This easy guide will answer any questions you may have about taking out a safe deposit box so you can decide if it’s the right method for you to store your valuable items.
What is the function of safe deposit boxes?
Safe deposit boxes are the perfect option for storing jewellery, important documents, family heirlooms, bullion and pretty much anything you own that requires the utmost security! They give you peace of mind that your most valuable items are safe and hold them in optimum conditions until you wish to recollect your item(s) and close your box.
Do I need insurance for items in my box?
Despite most vaults where safe deposit boxes are kept being some of the most safe and secure places in the world it is always a good idea to keep items insured to their full value. Many safe deposit box providers will offer insurance as standard so be sure to check this out when selecting which company to purchase a box with. For example, London based bullion broker and safe deposit box provider Sharps Pixley offer complimentary insurance up to £10,000 with additional cover available at a cost of 0.3% based on the value of the cover. Insurance will give you further peace of mind that the value of your items are prepared for all eventualities.
What security measures are in place to protect my box?
Although providers will all have their own different security arrangements, there are gold standards for the industry in security that is consistent throughout. A Grade 10 vault is the highest resistance grade in Europe and one of the strongest commercial vaults in the world with only vaults such as that at the Royal Mint or Fort Knox considered stronger. Biometric fingerprint scanning and facial recognition technology are also important security features as is a state-of-the-art alarm system and 24/7 onsite security. Finally, you should ensure there is no master key to your safety deposit box and that only the client has the key.
What price can I expect to pay for a deposit box?
Price will vary depending on the size of box, location of provider and the service and quality on offer. For the smallest boxes you can expect to pay anything from around £100 per annum to the largest boxes which can be thousands of pounds a year. Price is a difficult metric to be precise on and will vary according to the individual needs of the box holder.
The final factor to consider is accessibility. You should determine how often you will wish to open your box and pick one that is easy for you to get to accordingly. For example, if you know you will not need to access your box that often you can shop further afield for a better price or better security. You should also consider the opening hours and days of your selected provider and make sure it is suitable for your lifestyle.