Many banks offer safe deposit boxes for customers, who use them to squirrel away jewelry, savings bonds, stock certificates, insurance policies, coins, and other important documents and keepsakes. You can put whatever you want in a safe deposit box so the sky is the limit.
You keep a key and the bank keeps a key. Both keys are required to open a box. In the event of an emergency, banks can drill open safe deposit boxes. Also, there have been cases where thieves have opened safe deposit boxes to get at the contents.
Whether you want to put your savings bonds, cash, or other valuables in a safe deposit box is up to you. It’s also up to you to insure any contents of a safe deposit box against theft or disaster. Banks have a policy of not asking about safe deposit box contents, so bank employees can’t back up your claims of missing or damaged items.
Stay current on the fee for renting a safe deposit box. If you fall behind, after a certain amount of time, the box gets opened. The contents may be kept for a period of time but once that period has passed, whatever unclaimed items were in the box can end up on the auction block.
- 6 Month CD %
- 1-year CD %
- 2-year CD %
- Money Market Account %
- Savings Account %
- 30-year Fixed Mortgage 3.62 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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