William Lipovsky
A safe deposit box — sometimes referred to as a safety deposit box — is a small, locked metal container stored in a vault within a bank.
These boxes involve two sets of keys: one that remains with the bank and one that goes to the box owner. Both keys are required to open the box, providing an additional layer of security.
Most banks — even small, local ones — have an area set aside for at least a small number of safe deposit boxes. You pay an annual fee for the safe deposit box and either become the sole owner or authorize specific people to access the box.
In some cases, you can rent an entire vault annually, though this option comes with a higher price tag.
Safe Deposit Box Sizes and Costs
The smallest safe deposit box available will usually be around two to three inches deep in most banks, five inches wide, and 12 to 24 inches long. A box of this size will be relatively inexpensive — around $20 to $40 per year.
The largest box is usually around 10 inches deep, 10 inches wide, and 21 to 24 inches long. It’ll cost you around $60 to $115 per year.[1][2][3][4]
Most banks will offer a variety of options between these sizes as well, with varying costs.
Note that neither the bank nor the federal government automatically provides insurance for safe deposit boxes. Many banks will give you the option to purchase insurance, but this will require an additional fee.
For more information about safe deposit boxes, see our complete list of banks with safe deposit boxes.
Safe Deposit Box Costs at Major Banks
Safe deposit box prices can vary from branch to branch of the same bank, as can available sizes.
We gathered the price estimates below by viewing safe deposit box documentation on each bank’s website and contacting branch locations.
Our list includes a phone number for each bank, which you can call to find specific price information for safe deposit boxes in your area.
Bank of America
- Sizes available: Vary by location[5]
- Annual rate: Around $125 for a five- by five-inch box[6]
- Extra insurance offered? Yes[6]
- Contact: (800) 432-1000
- Find a branch
BMO Harris Bank
- Sizes available: Vary by location[7][8]
- Annual rate: Vary from $30 to a few hundred dollars, depending on size; Premier Service and U.S. Program clients receive a free three- by five-inch safe deposit box; U.S. Program clients can choose to receive a 50% discount for up to a five- by ten-inch box instead.[9][8][10][11]
- Extra insurance offered? No[8]
- Contact: (888) 340-2265
- Find a branch
Citibank
- Sizes available: Vary by location[12][13]
- Annual rate: Starting at about $65 for a three- by five-inch box; up to $125 in yearly fees waived for Citigold and Citi Priority members[14][15]
- Extra insurance offered? No[13]
- Contact: (888) 248-4226
- Find a branch
Citizens Bank
- Sizes available: Vary by location[16]
- Annual rate: Typically between $25 and $80; 15% discount available for Platinum and Platinum Plus Checking customers; 50% discount available for Premier, Premier Plus, and Private Checking customers[17][16]
- Extra insurance offered? Yes[17]
- Contact: (800) 922-9999
- Find a branch
Fifth Third Bank
- Sizes available: Vary by location; usually three- by five-inch and up[18]
- Annual rate: Around $50 to $110; waived or discounted for Preferred and Express Banking customers, depending on the size[18][19][20]
- Extra insurance offered? Yes[18]
- Contact: (800) 972-3030
- Find a branch
HSBC Bank
- Sizes available: Vary by location[21]
- Annual rate: Around $65 to $140, depending on size[22]
- Extra insurance offered? Yes[22]
- Contact: (800) 975-4722
- Find a branch
KeyBank
- Sizes available: Varies by location; anywhere from one- by five-inch to three- by six-foot[23]
- Annual rate: Around $55 to $275, depending on size[24]
- Extra insurance offered? No[25]
- Contact: (800) 539-2968
- Find a branch
M&T Bank
- Sizes available: Five- by three-inch, three- by 10-inch, or five-by 10-inch[26]
- Annual rate: Around $50 to $150; select checking account holders receive a $50 or 50% discount[27][26]
- Extra insurance offered? Not in Massachusettes; check with your local branch to find out if insurance is offered.[28]
- Contact: (800) 724-2440
- Find a branch
PNC Bank
- Sizes available: Varies by location; starting at three by five inches[29]
- Annual rate: Around $35 to $100, depending on size[29]
- Extra insurance offered? Yes[29]
- Contact: (888) 762-2265
- Find a branch
Regions Bank
- Sizes available: Varies by location[30]
- Annual rate: Around $50 to $250, depending on size; discounts 30% to 50% available for checking and savings account holders; receive 10% discount with automatic payments deducted from checking or savings account[30][31]
- Extra insurance offered? Yes[31]
- Contact: (800) 734-4667
- Find a branch
Santander Bank
- Sizes available: Varies by location; you must have an open and active Santander deposit account and enroll annual deposit box fees to be auto-debited from this account.[32][33]
- Annual rate: Around $30 to $120, depending on size; select checking account holders may be eligible for a free safe deposit box of the smallest size or a 50% discount on a larger box[32][34]
- Extra insurance offered? Yes[32]
- Contact: (877) 768-2265
- Find a branch
TD Bank
- Sizes available: Varies by branch[35]
- Annual rate: Around $70 to $125; discounts available with TD All-Inclusive Banking Plan[36][37]
- Extra insurance offered? Yes[36]
- Contact: (888) 751-9000
- Find a branch
Truist Bank
- Sizes available: 24 inches deep, height and width options vary by location; only available to Truist clients[38]
- Annual rate: Ranges from $40 to $250; discounts or complimentary packages may be available depending on location. $25 discount with Dimension checking; no fee for three- by five-inch box or $40 discount on larger box if available with Focus Checking and Asset Management account; no fee with Wealth Checking account[39][38]
- Extra insurance offered? Yes[38]
- Contact: (800) 226-5228
- Find a branch
United Bank
- Sizes available: Vary by location[40]
- Annual rate: Around $40 to $150, depending on size; select account holders will receive a free three- by five-inch box or a discounted rate on a larger box[40]
- Extra insurance available? No[40]
- Contact: (800) 327-9862
- Find a branch
U.S. Bank
- Sizes available: Five by five inches or five by 10 inches[41]
- Annual rate: Around $110 to $130;[41] Platinum account holders, seniors (65+), and military service members get 50% off the cost of a safe deposit box[42]
- Extra insurance offered? Yes[41]
- Contact: (800) 872-2657
- Find a branch
Wells Fargo
- Sizes available: Varies by location[43]
- Annual rate: Around $20 to $170, depending on size[44]
- Extra insurance offered? No; Wells Fargo recommends checking with your existing insurance carrier to see if you’ll require additional insurance for the box[43]
- Contact: (800) 869-3557
- Find a branch
Items You Should (And Shouldn’t) Put in A Safe Deposit Box
When you rent a safe deposit box, the bank will usually provide you with a list of items you can and can’t store in the box.
Generally, items that should go into a safe deposit box are items you don’t need to access on short notice and don’t access frequently but are vital to your estate or yourself. These include things like birth certificates, adoption papers, car titles, property deeds, or a copy of your will.[45]
Documents aren’t the only thing you can store in a safe deposit box; small, precious items like jewelry and family keepsakes are also suitable for storage.
Items you shouldn’t put in your safe deposit box include cash (because safe deposit boxes don’t include FDIC insurance); things that you need to have on hand or access quickly, such as medical directives and original copies of power of attorney documents; or illegal/prohibited goods.[45][46]
If you do decide to rent a safe deposit box, make a list and take pictures of every item you put inside. Keep it along with any available proof of ownership for valuables.[43]
Though safe deposit boxes are generally secure, natural disasters like flooding and earthquakes can’t be predicted, and you should have a record of your box’s contents just in case.
Sonya Bateman
Cathy Desmet
Lindsey Desmet
Loren Eaton
If you have money that you don’t want to put in your bank account, what would be the safest place to put it if not a safe deposit box?
Hello, Edna! Aside from a bank account, the safest place to put your cash would be in a home safe/office safe. This gives you full control over the security measures guarding your valuables and gives you 24/7 access. We have updated our article to include this information.
All through the article the author used the incorrect term “safety deposit box”. Does not show professionalism. No editor either?
Hi James,
There is a debate about which is correct — safe or safety — and you’re probably right that the answer is safe. But, even agencies as formal as the FDIC use both (a search for “safety deposit box” gets over 30 results on the FDIC’s website). Here at FQF we try to keep things colloquial, so we used safety deposit box.
I found this article very useful. It answered all of my questions and provided me a ballpark cost with which to compare actual quotes.
Thanks for your feedback, Jerry! We always appreciate hearing from readers who find our articles useful.
Does one have to have an acct at the bank to open a safe deposit box there?
Hi A,
Generally, you can rent a safe deposit box at a bank without also having an account there, though some banks might require you to also have an account. Regardless, it’s often best to rent a safe deposit box from a bank at which you already have an account because the bank will offer a discount on the regular rental fee if you also bank with them.