As many banks stop offering safety deposit boxes, many individuals are turning to the rising number of independent providers.
Among the banking options, Metro Bank certainly stands out with its many UK branches and attractive pricing. However, after the well-reported recent funding issues with this business, we thought it would be timely to compare their safety deposit service with that of Stonewall Vaults.
Secure your valuables effortlessly with our guidance. Reach out to us on 01788 561244 or connect with Clare at crandall@stonewallgroup.co.uk to become confident in your safety deposit box decisions.
At a glance here is what we found:
Metro Bank Safety Deposit Box: Overview
Metro Bank has different-sized safety boxes suitable to store varied documents, heirlooms and prized possessions.
To get a box, you need a Metro Bank Business or Personal Current Account.
The costs of a Metro Bank Box are between £250 and £750 per annum, depending on the option you choose.
You cannot store cash in a Metro Bank box, and you are encouraged to take out appropriate insurance for the value of your box items.
Core Features of Metro Bank Safety Deposit Box
- Metro bank vaults like most centres are highly secure. They are filled with steel boxes designed to be tamper-proof for extra protection.
- Box sizes are provided in ranges to suit diverse capacity needs. You can select from extra-small, small, medium, large and extra-large options.
- There are different pricing plans for different needs. The price for a Metro Bank box goes from £240 (£20 per month) for the extra-small option, to £750 (£62.50 per month) for the extra-large.
Advantages of using Metro Bank Safety Deposit Boxes
- There is an extensive branch network throughout the UK to help its customers easily access the service in their locality
- A wide range of sizes and price options enable customers to find a box that suits their practical needs and their budget.
- The provision of viewing rooms offers high-level privacy.
- This is an established bank with knowledgeable staff who can help with most queries.
- You can reserve a box online and then complete the process in person within 30 days. This makes the rental process more user-friendly.
Downsides of Metro Bank Safety Deposit Box
- The storage facilities are typically accessible only during the bank’s working hours.
- When customers lose their keys, rectification attracts a fee of £30, and a drilling fee of up to £300
- There is a £10 penalty for each missed payment and £50 if you close your box within 6 months.
- Storage of cash is not permitted
Stonewall Vaults: Overview
Stonewall Vaults is a sister company to Stonewall Security, and the companies work together to protect its safety deposit box facility.
The service boasts state-of-the-art facilities, equipped with both staffed security and digital safeguards including 24-hour CCTV surveillance, biometric access controls, and advanced alarm systems.
Each item is securely housed within specially designed safe boxes that meet the highest industry standards.
Stonewall provides a complimentary insurance package worth £10,000 for stored items, offering an extra layer of protection against loss, theft, or damage. This offer is available exclusively for the first year.
Core features of Stonewall Vaults
Stonewall Vaults offers some unique services that distinguish it from many of its competitors.
- Security is said to be as good as the human element. But at Stonewall, everything counts. As with most UK centres we have state-of-the-art vault and security systems. In addition, it is guarded 24/7 by its security company – Stonewall Security.
- Stonewall is located in the heart of Rugby, Warwickshire, not only within easy reach of its market-town customers but also within convenient reach of wider Warwickshire, Leicestershire, Northamptonshire and the West Midlands.
- We offer VIP security escort service for customers who do not feel safe transporting their valuables across locations
What Stonewall is great at
- Customers are provided with a four-stage entry process, i.e., PIN entry to the building, Biometric ID verification, plus NFC card to enter the vault, then key entry to their box(es).
- Stonewall balances the use of advanced security systems and staffed guards to offer optimal protection.
- £10,000 free insurance for the first year, extendable to £500,000 per box.
- We believe in the personal touch and making our customers feel special. With few exceptions, you will be ‘signed’ up by the Directors, Clare and Martin.
Our Limitations
- Box and location options. We have 4 box sizes and domiciled in Rugby, while Metro has 5 and cut across 70 locations – giving users a wide range of options.
- Even though our basic price starts from £150, a new user will be looking to spend £280 (£30 registration fee and £100 for refundable key deposit) for the first year.
- You can have someone else access your box at Metro Bank. Unfortunately, you cannot do so at Stonewall and that’s due to the security measures in place. Each account is registered to a user’s handprint in addition to the card and biometric access. You can however officially add someone as a user to your box. Only then, will they have access to your box – with your content at your own risk.
Metro Bank Safety Deposit Box Pricing
Stonewall Vaults Pricing
How we both compare…
In the banking sector, Metro Bank stands out for its combination of access, pricing, and customer support.
However, when comparing these strengths with an independent provider like Stonewall, the differences are minimal.
Metro Bank & Stonewall Vaults: Which is more secure?
Both providers are closely matched when it comes to security, as customers would expect.
They need to meet specific standards to register with the Financial Conduct Authority (FCA).
Stonewall stands out for its level of personal service. With guards on duty 24 hours a day, customers’ valuables are well-protected.
While Metro Bank uses contracted security, Stonewall has its own team. This can help with communication and recruitment of appropriately qualified staff. Quick responses are crucial in security, and Stonewall has an advantage here with its in-house security team located in the same building.
In emergencies, quick responses are essential. Skilled criminals can sometimes bypass cameras and other surveillance systems. However, having security staff on site 24/7 makes things much tougher for them.
Metro Bank & Stonewall Vaults: Which is more accessible?
Physical Access
At Metro Bank, you can let someone else access your box if you tell the bank beforehand.
But at Stonewall, it’s different because of their high-level security. If your handprint isn’t saved on the account, you can’t get in. Even having a card and a pin won’t work. But there is a solution: you can add another person or share the box with someone.
When you sign up, the £30 fee covers two people, and you get two keys.
Simplify your access by adding your loved ones to your safety deposit box
Availability
You can get to your Metro Bank box 7 days a week. On weekdays, it’s open for 9 and a half hours, and on weekends for 6 hours. You cannot access it on bank holidays.
At Stonewall, you can access your box for 17 hours every day, even on bank holidays. Keeping a safety deposit vault open this long can be costly, which is why many banks and even independent providers find it tough.
But we do it because of our reliable established security company.
Identity Checks
Time is valuable.
Many people don’t like the old-fashioned ID checks that banks like Metro still use. Sometimes, if a bank worker thinks your ID doesn’t look like you, they might not let you in.
At Stonewall Vaults, things are different. We check your document just once when you sign up and connect it to your handprint. When you put your hand on our system, it quickly checks it matches your ID. This is faster, keeps people happy, and is very safe.
Which Should You Choose?
Stonewall Vaults is based in Rugby and has customers from the Midlands as well as places like Luton and London. If you reside outside of Rugby and Warwickshire and value proximity, Metro Bank could be a convenient choice for you.
However, if you’re within Stonewall’s service areas or even in London and the West of England, and don’t access your box often, Stonewall is an option to consider.
Stonewall Vaults offers certain features like security measures and accessibility. Unlike Metro Bank’s £50 contract tie-down fee, Stonewall doesn’t have one.
Considering these factors, the best choice depends on your individual needs and preferences.
Secure your valuables effortlessly with our guidance. Reach out to us on 01788 561244 or connect with Clare at crandall@stonewallgroup.co.uk to become confident in your safety deposit box decisions.