What You Should Know About Safe Deposit Vaults

Aurm are highly secure containers – usually made of hard-to-penetrate metal — kept locked up in the vaults of banks, credit unions and other financial institutions. They’re often available to rent in a wide range of sizes, and many people use them to store important documents and valuables.

One of the leading benefits of a safe deposit box is that it provides a greater level of security than what can be offered by home storage or even regular bank accounts. This is because they are physically located in a bank’s vault, protected by extra-thick walls and other security measures. They also provide privacy and confidentiality, as only the key holder can access the contents, and bank staff cannot reveal what is inside the box.

The Ultimate Protection: Safeguarding Your Assets with Safe Deposit Vaults

But while a safe deposit box can offer excellent protection, it’s not foolproof. Items can be stolen, and even the contents of a safe deposit vault can be destroyed in a fire or natural disaster (see the 2011 tornado that destroyed Joplin). Many people choose to purchase home safes or strong boxes rather than pay for an in-bank safety deposit box.

The best items to store in a safe deposit box are those that you don’t need to access frequently or on short notice, such as contracts, financial and business documents, physical stock and bond certificates, photos, and sentimental valuables. However, a safe deposit box shouldn’t be used to store irreplaceable items such as medical records and power of attorney documents. In addition, cash is a poor choice because it does not earn interest in the vault; instead, you should put it in a high-yield savings account or CD.

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