Thinking of Storing Cash in Safety Deposit Box?  

Nov 29, 2023

At Stonewall, we monitor prevalent questions in the industry, one of which has been whether ‘hiding’ cash in a safety deposit box is ideal.


If you’re considering storing cash in a safety deposit box, it could benefit you to explore your options before deciding if it is truly a smart move.


Reach out to us on 01788 561244 or connect with Clare at to explore effortless protection for your valuables.  


Some Reasons Why People Store Cash in a Safety Deposit Box 


There are pros and cons for storing cash in safety deposit boxes (the link opens in another tab)


Navigating Divorce 


In the case of a divorce, individuals sometimes choose to store cash in a safety deposit box to keep their personal assets hidden.  


This is particularly true in contentious divorces where one spouse might fear the other taking or misusing funds.  


Unlike bank accounts, safety deposit vaults do not keep records of the contents of boxes. We only keep records of the box access, not the content. This makes it easier for one spouse to hide assets such as money. 


This practice is not without risks and legal implications, as both spouses are typically required to disclose all assets during a divorce. If assets hidden in a safety deposit box are discovered later, significant penalties may apply 


Navigating the Probate Process 


Safety deposit boxes offer benefits during probate, as they provide a secure place to store valuables, important documents, or cash.  


These boxes are more secure than Home Safes and are protected from risks like fire or floods.


They can be accessed by the executor of an estate, facilitating the fulfillment of the deceased’s wishes. This can be crucial in probate proceedings, ensuring that valuables and cash are distributed as intended. 


Handling Cash-Based Businesses


For cash-based businesses, safety deposit boxes offer several advantages.  


They provide a higher level of security than home storage.  


Some safety deposit box facilities offer complimentary insurance and the ability to access the box as often as needed without incurring penalties.  


This can be particularly useful for businesses that need to store large amounts of cash securely and may not want to deposit all funds in a bank 


Tips for Safely Storing Cash in a Safety Deposit Box 


If you’re considering storing cash in a safety deposit box, we’ve compiled 4 essential tips to empower you in doing so.


#1: Choose The Right Box 


Do you think storing cash in a safety deposit box is right for you?  

If so, you may now need to weigh your cash against the box that will be housing it.  

Our smallest box (500mm x 430mm x 335mm) stores up to 6,500 pieces in bank notes (depending on the denomination). Similarly, our largest box will hold up to 39,000 notes.   

you can fit in 39000 pieces of cash in the biggest size of our box


#2 Understand Insurance Implications 


You may have been advised not to store cash in a safety deposit box because banks do not cover cash stored in their own boxes. 

The Financial Service Compensation Scheme (FSCS) covers customers up to £85,000 in the event of bank failure. Also, money deposited in their safety deposit boxes is not covered by the scheme.  

However, cash can be insured when stored in a Safe provided by an independent safety deposit box provider. 

Numerous companies offer insurance coverage for cash amounts up to £200,000 stored within safety deposit boxes. This insurance does not extend to cash once it is removed from the box. If the cash goes missing outside the confines of the safety deposit box, it is not eligible for a claim, in the same way as banks do not indemnify cash withdrawals. 

See our safety deposit box insurance blog for information about these insurers and other conditions you should know about insuring your cash in a safety deposit box. 


#3: Know The Law  


What does the law say about the use of safety deposit boxes for ‘hiding cash’?  

While the term ‘hiding cash’ can suggest something inappropriate or illegal, people still have genuine legal reasons to store cash for their future security should the worst happen, or just as an alternative to using a bank. 

We cannot deny the fact that there are those who would store cash for criminal reasons such as tax evasion and money laundering, however, no known criminal will be granted a safety deposit box.  

Safe custody services are obliged, by law, to grant access to authorities, by warrant on grounds that an individual is involved in criminal activity. 

No centre is immune to the government or police access. 



It is our obligation as a centre to take steps to prevent money laundering and terrorism financing. By conducting an ID, PEP and AML check on you before offering you a box. 


So, what does the law say?… 


The law says that, if you can prove the origin of the cash is lawful then you have nothing to fear, in ‘hiding’ cash in a safety deposit box. 

Cash storage is no different from jewellery, antiques, or any other valuable you own.


#4 Dispel the Myth  


“If you want to store cash in a safety deposit box, you must be hiding something or be a criminal.” 

Not so… 

someone on reddit is asking if hiding cash in safety deposit box is good

Image credit: Reddit 

Many people like to be able to see and touch their money.

They take comfort in knowing that if a bank collapses, they have instant access to their cash. 

Some people simply do not like to be quizzed by a bank when they withdraw or deposit large amounts of cash and do not like the feeling of being ‘watched’ or ‘monitored’ for no good reason. 

In the UK, the bulk of our money is deposited with third parties, be that in a bank or a pension scheme. Some people are not prepared to take the risk of leaving substantial amounts of money with financial institutions.

Imagine saving in a pension scheme for 40 years, amassing a pot of £500K only to find that the scheme collapses; you would get £85K from the FSCS. This risk, although small, has become very real since the monetary crisis of 2008. 

So, you see, there exist genuine reasons why someone would prefer handling their money the way best known to them rather than depositing it with a bank.  

The problem comes with the negative connotation around the word ‘hide.’ The definition of hide is simply ‘to put or keep out of sight.’ 


#5 Secure Your Financial Future


If you’re still grappling with the need to protect your financial future, our facility offers the secure and discreet solution you’re looking for.  

As you contemplate safeguarding your financial assets, remember our secure, discreet options are at your disposal.

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