A bank could be liable for the value of the content inside your box if you file a claim, though. When a bank says it's FDIC insured, it means money deposited in a bank account is insured if a bank shuts down. Quick tip: Keep in mind valuables kept at a bank are not FDIC-insured. Burns also warns that safe deposit boxes aren't a great place for a will because it isn't easily accessible, so it'd be better to store a copy instead of the official document. If you plan to save money, it's better to keep it in a savings account or invest it. Burns, CFP® professional and president and founder of JJ Burns & Company says a safe deposit box might be ideal if you're storing important papers such as contracts or valuable assets like family heirlooms or expensive jewelry.īurns adds you should never keep cash or a will inside of a safe deposit box. What should you keep in a safe deposit box? Some financial institutions may also allow you to pay monthly or annually. A large safety deposit box that's 10 inches by 10 inches might be $50 to $165 each year. How much does a safety deposit box cost at a bank?Ī small 3-by-5-inch safe deposit box is usually around $10 to $60 per year. However, you'll likely need homeowner's insurance to protect your valuables since homes aren't as secure from theft or natural disasters as banks. Quick tip: If the process of renting out a safe deposit box seems too inconvenient, you may instead buy a safe deposit box and store it in your home.

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