What Is a Safety Deposit Box & How Does It Work?
Safe, convenient, and hazard-resistant, discover what makes a safety deposit box a great option for securing your valuables
Updated 
5 min. read
For many, safety deposit boxes are a familiar concept. You’ve likely noticed them in your bank, or maybe at the movies. Typically, someone arrives at the bank with a key, requests access from a teller and is led to a vault lined with numbered metal boxes. Using their key, they unlock one of these boxes to reveal valuables like financial documents, property deeds, and jewellery. But what exactly are safety deposit boxes for, and how do they work?
What is a safety deposit box?
Safety deposit boxes, sometimes known as safe deposit boxes or security deposit boxes, are locked containers designed for secure storage. They are primarily composed of durable metal, come in various sizes, and are kept in larger reinforced facilities.
People rent these boxes for a fee to store their valuables in a controlled environment that provides extra protection beyond the safes you’d find in a home. Access to them is typically only possible with a key from the primary renter and/or authorized co-renters as well as a key or authorization from their institution, which is most commonly a brick-and-mortar bank.
Not only do safety deposit boxes keep your belongings protected from theft, but they are also built to withstand natural disasters, including floods, fires, and earthquakes. You can choose to rent them individually or jointly with others.
Why use a safety deposit box?
There are several reasons you might use a safety deposit box, the most common of which is to protect valuable or sentimental belongings. Because they’re typically secured by heavy-duty locks, alarm systems, and reinforced materials, these boxes provide a level of security that’s hard to replicate at home or find elsewhere.
Another key reason is convenience. Having one secure location to store your valuables makes it easy to know exactly where they are while keeping them protected and accessible. This benefit is particularly attractive to frequent travelers and people who divide their time between multiple properties, as it reduces the risk of losing or misplacing important items when you’re on the move.
If you live with family or roommates, a safety deposit box can also be a useful way to store items you want to keep private or out of reach. Keeping things in a secure location away from home ensures that those you live with cannot access, move, or rummage through them.
Finally, another popular use for safety deposit boxes is to store original versions or printed copies of critical documents, particularly if you aren’t fond of using digital storage. In a world of data breaches and cybersecurity threats, keeping physical copies of important paperwork, such as insurance policies or business contracts, can make a lot of sense.
What to keep in a safety deposit box in Canada
You can store all kinds of belongings in a safety deposit box. However, laws regarding what you can and cannot keep in one vary by country. In Canada, common items you may choose to store include:
- Original family documents, such as birth certificates or marriage licenses
- A copy of your personal will and executor instructions
- Property deeds and titles
- Mortgage and other financial documents
- Personal and business contracts
- Insurance policies
- An inventory of your assets and possessions
- Personal valuables such as family heirlooms or jewellery
Keep in mind that banks don't typically insure the contents of a safety deposit box, so you are solely responsible for securing any insurance coverage you consider necessary to protect them.
What not to keep in a safety deposit box
Whether it’s for legal reasons or practicality, there are certain items you should avoid keeping in a safety deposit box, including:
- Illegal items or substances
- Cash (for safety and regulatory reasons)
- Your original will or power of attorney, since only the renter of the box has access
- Anything you’d need in an emergency or time-sensitive situation (e.g., medications or your passport)
- Precious metals over a certain weight or value
- Dangerous or prohibited items such as guns, ammunition, or explosives
- Uninsured valuables
How do safety deposit boxes work?
How safety deposit boxes work is simple. Once you’ve rented a box at a bank branch, access typically requires two keys: one that you hold and another kept by the bank. A bank employee will assist you in opening the box by using both keys at the same time. You will also need to verify your identity with a form of ID or an account PIN.
Once the box is open, you can fill it with as many permitted items as you want, provided they all fit. When you’ve safely stored everything and are ready to go, the bank employee will put your box back into its secured slot and lock up the safe or vault room.
You can return during the bank’s designated hours to pick up or store more belongings as you see fit, but it’s worth checking your bank’s specific hours and requirements as they may vary.
How to get a safety deposit box
To rent a safety deposit box, your first step is to find a bank branch that is close by and speak to a bank employee. Next, you’ll be asked to fill out some paperwork, provide valid identification, and sign a rental agreement, which outlines the terms of your lease. These terms generally include the box size, rental duration, and allowed consents.
You might decide on a short-term agreement or consider a fixed annual fee if you plan to keep the box long-term. For convenience and tracking purposes, you can typically automate bank safety deposit box fee payments by linking your chequing or savings account and authorizing the process.
If you’re ready to get started, keep reading for step-by-step instructions on how to open a safety deposit box with BMO.
How to access your safety deposit box
Since safety deposit boxes are held in brick-and-mortar financial institutions, you’ll only be able to access them during business hours and in the branch that you’ve opened your box in. In some cases, depending on the security protocols in place, you might even need to make a special appointment. Either way, you’ll need to have a few things with you:
- A valid ID, such as a driver’s license, passport, or permanent residency card
- Your physical key or card key for the safety deposit box
- Your security code if your box needs one
If your safety deposit box has multiple owners, any co-owner can access it, but they will also need to have these items ready.
Pros and cons of a safety deposit box in Canada
As is the case with anything, using a safety deposit box has its advantages and disadvantages. Here they are in a nutshell:
The pros of using a safety deposit box
- Robust, multi-layered security including locks, alarm systems, and surveillance
- A centralized, convenient place to store valuables
- Protection for your belongings from disasters like floods or fires
- Safe storage for important original documents, physical copies, and digital backups
The cons of using a safety deposit box
- Typically, accessible only during business hours or by special appointments
- Monthly or annual fees can be expensive, although some institutions offer limited discounts for certain individuals, like seniors, newcomers to Canada, etc.
- The items in your safety deposit box aren’t insured by the CDIC or major banks. For added peace of mind, customers can arrange additional insurance.
- Unsuitable for certain personal items
How to get a safety deposit box at BMO
To rent a safety deposit box with BMO, you need to be an existing customer. If you aren’t yet, you must open a BMO chequing account. From there, the steps are straightforward:
Step 1: Find a convenient BMO branch
Safety deposit boxes can only be rented in-branch. The good news is, with more than 900 BMO branches across Canada, most with safety deposit boxes, you’ve got a lot of options location-wise. Our branch locator makes it easy to find the right one for you - just enter your city and province,postal code, or intersection, and you can find all the BMO branches nearby. Look for the “Safety Deposit Box” icon: if it’s blue, that branch offers rentals.
Step 2: Check your chosen branch’s safety deposit box availability
Once you know your chosen branch offers safety deposit boxes, it’s a good idea to check availability, as there’s a slim chance the boxes are all in use. You can either go in person to the branch or contact them by phone or email to inquire.
Step 3: Choose the size of box you need
Are you planning to store a few key documents, or do you need room for several family heirlooms? Depending on what you’re looking for, there are a few sizes you can choose from.
The small box is about the size of a narrow desktop keyboard box, perfect for documents like birth certificates and social security cards. The medium boxes provide a bit more vertical space while maintaining the small size’s long, narrow profile. They comfortably fit items like larger documents, flash drives, and small family heirlooms. Finally, the large boxes resemble a slightly oversized shoe box laid on its side. They’re perfect for bulkier valuables, jewellery collections, and thick file folders with multiple records.
Check out the table below for the complete breakdown.
Available box sizes | Box dimensions (Inches) | Annual box rental fee |
Small | (1½ x 5 x 24) | $70.00 CAD |
Medium | (2 ½ x 5 x 24) (3 x 5 x 24) (3 ¼ x 5 x 24) | $110.00 CAD |
Large | (2 ½ x 10 ⅜ x 24) (3 x 10 ⅜ x 24) (5 x 5 x 24) | $230.00 CAD |
Extra large | (5 x 10 ⅜ x 24) | $350.00 CAD |
Super Large | (10 x 10 ⅜ x 24) | $500.00 CAD |
Note: Where applicable, GST/HST/QST is extra.
Step 4: Sign verification documents and secure your safety deposit box
Once you’ve selected your box, it’s time to sign the verification documents and commit to a payment plan. While standard charges apply, BMO offers special fees for seniors, new customers, and existing Premium Chequing Account customers. To make things easy and for tracking purposes, you can make payments through pre-authorized debit from your BMO chequing or savings account.
In addition to your standard fees, there are a few additional expenses you may encounter as the owner of a safety deposit box:
- Key replacement: $15.00 CAD per key
- Single lock drilling and key replacement: $160.00 CAD
- Dual lock drilling and key replacement: $200.00 CAD
Safety deposit boxes are a great security option
If you’re planning on storing valuables or important documents like wills and mortgage agreements, a safety deposit box can make a lot of sense. They’re convenient, highly durable and far more secure than a home wall safe. Yes, there are monthly or annual fees, but many people find the added security well worth the cost.
What’s more, knowing that all your valuables are securely stored in one place makes it easy to stay organized and keep track of the things that matter most to you. In the event of a fire or other emergency, knowing your valuables are safe and sound is one less thing to worry about.
FAQs about safety deposit boxes
No, safety deposit boxes are private. Banks only keep records of when you access your box, but its contents are confidential. The only people who know what you keep in one are you and any co-owners.
Safety deposit boxes are typically stored in fire-resistant bank vaults. While this offers a high degree of protection, your box may not be 100% fireproof.
If you pass away while owning a safety deposit box, the bank typically freezes access to protect its contents, and your estate will need written authorization to obtain them. Some documents, such as wills or life insurance policies, may be released once the bank receives proof of death, such as a statement of death or death certificate.
No, your bank does not have access to your safety deposit box, except in limited circumstances such as an emergency or court order. Since two keys are required to open the box, you need to be physically present to open it in most cases.
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