A safe deposit box at a financial institution is (even in the digital age) a good way of securing important valuables or documents that must be protected, and/or which could be needed after the owner dies. You will receive a key, and often the bank will keep one as well, with both keys needed to open the box. You will pay rent on the box, depending on the bank and the size of the box, and will have access during bank hours. This is a great way to safeguard things which you cannot replace.
- Banks lease safety boxes and one of those boxes are a safe deposit box that can be leased to store valuable objects or important documents.
- Safe deposit boxes with banks are now fading away and seem like relics from another age with the advent of cloud storage and digital records.
- The sizes of these boxes are between 2 inches or 5 inches and some can be larger and their prices vary based on the bank and box size.
“Expect to pay anywhere from $40 per year for a smaller box to a few hundred dollars for larger boxes.”