What Should I Keep in a Safe Deposit Box?

A safe deposit box is a well-secured storage box housed at your banking institution. Think of it as your own private bank vault. You can use a safe deposit box to store valuable items, important paperwork or other items you want to keep private and secure.

In the age of cloud storage and digital record-keeping, a safe deposit box may seem like a relic from another era. But a safe deposit box can make sense if you need secure storage away from home.

Considering opening a safe deposit box? Here’s what to know.

A safe deposit box is a small, secure container housed at a bank. The boxes can range in size from 2 inches high by 5 inches wide, to 10 inches high by 15 inches wide or even larger. Rental prices vary according to the bank and box size, but generally start around $25 annually. You typically need a key to open the box, and often banks use dual-key systems in which the bank also has a key that is used simultaneously with yours. You’ll only be able to access your safe deposit box during bank hours.

“The main purpose of a safe deposit box is to store confidential or valuable materials or documents that may be needed after your passing or that you want to keep secure and safe,” says Dawn Fabian, senior vice president and sales and service client advisor at PNC.

Experts say that safe deposit boxes are a secure way to store your belongings, but they aren’t immune to natural disasters, such as a massive flood. Unlike the deposits in your bank account, the contents of a safe deposit box are not insured by the Federal Deposit Insurance Corp., so carrying separate insurance on your valuable belongings is a smart idea.

Expect to pay anywhere from $25 per year for a smaller box to a few hundred dollars for larger boxes. There also may be fees for box set-up, transfers and key replacement. Discounts are sometimes available for those who open a checking or savings account with the bank.

A safe deposit box can offer secure, reliable storage for valuables and important documents. This type of storage can be useful if you’re uncomfortable storing documents digitally or have valuables you can’t keep safe at home. It’s also helpful if you move often or are prone to misplacing important items.

Still, there are disadvantages to safe deposit boxes. Contents aren’t protected by FDIC insurance and, while protected, aren’t guaranteed disaster-proof. Your access depends on the bank’s operating hours and is only available as long as you keep paying rent. And there are some items – like estate documents or the only copy of an important document – that you shouldn’t keep in a safe deposit box.

But considering whether a safe deposit box is a good idea hinges on whether you can find one available. Safe deposit boxes are becoming rare, with some major banks – including Chase and Capital One – no longer offering them to new customers. Secure storage is costly to build and maintain, but some banks, including Wells Fargo and Bank of America, still have safe deposit boxes available.

“The general rule is to protect documents that are difficult to replace, but you don’t need to access them regularly,” says Simon Zhen, chief research analyst at MyBankTracker.com. Some documents to consider keeping a safe deposit box are:

You may also want to keep items like valuable jewelry or a coin collection in the box. But make sure they’re insured by your homeowner’s insurance or a separate rider since they won’t be covered by FDIC insurance.

Additionally, make sure that your spouse, heirs and financial team know about the existence of the safe deposit box and what it contains, so they can make plans to access it after your death.

There are some documents you may not want to keep in a safe deposit box if you or your heirs need to access them quickly. Don’t keep these documents in a safe deposit box:

You don’t want to store documents that you may need unexpectedly, such as your passport or Social Security card. The risk is that when you need one of these documents, the bank won’t be open, and you’ll have to wait until the next business day to get access.

It’s generally not a good idea to keep estate-planning documents, such as your will, in a safe deposit box. “We do not recommend to clients to keep wills in safe deposit boxes,” says Gerry Joyce, national head of trusts and estates and deputy general trust counsel at Fiduciary Trust Company International in New York City.

Keeping your will in a safe deposit box may cause a “chicken and egg” scenario in which the box can only be opened by the executor, but the executor can’t be appointed by a probate court without the original will, Joyce says. He recommends keeping your original will with your attorney or in a fireproof safe at home.

The same logic applies to documents your family may need if you fall seriously ill. Living wills and medical power of attorney documents should be stored in a secure place which your family can readily access.

Consider using an alternative if a safe deposit box is too expensive or old-school for your taste. A fireproof and waterproof safe can protect your documents from a disaster or a nosy houseguest. These are available for as little as $50.

Is it better to have a safe deposit box or a home safe? It depends on your preferences.

You can easily access a home safe, which offers convenience and can help your family get to important documents when you can’t. But remember that a bank will undoubtedly have better security than your home. It’s easier to break into a home and steal a safe than to access a bank vault. Unless your home safe is bolted to a strong surface, a thief could run off with your safe and figure out how to open it off-site.

There are also ways to back up the documents stored in a safe deposit box or home safe. Consider storing copies of your original documents on a secure online storage platform. Fabian says to take a photo of the contents of your safe deposit box, so you or your heirs can easily reference what’s stored within.

The bottom line is that your heirs should be aware of – and know how to access – whichever secure method you use to store your important documents and paperwork.