The bank that houses the safe deposit box will be happy to hold your cash and maybe even give you a smidgen of interest on it. To receive FDIC insurance, which covers up to $250,000 per depositor per insured bank, your cash needs to be deposited in a qualifying deposit account such as a checking account, savings account or certificate of deposit. Reynolds, chief of the FDIC’s Community Outreach Section. Read the fine print of your agreement.īear in mind, too, that cash in a safe deposit box isn’t protected by the Federal Deposit Insurance Corporation, says Luke W. Some banks expressly forbid storing cash in a safe deposit box.It’s better to put the money in an interest-bearing account or certificate of deposit. The idle cash loses buying power over time due to the effects of inflation.If you need the money in an emergency but the bank is closed, you’re out of luck.Or maybe you like to keep a stash of cash at home “just in case.” Would storing it in a safe deposit box be a better move? Experts warn there are several reasons you shouldn’t keep cash in a safe deposit box: But what are those items? Read on for our list of safe deposit box no-no’s. Moves like that complicate your ability to retrieve important documents or items when you need them – the answer is to create a financial plan for natural disaster beforehand.Įxperts recommend storing important items that you need to access more frequently or on short notice in a fireproof home safe that’s bolted to the floor. The coronavirus pandemic, too, reduced operating hours for some bank branches, and limited access or required appointments for in-branch services, such as access to safe deposit boxes. There are items you might come to regret locking away in your bank, which isn’t open nights, holidays or perhaps even weekends.Īccess to your safe deposit box could be even more limited during emergencies, including natural disasters (which could even threaten the bank and box itself, depending on where you live). A safe deposit box can also offer critical protection for important documents.īut a safe deposit box isn’t a wise choice for many things. Some examples of things you can and should keep in a safe deposit box include prized possessions such as baseball cards or jewelry inherited from a relative, for example. But don’t write off the value of keeping certain valuables securely tucked away in your bank’s vault (That is, if your existing bank has a safe deposit box vault many are being eliminated.) To that end, a physical safe deposit box might seem like a relic of the bricks-and-mortar (and high-strength steel) past. Almost anything that matters is stored virtually in the cloud.
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