With prices soaring and many banks ceasing the provision of safety deposit boxes. Purpose-built vaults by independent providers are springing up. Leaving people with concerns about the cost of a safety deposit box.
If you’re looking to rent one for the first time, expect an annual price between £200 and £1200. And from £150 for existing safety deposit box customers.
You may not find the same price across providers, so we also took a look into different features to help you understand safety deposit box pricing
Factors Influencing the Pricing of Safety Deposit Boxes
Private provider prices are factored in many ways, including:
- How many staff the centre has
- What human security do they have
- Their opening hours
- Their insurance mix; for example, is the insurance cost included in the box price, or do customers have to take their insurance policy?
- Their business model – subscription or upfront? Contractual or non-contractual?
Comparing the Cost of Bank Safes: A Look at Two UK Banks
Some UK banks still offer safety deposit box services. They include Metro Bank, HSBC, Barclay, Natwest, and Lloyds Bank.
HSBC, Barclays and NatWest Bank (as of November 2022) have stopped providing safety deposit box service to all customer groups.
Metro Bank and Lloyds still offer this service to all customers (new and existing) bank customers.
Lloyds Bank Safety Deposit Box Cost & Features
Lloyds bank now (September 2023) only has a safety deposit box branch in Manchester with:
- Three different box sizes
- A price range from £200 to £475 annually
- Accessibility during regular banking hours
- No complimentary insurance policy
Metro Bank Safety Deposit Box Cost & Features
Metro Bank has safety deposit boxes across its 79 bank branches. The bank has:
- Five different box sizes
- Box price ranging from £240 to £750 annually
- Safety deposit box access during regular banking hours
- No complimentary insurance policy
Metro Bank appears to be more expensive than Lloyds, but it has considerably more choices both in size and location.
With many branches across the UK, you might find Metro Bank a suitable option if you like your box close to you
Comparing Prices of Different Private Safety Deposit Box Companies
There are more independent providers than banks, and here is how their costs compare to each other
Stonewall Vaults Safety Deposit Box Cost
Annual box rental at Stonewall starts from £150 for the smallest size box to £620 for the largest box
Stonewall Vaults is located at junction 1 of the M6; our safety deposit centre is on the ground floor of our 15-year-old Security company, Stonewall Security.
We offer four different-sized boxes with a one-month minimum term rental. There is also a holiday package for frequent travellers where you pay up to £40 per week for a minimum of one-week rental.
Boxes of all sizes come with £10,000 of complimentary insurance for the first year, and extendable up to £500,000.
| Box Size (mm) (H)(W)(D) | Annual Cost | 1 Month | Key Deposit | Registration Fee |
| 50 x 335 x 430 | £150 | £12.50 | £100 | £30 for up to 2 people. £25 per extra person |
| 75 x 335 x 430 | £220 | £18.35 | £100 | £30 for up to 2 people. £25 per extra person |
| 175 x 335 x 430 | £420 | £35.00 | £100 | £30 for up to 2 people. £25 per extra person |
| 300 x 335 x 430 | £660 | £55.00 | £100 | £30 for up to 2 people. £25 per extra person |
Northampton and Coventry Vaults Cost
Northampton Vaults and Coventry Vaults (Under construction in 2023) cost the same.
They offer a choice of 11 different sizes and different rental terms. The shorter rental terms are available on 10 of the 11 sizes and are not pro-rata of the annual cost.
Both safety deposit centres offer complimentary insurance of £10,000 for the first year. And extendable up to £500,000 on the customer’s request
| Box Size (mm) (H)(W)(D) | Annual Cost | 6 Month | 3 Month | 1 Month | Key Deposit | Registration Fee | Fixed Rental Term |
| 51 x 127 x 610 | £150 | X | X | X | £100 | X | ✔ |
| 75 x 160 x 492 | £175 | £125 | £80 | X | £100 | X | ✔ |
| 100 x 160 x 492 | £235 | £155 | £110 | X | £100 | X | ✔ |
| 125 x 160 x 492 | £290 | £185 | £125 | X | £100 | X | ✔ |
| 150 x 160 x 492 | £350 | £230 | £165 | X | £100 | X | ✔ |
| 175 x 160 x 492 | £410 | £310 | £200 | X | £100 | X | ✔ |
| 50 x 320 x 492 | £235 | £155 | £110 | X | £100 | X | ✔ |
| 75 x 320 492 | £350 | £230 | £165 | X | £100 | X | ✔ |
| 125 x 320 x 492 | £580 | £320 | £240 | X | £100 | X | ✔ |
| 175 x 320 492 | £815 | £450 | £320 | X | £100 | X | ✔ |
| Other Information: Discounts are offered of 10% and 20% of the annual fee for 3 and 5-year rentals respectively. | |||||||
Mint Securities Safety Deposit Box Cost
Mint Securities has two safety deposit centres in Leicester, with the same prices and sizes.
They offer a choice of seven different sizes with annual rental period terms without complimentary insurance.
| Box Size (mm) (H)(W)(D) | Annual Cost | 6 Month | 3 Month | 1 Month | Key Deposit | Registration Fee | Fixed Rental Term |
| 50 x 250 x 400 | £90 | X | X | X | £100 | £40 pp | 1 Year |
| 75 x 250 x 400 | £120 | X | X | X | £100 | £40 pp | 1 Year |
| 100 x 250 x 400 | £250 | X | X | X | £100 | £40 pp | 1 Year |
| 125 x 250 x 400 | £300 | X | X | X | £100 | £40 pp | 1 Year |
| 150 x 250 x 400 | £350 | X | X | X | £100 | £40 pp | 1 Year |
| 175 x 250 x 400 | £400 | X | X | X | £100 | £40 pp | 1 Year |
| 300 x 250 x 400 | £550 | X | X | X | £100 | £40 pp | 1 Year |
| NB: Complimentary insurance and shorter-term rentals are not mentioned on the website but this does not mean they are not available. Enquire at the centre. | |||||||
Secure Deposits LTD
Situated in Leicester, Secure Deposits Ltd offers a choice of 7 different sizes with monthly (pro-rata) direct debit payments.
| Box Size (mm) (H)(W)(D) | Annual Cost | Key Deposit | Registration Fee | Insurance Cover |
| 50 x 160 x 492 | £90 | £250 | £50 + £25 per extra person | £15,000 |
| 75 x 160 x 492 | £120 | £250 | £50 + £25 per extra person | £20,000 |
| 50 x 320 x 492 | £160 | £250 | £50 + £25 per extra person | £30,000 |
| 75 x 320 x 492 | £199 | £250 | £50 + £25 per extra person | £50,000 |
| 125 x 320 x 492 | £299 | £250 | £50 + £25 per extra person | £75,000 |
| 175 x 320 x 492 | £399 | £250 | £50 + £25 per extra person | £125,000 |
| 300 x 320 x 492 | £599 | £250 | £50 + £25 per extra person | £200,000 |
Coventry Safety Deposit Centre
Coventry Safety Deposit Centre is located in Coventry and offers six different box sizes and states that they can provide larger boxes on request.
There is no complimentary insurance included with the safety deposit box rental, but they can help you set up your insurance easily and quickly.
| Box Size (mm) (H)(W)(D) | Annual Cost | 6 Month | 3 Month | 1 Month | Key Deposit | Registration Fee | Fixed Rental Term |
| 50 x 260 x 410 | £130 | X | X | X | £99 | £30 pp | 1 year |
| 100 x 260 x 410 | £230 | X | X | X | £99 | £30 pp | 1 year |
| 150 x 260 x 410 | £330 | X | X | X | £99 | £30 pp | 1 year |
| 200 x 260 x 410 | £430 | X | X | X | £99 | £30 pp | 1 year |
| 250 x 260 x 410 | £530 | X | X | X | £99 | £30 pp | 1 year |
| 450 x 260 x 410 | £630 | X | X | X | £99 | £30 pp | 1 year |
Aside from Warwickshire and its neighbouring counties, there are other vault centres across England, including Shavo UK, Sovereign, IBV International Vaults, and Sooteria Safes, to name a few. Prices, registration, and critical deposits are comparable but may be presented in different formats; for example, no registration fee but a higher annual rental.
Unlike bank vaults, box sizes, insurance cover, and payment plans vary across centres. Some providers offer up to £200,000 in complimentary insurance cover, while others can help you get appropriate insurance cover if you need help.
Understanding Common Fees for Safety Deposit Boxes in the UK
| Private Vaults | Forced Access | Late Payment Fee | Key Replacement |
| Northampton Vaults and Coventry Vaults | £300 | £50/month | £25 |
| Mint Securities | £500 | £30/month for the smallest box size and varies for others | £250 |
| Secure Deposits LTD | £210 | No late payment fee for up to 3 weeks | £75 |
| Coventry Safety Deposit Centre | £400 | £50/month | £150 |
| Stonewall Vaults | As charged by locksmith + 15% | £20 per day with no fee for 4 weeks | £25 |
Forced access, late payment fees, and essential replacement fees are three standard charges found in the terms and conditions and should be considered.
Two keys are issued per box in most safety deposit centres, with some providers charging £25 (the lowest) for additional keys. If one of the two keys is lost/stolen, then the lock must be replaced, which will require forced access, with you present, and the costs associated with this.
Safety deposit box payments are generally up-front with direct debit (DB), card, and monthly payments available in some centres.
Some providers charge a monthly late payment fee, which could mean your access cards may be put on hold, restricting access to the secure area until this payment is made.
How to Get Discounts on Safety Deposit Boxes
‘Refer a Friend’ programs are the most common discount offered by private safety deposit centres. Unlike banks, which often view safety deposit boxes as a loss-leading product and thus don’t typically offer referral discounts, private centres use these programs to attract more customers.
Banks, instead, tend to focus on upgrading their technology to match the standards of private centres. However, this approach has its drawbacks. For instance, NatWest struggled with the financial burden of such investments, leading to their decision to phase out safety deposit box services altogether.
Remember, the adage ‘if you don’t ask, you won’t get’ often holds true in many private centres. Customers who inquire about discounts or special offers may find additional value in their safety deposit box rental.
Also, insurance companies sometimes offer discounts for items stored in safety deposit boxes, given the enhanced security provided by a safety deposit box centre
On average, you will be looking at an annual cost of between £200 and £1200, and you can expect to pay between £100 and £200 in up-front costs.
The amount you pay for your box depends on the centre and the rental condition.
We offer a competitive price with favourable conditions that fit your preference
Reserve a box at bank price for the value of independent centres