Can You Put Cash in a Safety Deposit Box? (2024)

Whether you’re an avid stamp collector or simply want a safe place to park your great-grandma’s earrings or the deed to your home, safe deposit boxes are ideal locations to keep important things, offering an extra layer of security that can give you added peace of mind.

However, when considering what to put in a safety deposit box, there are certain things that are best to store there, while other things are best tucked away in a secure place at home or elsewhere. Insurance is also a factor, and it’s important to understand what kind of access you’ll have to your safe deposit box. This article explains what safe deposit boxes are, how much they cost and what you should and shouldn’t keep inside one.

What Is a Safe Deposit Box?

A safe deposit box is an individual metal box where you can store items. It’s kept inside a secure vault at your bank or credit union. Typically, safe deposit boxes come in different sizes, anywhere from a few inches to up to a few feet long, though 2 x 5 inches and 10 x 10 inches are common sizes for a box. Safe deposit boxes require a key to open them—the bank has one key, and the customer has another key.

Although some banks are doing away with safe deposit boxes, some banks still offer them as an alternative to keeping important items and documents in your home. Just make sure to store your items in fireproof and liquid-proof bags, as no bank is fully immune to fire or flooding, and the FDIC and most banks don’t insure the contents of safe deposit boxes.

How Much Is a Safe Deposit Box?

Since safe deposit boxes vary in size, the cost of them varies, too. Most banks charge at least $15 per year for a small box, but some can charge into the hundreds annually, depending on the size of the box. Pricing may vary by location and branch, and the safe deposit box rent will be charged annually in most cases.

Popular banks like Bank of America and Wells Fargo still rent safe deposit boxes, but Chase isn’t renting out any new safe deposit boxes. In most instances, you’ll have to hold some kind of bank account at the bank where you want to get a box.

What You Should Keep In a Safe Deposit Box

A good rule of thumb when deciding what to keep in a safe deposit box is to keep things in there that need an added layer of protection but that you won’t need suddenly or in an emergency. Remember that banks—especially bank vaults—have limited hours, so you only want to keep things in there that you won’t suddenly need on a holiday or Sunday when a bank or its vaults may be closed.

• Family heirlooms: Save keepsakes or jewelry—just make sure to insure them.
• Certain important documents: Put in birth certificates or property deeds/titles.
• Collectibles: Store baseball cards, stamps or coins.
• Photos and videos: Keep memorabilia safe, or hide away videos and pictures of your home and its contents for insurance purposes.

What You Should Not Keep In a Safe Deposit Box

You don’t want to store items that you may need immediately since banks and bank vaults have limited opening hours. Although safe deposit boxes may be your safest option, do know that they’re not entirely disaster-proof, and the contents aren’t insured (but more on that below).

• Your passport: You may need it suddenly.
• Cash: Not only is it not insured and you may need it right away in case of emergency, your money isn’t earning interest in a safe deposit box. Some banks may not even allow cash in safe deposit boxes, depending on the terms and conditions.
• Wills or Power of Attorney: If you pass away, your box may be locked and parties may not be able to access the box without a will.
• Illegal items: Don’t put guns, ammunition, weapons, liquids or hazardous or explosive items in the box, or the bank can revoke your box, and you’ll lose the contents.

Who Can Access My Safe Deposit Box?

You get to decide who can access your safe deposit box. Just remember that anyone who co-leases the box with you has access to everything inside and can open the box, take things out of the box and put things in any time they want. Make sure whoever you co-rent the box with is someone you trust, as the terms and conditions for most security deposit boxes state that banks aren’t liable for issues between co-lessees.

Are Safe Deposit Boxes Insured?

Safe deposit boxes and their contents aren’t insured. According to the FDIC, only money in deposit accounts at insured institutions in rare situations (like bank failure) is insured.

If you want insurance for whatever you put in the safe deposit box, you’ll have to get it via your homeowner’s or renters insurance. And for peace of mind, store your items in fireproof or waterproof bags to protect against disasters like fire or flooding.

It’s also important to pay your yearly rent on the box. If not, you could risk losing the box and all the contents inside of it if you don’t pay.