Renting a safe deposit box is affordable at most banks. Safety deposit boxes are recommended to keep insurance paperwork, wills and other important documents that you may need in an emergency.
Rent Per Year
The rent per year for a safe deposit box varies by the size and number available at each bank location. Most banks fees are in the same range. You should check with your bank for sizes, fees and availability.
- The smallest box is usually 2 by 5 inches and 12 inches long. Rent for small boxes typically average between $15 and $25 dollars.
- A medium box measures 4 by 10 inches and is 12 inches long. The average cost is between $40 and $65 dollars.
- The largest box offered is 15 by 22 by 22 inches and usually costs between $185 and $500 dollars.
Other Fees for Safe Deposit Boxes
Key deposits are usually $10 to $25 per month. Replacement key fees are typically $20. If both keys are lost, and the box must be drilled open, expect to pay at least $150.
An Important Note
If you use your box to store stock and bond certificates, you can file the expense on your income tax return. A small box at $25 a year will help protect assets worth thousands, making it a reasonable investment in security.