How to Open a Safety Deposit Box: Costs, Access, and Keys

To open a safe deposit box, visit a bank that still offers them with a government-issued photo ID, choose a box size, decide who else should be allowed to access it, sign the lease and a signature card, pay the first year’s rent, and collect your two keys. The appointment takes about 30 minutes. Call ahead, because not every branch stocks every size and some banks have stopped renting new boxes altogether.

What You Need to Bring

Federal anti-money-laundering rules treat a safe deposit box relationship the same as a deposit account, so the bank has to collect your name, date of birth, address, and an identification number such as a Social Security number or taxpayer ID.¹ Bring a valid government-issued photo ID like a driver’s license or passport.²

Most banks require renters to be at least 18. Many also require you to already hold a checking or savings account at the bank, which gives them a way to debit the annual rent and run internal risk checks before granting vault access. If you don’t bank there yet, plan to open an account at the same visit.

Picking a Size and Knowing the Cost

Boxes come in standardized sizes, typically starting around 3 by 5 inches and running up to 10 by 10 inches or larger. A small box holds a stack of documents, a few passbooks, or small jewelry. Mid-range sizes around 3 by 10 or 5 by 10 inches handle thicker files and bulkier items. The largest standard sizes fit coin collections, larger heirlooms, or multiple binders.

Annual rent at major banks ranges from roughly $15 for the smallest boxes to $350 or more for the largest. A 3-by-5-inch box at a smaller bank can run $15 to $55 a year. Mid-size boxes typically fall between $50 and $160. The largest standard boxes at major national banks run $170 to $350 annually. Confirm the price and whether the size you want is actually in stock before you make the trip.

Decide Who Else Can Access the Box

This is the decision at signup that matters most down the road, because the choice shapes what happens if you become incapacitated or die. You have a few options.

Just You

If you rent the box alone, no one else can open it without a court order or a power of attorney the bank has accepted. Simple to set up, but the box effectively locks when you die or lose capacity, and your family will need a court to appoint someone before they can get in.

A Joint Tenant

Adding a joint tenant gives another person full, independent access during business hours. Every joint tenant has to appear at the bank in person to show ID and sign the lease.³ One trap people miss: unlike a joint bank account, a safe deposit box generally does not carry a right of survivorship. When one joint tenant dies, most banks freeze the box until the estate is sorted out in probate, even if the surviving tenant is on the lease.

A Deputy

A deputy is someone you authorize to access the box without giving them any ownership. You appoint one at the bank in front of a bank employee, and you can revoke the access anytime. Important limit: a deputy’s authority ends automatically if you become incapacitated or die. Deputies work for day-to-day convenience, not emergencies.

A Power of Attorney

A durable power of attorney can let someone access your box after you lose capacity, but banks review these documents carefully, sometimes in multiple rounds depending on how the document is written.⁴ Get the document on file with the bank before you actually need it.

Signing the Lease and Signature Card

The lease is a contract covering rent, the bank’s liability limits, and the rules you agree to follow. You’ll provide your full legal name, Social Security number, and residential address. Read the liability section before you sign. Some banks cap their maximum liability at $25,000 regardless of what you store, and the lease may require you to agree that your contents won’t exceed that value.³

You’ll also sign a signature card. That card becomes your ID check for every future visit: an employee compares your signature against it before letting you into the vault. Some banks are moving to PIN codes, fingerprinting, or other verification, but the signature card is still standard at most institutions.⁵

Keep your contact information current with the bank afterward. If the institution can’t reach you about renewal, a branch closure, or an unpaid balance, the box can eventually be declared abandoned and the contents handed to your state’s unclaimed property division.

Keys, Payment, and Your First Vault Visit

Safe deposit boxes use a dual-key system. The bank holds one key, often called the guard key, and you receive two copies of the renter’s key. Both keys have to turn together to open the box, so neither you nor the bank can get inside alone. Your opening payment covers the first year’s rent, and some banks also collect a refundable key deposit.

Once the paperwork is signed and payment is made, a bank employee walks you to the vault, confirms the box is empty, and gives you a private viewing area to place your items inside. Every future visit works the same way: show ID, sign the access log, wait for an employee to turn the guard key alongside yours, and use the viewing area in private. Vault hours generally match branch hours, and some branches limit access to weekdays.

Protect the keys. If you lose both copies, the bank has to hire a locksmith to drill the box open and replace the lock, and you pay for all of it upfront before the work is scheduled.⁶ Drilling fees typically run $150 to $350, and you need to be present while it happens. Stashing a spare renter’s key in a home safe is cheap insurance.

What to Put In (and What to Keep Out)

A safe deposit box works best for things that are valuable, hard to replace, and that you don’t need in a hurry: property deeds, vehicle titles, birth and marriage certificates, stock certificates, small jewelry, rare collectibles, and backup copies of family photos or digital files on a USB drive.

Some items belong somewhere else. The FDIC warns against storing anything you might need quickly or when the bank is closed, including passports and original powers of attorney.⁷ An original will is a frequent mistake for the same reason: if the only copy is locked in a box that freezes at your death, your family may need a court order just to retrieve the document that names who should handle your estate. Keep the original with your attorney or in a home fireproof safe, and put a copy in the box if you want a backup.

Cash is a poor fit. It earns no interest, loses purchasing power to inflation, and is not insured by the FDIC.⁷ Some leases restrict or outright prohibit cash. Your lease may also bar hazardous materials, firearms, or illegal items, so check the terms before assuming anything goes.

Your Contents Are Not Insured

The biggest misconception about safe deposit boxes is worth clearing up before you commit. The FDIC does not insure anything inside a box, because the box is storage space rather than a deposit account.⁷ Banks generally don’t insure the contents either. If a flood, fire, or theft damages or destroys your belongings, the bank’s liability is limited to whatever cap the lease sets, and that cap can be low.

The FDIC suggests talking to your homeowner’s or renter’s insurance agent about adding a rider or endorsement that covers valuables stored off-premises in a safe deposit box.⁷ Before you buy coverage, photograph and appraise high-value items and keep that inventory somewhere other than the box itself.

1
FFIEC BSA/AML Examination Manual. Regulatory Requirements – Customer Identification Program
2
eCFR. 31 CFR 1020.220 – Customer Identification Programs for Banks, Savings Associations, Credit Unions, and Certain Non-Federally Regulated Banks
3
JPMorgan Chase Bank, N.A. Safe Deposit Box Lease Agreement and Privacy Notice
4
Bank of America. Power of Attorney Services
5
KeyBank. Safe Deposit Box Agreement
6
Bank of America. Safe Deposit Box Account Rental Agreement Rules and Regulations
7
Federal Deposit Insurance Corporation (FDIC). Five Things to Know About Safe Deposit Boxes, Home Safes and Your Valuables