UK Edition
Want to stash your stuff in a safety deposit box? Here's how...
Renting a safety deposit box might seem like entering a mysterious world best suited to a crime film, but for many it's essential to protect their assets or squirrel away family heirlooms.
There are fewer providers of the boxes than there used to be, but it is still possible to rent one from a bank or a number of specialist providers.
Here’s all you need to know about how to rent a box, and the pitfalls to avoid your prized possessions being snapped up by the bank.
How do I rent a box and what does it cost?
There are variations in size and price depending on where you rent a box, but the process will be similar.
You can normally reserve a box online or via the phone, but will have to visit the location in order to complete the process.
Both photographic ID and proof of address will be required, similar to opening a bank account.
Some providers may let you rent a box flexibly, for just a short period of time, while others will only offer a fixed term period, such as a year.
For instance, London-based Metropolitan Safe Deposits rents boxes for 12-month periods at a time. Prices start from £95 a year for a 4.5cm by 11cm by 41cm box, which is smaller than a shoe box, up to more than £2,400 a year for a 64cm by 61cm by 45cm box.
Many high-street banks have closed their safe deposit services, although there are still some available.
Metro Bank is one, offering a 7.5cm by 12.5cm by 53.7cm box for £200 a year or £16.66 monthly. The largest option, a 25cm by 25cm by 53.7cm box, costs £675 a year or £56.25 monthly.
What can I keep in my box?
Despite what you might see in the movies, there are limits to what you can keep in a box. Generally speaking, if it’s illegal, it will not be allowed.
Metro Bank, for instance, does not allow anything illegal, cash of any kind, chemicals or items which are “offensive, immoral, obscene, indecent, defamatory, slanderous or libelous”.
The terms and conditions also state that customers “may be required to tell us what you have stored in your safe deposit box”.
Metropolitan Safe Deposits has similar restrictions, and also mentions living organisms, plants or items that are the subject of any embargo. It does not appear to ban cash however.
As safety deposit box providers are regulated by the Financial Conduct Authority, they are required to ensure that nothing in the box represents the proceeds of crime.
In previous years there have been major police raids on safety deposit box providers turning a blind eye to customers storing illegal materials.
Can anyone else ever open my box?
There are two situations in which a box can be accessed by someone else. The first is by the police, but only if they have a valid authority or court order.
The second is by the safety deposit box provider itself, where you fail to pay the charges. There will be substantial warning periods, followed by your agreement with the provider being terminated, ending their obligations.
Following this, the provider will be entitled to open your box using a locksmith and to take possession of the items inside. If you lose your keys, a locksmith will be required to open your box too.
Metro Bank’s terms and conditions also state that they may take money from a user's associated bank accounts to cover fees if they are not paid.
You may be able to register joint key holders who will have access to your box too.
How does access and insurance work?
The times you can access your box will depend on the opening hours of the provider.
Security processes will differ, but in some instances you may need to be accompanied to your box by bank staff, although privacy should be provided when you want to open it up.
The Hatton Garden heist last year, which saw £14m of jewellery stolen from safety deposit boxes in the diamond district of London, highlights that users need to make sure their box are protected.
A basic amount of insurance may be included in your rental costs, but you may need to purchase further insurance - it depends on the provider and users should check.
For instance, Metropolitan Safe Deposits provides £10,000 of insurance as standard, and you can top up for £2.52 a year per £1,000 of additional cover.
Writing a will could save a headache
If you die while renting a safety deposit box, the executor of your estate, your heir or any joint account holders should be able to access the box.
However, this is dependent on them knowing that it exists. If you have not told anybody and it is not mentioned in your will (or you do not have a will), then this could be problematic.
When fees stop being paid, the bank or provider can claim the contents of your box, as above.