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can you keep money in a safe deposit box

by:Proway     2023-07-25

Can You Keep Money in a Safe Deposit Box?


Safe deposit boxes have been a popular choice among individuals looking to safeguard their valuables and important documents. These secure boxes, usually offered by banks and credit unions, provide a protected environment for storing valuable items. However, when it comes to keeping money in a safe deposit box, there are certain factors to consider. In this article, we will explore the various aspects of depositing money in a safe deposit box and evaluate whether it is a suitable option.

1. Understanding Safe Deposit Boxes:

Safe deposit boxes are small, secure containers that are typically rented out by financial institutions. They are generally stored in a vault or a similar highly secure area of the bank. These boxes are designed to protect valuables, such as jewelry, important documents, and other valuable items, from theft, fire, or damage.

2. What Can You Keep in a Safe Deposit Box?

Safe deposit boxes are suitable for items that hold significant value to an individual, both financially and sentimentally. You can store a wide variety of possessions, including:

a) Important Documents: Birth certificates, passports, property deeds, wills, and insurance policies are examples of documents that individuals often keep in safe deposit boxes. These items are difficult or costly to replace, and losing them can be detrimental.

b) Valuable Goods: Jewelry, gold, silver, precious stones, and family heirlooms are commonly placed in safe deposit boxes. These items often hold not only monetary but also sentimental value.

c) Collectibles: Collectible items such as rare coins, stamps, historical artifacts, or baseball cards, which may appreciate over time, can also be stored safely in a deposit box.

3. Can You Keep Cash in a Safe Deposit Box?

The question of whether you can keep money, specifically cash, in a safe deposit box is a common one. While safe deposit boxes are meant to store valuable items, most banks have policies restricting the deposit of cash in these boxes. Banks typically adopt this policy because they are not responsible for the cash kept within the box and do not offer insurance coverage for it.

4. Potential Issues with Storing Cash:

Storing cash in a safe deposit box has several drawbacks that you need to consider:

a) Lack of Insurance: As mentioned earlier, banks do not provide insurance coverage for the cash stored in a safe deposit box. This means that in case of theft, fire, or any other unforeseen event, you will not be able to claim reimbursement for your lost money.

b) Accessibility Limitations: Safe deposit boxes can only be accessed during the bank's working hours. This may present issues if you need immediate access to your cash outside those hours, especially during emergencies.

c) No Interest or Growth: While you keep cash in a safe deposit box, it does not generate any interest or have the potential for growth. In contrast, depositing money in a high-yield savings account or other investments can help your funds increase over time.

5. Alternatives to Safe Deposit Boxes for Storing Cash:

If you want to store your money securely while still maintaining accessibility, there are viable alternatives to safe deposit boxes:

a) High-Yield Savings Accounts: A high-yield savings account offers a safe and accessible place to store cash while also earning interest over time. Unlike a safe deposit box, money in a savings account is typically insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor.

b) Certificates of Deposit (CDs): Certificates of deposit offer a fixed interest rate for a specific term, ranging from a few months to several years. CDs are also FDIC-insured and provide a higher return than a traditional savings account.

c) Money Market Accounts: Money market accounts combine the benefits of a savings account and a checking account. They provide the potential for higher interest rates than standard savings accounts while allowing limited check writing and debit card usage.

d) Home Safes or Vaults: For those who would prefer to keep cash at home, investing in a high-quality home safe or a vault could be an alternative option. However, it is crucial to consider security and insurance measures to ensure the safety of your money.


While safe deposit boxes serve as excellent storage facilities for valuable items, depositing cash in them may not be the most suitable choice. Due to the lack of insurance coverage and limitations on accessibility and growth, alternative options such as high-yield savings accounts, certificates of deposit, money market accounts, or home safes/vaults may be more beneficial for money storage. Always weigh the pros and cons and assess your individual needs before making a decision on where to keep your money securely.

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