Which Banks Offer The Cheapest Safe Deposit Box?

When you need a place to securely store valuables, a safe deposit box at a bank or credit union is potentially an excellent choice. However, the price for safe deposit boxes can vary, which may cause concern if you’re budget conscious. Fortunately, some lower-cost options are available. If you’re looking for a cheap safe deposit box, here are a few banks that are worth exploring.

Is a Safe Deposit Box Expensive?

Getting a safe deposit box doesn’t typically cost a bundle, regardless of the bank. Many run between $40 and $80 per year, depending on their size and the institution you use. However, very large safe deposit boxes can run between $100 and $200 annually, so keep that in mind.

Banks That Offer a Cheap Safe Deposit Box

1. Columbia Bank

Columbia Bank offers pretty reasonable safe deposit box rates, ranging between $25 and $120 per year, depending on the size. Generally, their prices are lower than many competing institutions, and there are more than 140 locations available across Idaho, Oregon, and Washington.

2. Erie Federal Credit Union

If you live in Pennsylvania, a safe deposit box at Erie Federal Credit Union could be your cheapest option. The rates range from $15 to $100 per year, which is well below what you find at most other institutions. Just be aware that safe deposit boxes are only available at three of the branches, so factor in travel time if you need to access the box regularly.

3. Vibe Credit Union

Depending on the size, a safe deposit box at Vibe Credit Union runs between $30 and $80 per year, which is reasonably competitive. As a result, if you live in Michigan, they’re worth checking out.

4. Local Government Federal Credit Union

If you qualify for an account at Local Government Federal Credit Union and are in North Carolina, the institution is a solid choice for a low-cost business safe deposit boxes. Prices range from $18 to $90 annually, which is below what you find in many banks.

Do you know of any other bank that has a cheap safe deposit box option? Have you used a cheap safe deposit box at one of the institutions above and want to discuss your experience? Share your thoughts in the comments below.

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Tamila McDonald

Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.