Safe deposit boxes

A safe deposit box is a lockable box in a secure location designed for storing valuables like expensive jewellery or important documents. Most safe deposit boxes are located at banks, but you can use a safe deposit box firm instead.

No-one else is permitted to see what you are putting in your safe deposit box, and no-one else has a key to it.

Questions to ask the bank or safe deposit box company

• How much is it?
• Is there an extra charge for each visit I make to my safe deposit box? (Banks usually charge). How much is this?
• How often can I access the box?
• How is payment arranged? Annually or quarterly? In advance?
• What security measures do you have? (Both to prevent tampering and to minimise risk of fire/flood etc)
• What happens if I lose my key?
• What happens if there's an emergency? (eg if you're abroad and you need a document)

Checklist for using a safe deposit box

• If storing documents, photocopy them and keep the copies elsewhere
• Decide what to do about the bank contacting you (eg if the location of the box changes) - it will probably be by letter. Do you have redirection? Is someone you trust taking care of your post?
• In case something happens to you, it may worth at least letting someone else know of the box's existence
• Keep a list of what you have put in the box (or take a photograph). Keep this updated if you add or remove anything.
• Get your own insurance for your valuables.
• In case of dispute, be aware that 'safe custody services' are covered by the Financial Ombudsman Service.

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