Almost all banks have stopped providing safe deposit boxes, so people are having to find different places to store their valuables; such as family heirlooms, expensive jewellery, or important documents like wills and insurance policies.
Whilst it might appear to be an inconvenience that the banks are exiting this sector, it is actually rather advantageous because there are now a few independent safe deposit box companies which have taken their place. Access to these new secure Safe Deposit facilities are more flexible for the customer than the banks as they have longer opening hours, and the high-end ones provide facilities that are more secure, so you can ensure your valuable items are greatly protected.
Here is what you need to know about opening a new safe deposit box with an independent company…
How Do I Rent a Box and What Will It Cost?
In order to rent a safe deposit box, the process is similar to opening a bank account. You will be asked to present a photographic ID (a valid passport or driving license) and a proof of address (a utility bill or bank statement that is less than 3 months old). Different companies have different prices for their boxes, and some will let you rent flexibly whilst others will only offer a fixed term period such as a year. At Swansea Safe Deposit, the minimum rental period for a safe deposit box is 3 months and you are offered a wide range of box sizes, starting from only £45.
What Can You Keep in Your Box?
Generally, when it comes to safe deposit boxes you they tend to be fit for the purpose of storing important documents and valuable items. This includes things like passports, wills, marriage certificates, property deeds, stock certificates and bonds to cash, gold and silver, and antiques. As safety deposit box providers are regulated by the Financial Conduct Authority, they are required to ensure that nothing in the box represents the proceeds of crime or money laundering. Therefore, you cannot store illegal, stolen, or banned goods. Visit www.swanseasafedeposit.co.uk/items-stored/ for a full list of what you can and cannot store in boxes at Swansea Safe Deposit. You are guaranteed privacy and confidentiality when storing your items there, and they even have private viewing rooms available for your convenience.
How Does Access and Insurance Work?
The times you can access your box will depend on the opening hours of the independent safety deposit box provider you choose. Cardiff Safe Deposit has opening hours from 9-6pm Monday through Friday, and 10-4pm Saturday and Sunday. At Cardiff Safe Deposit you as the customer are the only one with access to your box unless you choose a secondary person to additionally hold a key.
A basic amount of insurance may be included in the rental costs of a safety deposit box, but you may need to purchase further insurance; it all depends on the company and their policy. At Cardiff Safe Deposit you can have your contents insured for up to £500,000 through their partners Ellerton Knight, who have offered Cardiff Safe Deposit exclusive insurance. Some selected boxes even have complimentary insurance for the first year.
For more information on the rental of a safe deposit box at Cardiff Safe Deposit, visit www.swanseasafedeposit.co.uk or pop into our convenient city centre location and see our facilities for yourself!