Spy thriller fanatics know a bank safety deposit box is the one place to stash treasures. But even for anyone who is not Jason Bourne, who often needs a safe place for his multiple passports, firearms, and foreign cash, safe deposits can come in handy for keeping personal documents and family heirlooms.
The problem, though, is some of them—if not most—are throwing in the towel. A top U.K. bank Barclays is discontinuing its safe deposit box offering, although it would be maintaining the service for existing users, at least until they claim their items. Other institutions, such as NatWest and Santander have also pulled back on renting out box spaces.
While other parallel service providers take the less draconian route than Barclays, effectively shuttering the service, there remains a strong demand for deposit boxes. As unsuspected and perhaps dissatisfied customers seek new homes for their prize items, a frantic search for more flexible storage options is no doubt going to ensue.
Barclays’ rather difficult decision adds to the rising count of traditional financial institutions that have started winding up their safety deposit services and equally buck the trend of seeing yet-in-need customers find alternatives with independent personal storage providers.
If you are on the lookout for timeless specialists besides Barclay’s safety deposit box in the UK, here are a few strong matches:
Barclay Safety Deposit Box Alternatives
#1: Stonewall Vaults
Not just valuables but also important documents like international passports and birth certificates and even a bulk of legit cash are best-stored off-site to safeguard against theft, damage, or loss. As bank safety deposit boxes seemingly become endangered, a more specialized and flexible solution like Stonewall Vaults is worth the try.
Stonewall Vaults has built out a fully functional cutting-edge facility for various kinds of personal storage needs, from Will-keeping to artefact protection. With 18 hours of access provided every day of every week throughout the year—twice the industry average—the service offers customers a convenient alternative to bank restrictions.
Not only is Stonewall open 24/7 but it also places a premium on customer service on every of its available 1800 boxes. You can get an annual or lifetime safety deposit box with up to £10,000 for the first-year complimentary insurance. The service is accessible from key U.K. locales Rugby, Coventry, Northampton, Leicester, Birmingham, and across the Midlands.
Domiciled in Rugby, the purpose-built storage facility is designed to resist theft, fire, flood, or the reactivity of [other] natural and artificial elements. Always fortified with human and digital security protocols, the facility provides a more ease-putting experience compared to banks.
Customers, who can visit the vaults to inspect or use other items as much as they wish during opening hours, are better off choosing an independent provider than contemplating returning to domestic hacks.
Stonewall Vaults Features
Personal items can be accessed anytime between the set 18-hour period, between 6 AM and 11 PM every day, dissimilar to banks that often have restricted working hours of between 9 AM and 5 PM.
Stonewall Vaults has installed CCTV cameras, remote access control systems with biometrics, and security officers at the storage premises.
Box items are also insured against perceived accidents such as damage or loss in transition, as customers can avail of up to £10,000 for the first-year coverage.
Secure, state-of-the-art viewing rooms are provided within the premises for box owners’ convenience and privacy when accessing their valuables.
Benefits of Using Stonewall Vaults
End-to-end security
Independent safety deposit box providers are much unlike the underground vaults in Gringotts, the goblin bank in Harry Potter.
Stonewall Vaults’ atmosphere is relaxed; feeling like a luxury office beside a hotel foyer but is by design a high-security facility.
Cameras cover every cranny and a multiple-inch thick metal airlock and bulletproof doors that instantly shut in the event of a security breach.
Insurance coverage
Often, items are not covered under home insurance for contents and buildings, nor are they insured by the banks.
A good number of insurers would demand that customers take out extra possessions to cover [for] out-of-home storage.
Stonewall Vaults’ complimentary insurance is a good option to save on your home-owner insurance policy.
Unrestricted access
One might think if one’s stuff is in the custody of an independent vault operator, there would be no real avenue or need to check on them from time to time. Not so.
Given that emergencies can arise just about any time, the access window is almost always open for customers to access their items inside the viewing rooms.
Viewing rooms
The only places in the facility without cameras, viewing rooms are built with discretion and maximum security at the centre of thought.
At the heart of the facility, Stonewall is open to box owners [also] for 18 hours daily, and customers to securely inspect and use their items when they wish.
Pricing
Stonewall Vaults rents out storage boxes of varied sizes, depending on which offering suits customers’ requirements.
Upon registration, a refundable deposit fee of £100 key deposit and £30 registration fee is paid.
However, pricing starts at a yearly £150 for Box 50, which is 50mm tall, 430mm deep, and 335mm wide. Boxes 75, 175, and 300 (height) cost £220, £420, and £660 per annum respectively.
Barclays’ safety deposit box cost is like that of other banks operating in the space. Jewellery-size boxes cost £120 per year, while a case size goes for £480 annually. The bank recommends customers take out their insurance, itemizing pieces worth over £1,500 each.
Barclay’s safety deposit box is closing for reasons like that of NatWest and other banks, shedding a grim light on unsustainable pricing. Stonewall offers competitive pricing and still offers stellar customer service and security.
#2 Metro Safe Deposit Box
Even if the major banks are no longer offering safe deposit boxes to new clients, it does not mean others are not at the same time.
Metro Bank still has them available for rent in most major U.K. locations. You must own a bank account with them to be eligible, however, and monthly pricing for boxes begins at £20.
One of the few remaining U.K. banks that are yet keeping their safety deposit box services in business, Metro Bank is available to the public in London, Manchester, and Leicester.
With more than 70 branches across the country, Metro Bank’s safe deposit box is a great alternative to closing Barclays and is more budget-friendly.
The extra small box (3″ x 5″ x 21.5″) costs £20 a month and £240 a year, while the extra-large option (10″ x 10″ x 21.5″) goes for £62.50 monthly and £750 a year. The storage facility can be accessed every day of the week during usual banking hours and allows for pre-arranged third-party inspection.
#3 Santander Safe Deposit Box
Another alternative to Barclay’s safety deposit box in the U.K. is Santander, another banking option that has been in the industry for several years.
For customers who prefer banks over independent providers, Santander used to be the great option but has now also joined the league of banks exiting the safe deposit market.
That said, Santander’s safety deposit box service offers different box sizes to accommodate various storage needs, also depending on the location and branch. Its annual box prices start from £30 to £120 for small and large sizes respectively. Santander charges £15 for lost keys and £150 for drilling.
Santander’s safety deposit boxes, often stored within the banking premises, are generally accessible during regular banking hours, allowing customers to visit their boxes and access their belongings from 9 AM to 5 PM daily.
What Is More Important to You?
Location is a significant consideration when choosing a safety deposit centre for your valuables, including convenience, insurance, pricing, security, and customer service.
You are ultimately the best judge of what satisfies your requirements.
If you are searching for a viable alternative to the now-defunct Barclay safety deposit box in locations such as Rugby, Nuneaton, and Coventry, Stonewall Vaults remains a viable option.
Metro Bank and Lloyds, who are the only current bank players, do not serve or have boxes at these locations, however.