Which bank has the cheapest safety deposit box in the UK?

Stonewall Vaults and other private safe deposit centres offer far more value for safety deposit box rental compared to UK banks.

A lot has happened in recent months and the astronomic increase in the price of ‘everything’ is a reason for concern.

Put simply, there is a strong link between increased inflation (cost of living) and increased ‘petty’ crime, specifically home invasion and burglary. Generally, these opportunists will target ‘liquid assets’ (items easily converted into cash) such as jewellery and precious metals.

If you currently store such things at home or in a home safe, then exploring a safe deposit service without breaking the bank is a brilliant alternative to securely storing your most valuable assets.

There are currently four UK banks that offer safety deposit services. In this blog, you will discover which one of them is the cheapest.

At face value, NatWest takes the lead in the ‘cheapest’ safety deposit box race.

And here’s what we found for NatWest:

• The service is offered to commercial account customers with NatWest
• You can access your box during normal ‘banking hours’ with 24 hours’ notice
• There is a £10 charge each time you visit your box
• Prices range from £40 to £65 per year and are charged according to the size of the contents

Is NatWest Bank really the cheapest safety deposit box provider? 

If you are a commercial customer, who doesn’t need regular access then yes, NatWest is the cheapest. 

If you have a private bank account then Lloyds, Halifax and Metrobank are great options for you to choose from.

Halifax and Lloyds offer exactly the same box size and price, whilst Metrobank is more expensive for the comparatively smaller boxes and cheaper for the larger ones. 

Neither Halifax nor Metrobank charges when you access your box. 

Lloyd’s secure storage centre is in Manchester and Halifax’s is in London, and a good choice for a smaller box if you are in or near these cities.

For other locations in the UK, and larger box sizes (above 16 litres volume) Metrobank would be a great choice and a cost-effective option for you.

In addition to box size and price, here are some other crucial considerations: 

• What are the opening hours and do you have to give any notice to visit?
• Are they open on bank holidays?
• Does the box come with complimentary insurance?
• Is it possible to add a co-owner to the box?
• Do you have to pay upfront for an annual contract? 
• Do you pay each time you use your box? 
• Does your box need master key access?
• Does the centre have 24/7 surveillance and manned security?

Stonewall Vaults and other private safety deposit centres compare ‘positively’ to banks’

Private vaults do not compete in the ‘cheap’ race as they are more than just a place to keep your valuables.

For example, in today’s 24hr society, our customers at Stonewall Vaults consider longer opening hours and tighter security to be just as important as the price.

If you are within the Midlands Stonewall Vaults’ safe deposit service would offer you great value for your money.

Inside or outside the Midlands, you can see other safety deposit box providers near you.

More than a safety deposit box, Stonewall Vaults is a value chain of Stonewall Group. Bringing individuals and businesses peace of mind by changing the narrative around safety and security.

We believe, and indeed, exist because no one has the right to steal from you. 

To speak with one of our friendly team, please call us now on 01788 561244 or make a free safety deposit box enquiry, and we will discuss our secure storage service, and explain our box sizes, prices, and other questions you may have with you.