Skip to content

11 Best Things to Keep in a Safe Deposit Box

October 6, 2021

From the Kiplinger website

With digital records and cloud storage becoming the norm, the bricks-and-mortar safe deposit box might seem ready to join our growing list of things that will soon disappear forever.

But don’t rush to declare the safe deposit box a relic of the past just yet. There can still be times when you’ll need to be able to produce certain original documents (including ones that have a raised seal) rather than digital scans or photocopies, and some valuables simply can’t be digitized.

Installing a safe in your home is one alternative to a safe deposit box, but they aren’t foolproof, says Luke Reynolds, chief of the Federal Deposit Insurance Corporation’s Outreach & Program Development Section. Home safes are more susceptible to fire and water damage, not to mention theft, than bank safe deposit boxes, Reynolds says.

On the other hand, access to your safe deposit box can be limited, more so during emergencies. For example, the coronavirus pandemic reduced operating hours for some bank branches, and limited access or required appointments for in-branch services, such as access to safe deposit boxes. Moves like that complicate your ability to retrieve important documents or items when you need them.

Our best advice: Use a safe deposit box and a home safe. Hard-to-replace items that you might need frequently or in a hurry, such as your passport, are best kept in the home safe, while other important items you rarely need stay in the safe deposit box. Here are 11 of the best things to keep in a safe deposit box at your bank, updated for 2021.

From → Consumer

Comments are closed.