particularly among younger generations, means availability can vary, with some banks offering them for free depending on account type.

## Understanding How Safe Deposit Boxes Operate

When you rent a safe deposit box, the bank gives you a key to use, in tandem with a second “guard key” held by a bank employee, to access the box. If your bank uses a keyless system, you will scan your finger or hand instead. Either way, you will have to provide some type of [identification](https://www.investopedia.com/terms/i/identitytheft.asp)—and your key, if it’s not a keyless system—every time you visit the bank to access the box.

An individual can rent a box in their name only, or they can add other people to the lease. Co-lessors on a safe deposit box will have equal access and rights to the contents of the box. For example, people who have an addiction, financial, marriage, and/or judgment issues may not be ideal candidates. 

In some banks, all co-lessors must be present to open the safe deposit box. Experts suggest naming someone with power of attorney to access the safe deposit box.

Safe deposit boxes are a good place to keep your hard-to-replace documents—such as contracts and business papers, military discharge papers, and physical stock and bond certificates—along with small collectibles and family heirlooms. Keep in mind that the largest safe deposit boxes are usually just 10 inches by 10 inches and two feet deep. Good things to store in your safe deposit box are important items that you won’t need frequent access to, including:

*   Personal papers, such as original birth certificates, adoption papers, marriage licenses, and citizenship papers.
*   Copies—but not the only copies—of wills and powers of attorney.
*   Military records and discharge papers (e.g., [DD 214s](https://www.archives.gov/personnel-records-center/dd-214)).
*   School transcripts and diplomas.
*   Sensitive documents you would not want roommates, children, relatives, and visitors to stumble across.
*   The deed to your house, along with any car titles.
*   Paper stock and bond certificates (including U.S. savings bonds), if you have any (most are issued electronically these days).
*   An inventory of your home’s contents in case you need to file a claim with your homeowner’s insurance policy.
*   Important business papers and records.
*   Important contracts.
*   Hard drives and flash drives with backups and important data.
*   Financially and/or sentimentally valuable jewelry, collectibles (such as coin or stamp collections), and family keepsakes.
*   Other documents or small items that would be difficult or impossible to replace.

> **Fast Fact**
>
> Since safe deposit boxes aren't accessible 24/7, avoid storing items you might need quickly.

## Weighing the Pros and Cons of Using Safe Deposit Boxes

Safe deposit boxes are generally safer than homes. Bank vaults have alarms, cameras, and strong locks and are fortified against fires, floods, and other disasters.

Although designed to withstand disasters, placing items in waterproof bags offers extra protection against water damage. Store items not needed in emergencies in the box. Keep passports, medical directives, [wills](https://www.investopedia.com/articles/pf/08/what-is-a-will.asp), and powers of attorney in a fireproof home safe instead.

You’re better off keeping the following items out of your safe deposit box:

*   Passports
*   Only copies of living wills, advanced medical directives, and durable powers of attorney
*   Valuables you have not insured
*   Cash
*   Anything illegal

It's also unwise to store cash or similar investments in a safe deposit box. Since these won't be earning interest, you would actually be losing money due to the bank's leasing fees. To get the most out of your money, you consider looking for the [best high-yield savings accounts](https://www.investopedia.com/best-high-yield-savings-accounts-4770633).

Safe deposit box contents aren't insured like bank deposits. The [Federal Deposit Insurance Corporation](https://www.investopedia.com/terms/f/fdic.asp) (FDIC) insures cash deposits up to a certain limit, but, due to the fact that there is no way to verify the contents of a safe deposit box, banks will not insure their contents. Also, if heirs are not told about the location of the drawer, upon nonpayment the box is considered abandoned, and its contents are turned over to the state’s unclaimed-property offices for auction.

### Pros and Cons

Pro

*   Offers safe storage of important documents and other valuables.
    
*   Provides enhanced security with guards, cameras, and alarm systems that may not be available at home.
    

Con

*   Unlike bank accounts, the contents are not insured.
    
*   Safes can only be accessed during the bank's business hours.
    
*   Contents can still be lost due to fire, flood, or other disasters.
    

## Important Considerations for Renting a Safe Deposit Box

Safe deposit boxes have been offered by banks for some 150 years—with various other types of safekeeping offered long before that. However, fewer people today are renting safe deposit boxes, opting instead for digital storage and home safes. 

This can make it easier to find an available box—or more difficult if your bank no longer offers them. Betty Riess, a Bank of America spokeswoman, said demand for boxes has dropped “significantly,” especially among younger customers who are more likely to rely on digital storage. According to Riess, fewer than half of her company’s safe deposit boxes are rented.

Some banks now offer the boxes for free, depending on the type of account and your balance.

## How Much Does a Safe Deposit Box Cost?

The cost of a box varies by size, bank, city, and availability, typically ranging from $15 to $350 annually at U.S. banks.

## Can a Bank Open Your Safe Deposit Box?

Unlike customer bank accounts, safe deposit boxes are not explicitly regulated or insured by federal banking law. Your bank may be able to force your box open in response to a court order, search warrant, account delinquency, or bank closure. Your safe deposit agreement, or state law, may specify certain circumstances and procedures that the bank must follow when it opens a box without the customer present.

## What Should You Not Keep in a Safe Deposit Box?

While safe deposit boxes are a good place to store sentimental valuables and important documents, they should not be used for anything that is irreplaceable, or that you might need in a hurry. Living wills, advance medical directives, and durable powers of attorney are a poor choice for a safe deposit box if they are the only copies. Cash is also a bad choice, since you can earn interest by putting it in a savings account.

## The Bottom Line

Safe deposit boxes are an additional service offered at some banks. For an annual fee, customers can rent a box to store their valuables and important documents in the bank's vault. But this protection is not absolute: unlike regular bank accounts, safe deposit boxes are not insured or protected by federal regulations.

> **Article Sources**
>
> 1.  Eddy & Schein Group. “[Safe Deposit Boxes – A World of Their Own](https://eddyandschein.com/safe-deposit-boxes-a-world-of-their-own/).”
>     
> 2.  Federal Deposit Insurance Corporation. “[Five Things to Know about Safe Deposit Boxes, Home Safes and Your Valuables](https://www.fdic.gov/consumers/consumer/news/cnwin18/fivethings.html#:~:text=A%20safe%20deposit%20box%20is,contents%20of%20safe%20deposit%20boxes.).”
>     
> 3.  Federal Deposit Insurance Corporation. “[Your Insured Deposits](https://www.fdic.gov/resources/deposit-insurance/brochures/insured-deposits/#:~:text=The%20standard%20deposit%20insurance%20amount,another%20separately%20chartered%20insured%20bank.).”
>     
> 4.  Office of the New York State Comptroller. “[Unclaimed Property Relating to Banking Institutions – Reference Sheet](https://www.osc.ny.gov/files/unclaimed-funds/reporters/pdf/banking-institutions.pdf),” Pages 4 and 8.
>     
> 5.  My Bank Tracker. "[How Much Does a Safe Deposit Box Cost at the Top US Banks?](https://www.mybanktracker.com/blog/find-my-answers/safe-deposit-box-cost-277945)"
>     
> 6.  Office of the Comptroller of the Currency. "[I Am Missing Items from My Safe Deposit Box. What Can I Do?](https://www.helpwithmybank.gov/help-topics/branch-services/safe-deposit-boxes/safe-deposit-box-missing-items.html)"