Home security and other safety products continue to evolve in response to threats from criminals, nature and other forces. Yet, one of the most secure options remains Safe Deposit Boxes at your local bank.
Keeping your family heirlooms safe is a monumental task. It's your responsibility to protect them against fires, natural disasters, theft, or water damage so you can pass them down to the next generation in pristine condition
Then there are the legal and financial documents we accumulate over the course of a lifetime. We don’t need them close at hand every day, but it’s important to safely store these items until you need them.
So, if you’re in the market for home security or just want to sleep better at night knowing your valuables and key documents are stored safely, consider a tried-and- true solution. Safe Deposit Boxes are easy to open with a local bank and affordable.
Safe Deposit Box vs. a Personal Safe at Home
To help you understand the benefits of choosing a safe deposit box vs. a personal home safe, let's review how these security options are alike and how each differ.
A safe deposit box—or maybe you've heard it referred to as a safety deposit box—is a metal container housed inside a vault of a financial institution, such as a bank. These containers are fire-resistant and typically available in a range of sizes to securely encase your items without scratch, dent, or other damage from long-term storage.
Safe deposit boxes are rented, not owned, which means you'll pay either an annual or monthly fee, depending on the bank's policy and your own needs.
A personal safe may also be fire-resistant and will include a keylock, keypad or even biometric lock to access its contents via your fingerprint. Personal safes can also range in size and will provide you with immediate access to your possessions.
Think the main difference between a safe deposit box and a personal safe is its location? Not quite. There are a few other key differentiators, including what you store within each security option.
What to Keep in a Safe Deposit Box
Safe deposit boxes are meant to house items you don't intend to access on a regular basis. A few items you may decide to store include:
-Birth certificates or adoption papers
-Copies of lease agreements
-Paper stock or bond certificates
-Car titles, property deeds, and insurance policies
-Jewelry and other family heirlooms
Each item is very valuable, but you won’t need to frequently access these items. Rather than risk misplacing these items or causing your heirs unnecessary challenges in putting your estate in order, placing them in a safety deposit box at a local community bank keeps them easily accessible yet completely secure.
What to Keep in a Personal Safe
Personal safes are better equipped to store items that you might need to access more frequently, such as your passport, social security card, a firearm or even insured valuables.
If you have an unplanned trip abroad, apply for a new job, apply for a home mortgage, or apply for a credit card, you may need to retrieve these items quickly.
Other Benefits of Safe Deposit Boxes
No matter what home safe or home security program you buy, for most of us, it is safer to keep priceless possessions locked in a secure building vs. your home. Private homes are generally more susceptible to burglaries and natural disasters.
Also, even as more and more personal information is digitized and stored online, Heritage Bankers recommend keeping hard copies of key financial documents (the deed to your home or vehicles, your will, insurance policies) in a safe deposit box you or your heirs can access. You can also put digital copies of sensitive documents on an external drive or thumb drive, then store those devices in a bank safe deposit box.
How Much Is a Safe Deposit Box?
When you choose to do business with Heritage Bank, you'll have access to your own safe deposit box and can select from a wide range of sizes.
Annual fees range from $20 for a 2’ x 5’ box to $60 for a 10’ x 10’ box. You may also qualify for a $5 discount for signing up for AutoPay so that annual fees are automatically deducted from a deposit account. For more information, contact your local Heritage Bank branch manager to learn which box sizes are available, as each branch location may differ.
Ready to Open a Safe Deposit Box?
As we head into another year, make safeguarding your family's heirlooms a priority with a safe deposit box from Heritage Bank. As your local community bank, we prize providing our customers peace of mind with better service and security.
To get started, contact a branch near you!