You might think your valuables are safest in a bank vault, but does it really beat getting your own home safe? And most importantly, how much is a safety deposit box, and is it worth the cost?

Let’s get into the details.

We’ve seen it a million times on film and TV: if someone wants to protect their valuables, they stick them in a safety deposit box. But does it really provide the security people assume it does?

They have been around for a long time, but they’re less popular now than ever. Many banks are slowly phasing them out, and some no longer rent them to new customers. Wells Fargo and other major banks have even stopped building them into their vaults. So, before you rush to get one, you might want to ask: how much is a safety deposit box, and is it even worth it today?

Average Coast of a Safety Deposit Box

The cost varies by bank and location. Typically, small boxes cost around $30–$60 per year, while larger ones can cost upwards of $200 annually. Some premium banking institutions charge even more. So before getting one, ask your bank: how much is it, and are there better alternatives?

Here’s a clean table comparing safety deposit box prices across different banks:

Size (inches)	Bank of America	Chase	Wells Fargo	US Bank	BB&T	Regions	PNC
3″ x 5″	$75	$50	$80	$63	–	$55	$42
5″ x 5″	$125	$90	–	$85	$50	–	–
3″ x 10″	$150	$90	$125	$112	$55	$88	–
5″ x 10″	–	$115	$175	$133	$70	$151	–
10″ x 10″	$300	$190	$175	$184	$115	$173	$75

How to Get a Box?

If you’re wondering how to get a box, the process is relatively straightforward. You must visit a bank that offers them, provide identification, and sign a lease agreement. However, be aware that many banks no longer rent new boxes, so availability is decreasing.

Can a Bank Deny Access Your Box?

Yes. Banks can and do deny access to boxes under various circumstances. If a bank is sold or closed, customers sometimes lose access temporarily—or permanently. If you fall behind on payments, the bank may seize your box. And in some legal cases, a court order can restrict access. So before relying on one, ask yourself: can a bank deny access to my box, and what protections do you really have?

Can You Keep Cash in a Safety Deposit Box?

While many people assume they can store anything in, there are limitations. Some banks explicitly prohibit storing cash. Even if they don’t, keeping cash in a bank vault is risky. It’s not insured by the FDIC, and if lost or stolen, you have little recourse. So, can you keep cash in a safety deposit box? Technically, yes—but it’s not the best idea.

How to Identify a Safety Deposit Box Key?

If you already have a key but aren’t sure what it belongs to, you might wonder how to identify your box key. Typically, these keys have unique serial numbers that correspond to a specific box. If you find an unmarked key, visiting the bank where you rented the box is the best way to confirm its purpose.

Many Banks Are Phasing Out Safety Deposit Boxes ?

Many banks are phasing out safety deposit boxes for several reasons:

1. Declining Demand – With digital storage solutions and home safes becoming more advanced, fewer customers use safety deposit boxes, making them less profitable for banks.
2. High Maintenance Costs – Banks must allocate vault space, security, and administrative resources to maintain safety deposit boxes, which isn’t cost-effective given the reduced usage.
3. Legal and Liability Issues – Banks avoid liability for lost or damaged items in safety deposit boxes, but disputes and legal issues still arise, making them a hassle to manage.
4. Shifts in Banking Priorities – Many financial institutions are focusing on digital banking services, reducing their reliance on physical branches and related services like safety deposit boxes.
5. Security Risks – Although vaults are secure, theft, fraud, and mismanagement can still occur. High-profile cases of lost valuables have made banks cautious about continuing this service.

Should you get a box or invest in a home safe? The answer depends on your needs. But given the many risks—cost, loss of access, lack of legal protection—it’s clear why many people prefer to keep their valuables at home in a secure, fireproof safe. Instead to use safety deposit box, try to have better money habits.