The “Keys” to Using Safe Deposit Boxes

By Michael Churchill on November 7, 2023

Have you ever watched bank robbery movies, or better yet, spy movies, where secret keys lead to random safe deposit boxes full of cash, bags of coins, precious gems, weapons, damaging pictures, evidence and clues?  You may find yourself asking, “Is this what Safe deposit boxes are used for?”

Safe deposit boxes at banks have been around for a long time since the dawn of the bank vault.  Their purpose is to provide their owners with a secure place to store valuable items in bank vaults versus home safes where less sophisticated thieves, fires, the elements, and other possible disasters could otherwise put the contents at risk of loss.

Although safe deposit boxes offer far more security than home safes, it’s important to understand how they can be used and the potential risks involved.  Although they are physically located in a bank, putting cash in your safe deposit box does not mean they are FDIC insured. Only your bank accounts are covered.  Contents of the boxes may also not be covered under your renter’s or homeowner’s insurance policies. 

We all have important documents and cherished items we want to keep safe.  Using a safe deposit box can limit your access, and may even be a hassle, once a death has occurred and a death notice has been received by the bank that would then restrict access by court decree.

Home safes may end up being a better alternative and most safes today can withstand certain levels of fire, weather, and damage.  They are far more accessible and manageable.  Many safes are rated to give consumers choices on various levels of security and protection.  The manufacturers may even guarantee the contents if their products fail.

But if you are still interested in bank safe deposit boxes, consider the following “key” points when using them:

  1. Don’t store original legal and probate documents. If there are important legal estate documents in your box when you die, it will be difficult for your heirs to get their hands on them, especially if the whereabouts of the keys are unknown and if banks require a court decree of your probated estate before they’ll allow access.   
  1. Consider which items you need access to regularly versus occasionally. It can be an inconvenience to always have to go to the bank to get these items when the bank is only open on certain days and times.   Items like your passports, social security cards, birth certificates, marriage certificates, death certificates, insurance policies, digital drives storing photos or insurance inventories, family photos, titles, deeds, jewelry, collectibles, or other items that can be legally stored in a box (usually weapons are not allowed), but does it make sense to?
  1. Choose a convenient location and reputable bank. If you want to secure some items that you may need to access more frequently, it makes sense to pick a spot that is conveniently nearby.  But don’t forget, banks are not immune from floods or fires, so you may want to ask about their fire and flood protection.
  1. Don’t lose your keys. It’s hard to open your bank box without your keys.  Ironically, if you use a safe deposit box, securely storing your keys to access the box is important. 
  1. Keep a list of contents and location of your box. In today’s fast paced world, it’s easy to forget, especially for the elderly.  Keep a record of contents of your safe deposit box in a secure location at home to refer to if you can’t remember what’s inside or at which bank.  It’s not uncommon during probate to discover that the recently deceased had a safe deposit box and it would help your executor to know where the box is and its contents.
  1. Keep those you trust informed. Make sure that those people you trust know that you have a box and keys, wills, other important documents and where they are located.  Using a trusted advisor like STA Wealth Management can help possible digitally store your important documents and be a primary contact for your executor.

Safe deposit boxes do serve a purpose; however, these days they are becoming less relevant in the digital world.  When choosing to use one, it’s important to consider the requirements, risks, legalities, and these best practices.


Presidio Wealth Partners is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC (member FINRA and SIPC). Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC.

This is not an offer to buy or sell securities, nor should anything contained herein be construed as a recommendation or advice of any kind. Consult with an appropriately credentialed professional before making any financial, investment, tax or legal decision. No investment process is free of risk, and there is no guarantee that any investment process or investment opportunities will be profitable or suitable for all investors. Past performance is neither indicative nor a guarantee of future results. You cannot invest directly in an index.

These materials were created for informational purposes only; the opinions and positions stated are those of the author(s) and are not necessarily the official opinion or position of Hightower Advisors, LLC or its affiliates (“Hightower”). Any examples used are for illustrative purposes only and based on generic assumptions. All data or other information referenced is from sources believed to be reliable but not independently verified. Information provided is as of the date referenced and is subject to change without notice. Hightower assumes no liability for any action made or taken in reliance on or relating in any way to this information. Hightower makes no representations or warranties, express or implied, as to the accuracy or completeness of the information, for statements or errors or omissions, or results obtained from the use of this information. References to any person, organization, or the inclusion of external hyperlinks does not constitute endorsement (or guarantee of accuracy or safety) by Hightower of any such person, organization or linked website or the information, products or services contained therein.

Click here for definitions of and disclosures specific to commonly used terms.

Presidio Wealth Partners
952 Echo Lane,
Suite 460
Houston, TX 77024

Hightower Advisors, LLC is a SEC registered investment adviser.

Form Client Relationship Summary ("Form CRS") is a brief summary of the brokerage and advisor services we offer.
HTA Client Relationship Summary
HTS Client Relationship Summary