All You Need To Know About Safe Deposit Boxes

Safe Deposit lockers

Where do you store your valuables? Do you rush to a bank?

Whether you want to store your documents or precious jewellery, safe deposit boxes can be a saviour. Your prized possessions are safer only in a sealed metal box.

However, the locker facility is not just for the super-rich who want to store their diamonds and cash. It is for every common person who wants to protect their valuables. There is nothing to hide inside the jewellery locker. It is just meant to ensure the better safety of the items in a secured facility.

Imagine keeping your precious jewellery at home and burglars looting you. If only you choose safe deposit lockers for storage, your treasured jewellery, photographs, and documents shall remain intact.

Getting a safe deposit box is now much easier than ever before. It costs lesser than a broadband subscription plan. Would you want to ensure the safety of your belongings?

Safe Deposit Lockers Are Back

Earlier, if you did not want to keep something valuable at home, you would request the bank for a vault. However, a vault posed many problems. Firstly, you did not see this happening. Worst of all. The recordkeeping of banks was not at all appreciable. As a result, people eventually lost contact with their possessions. In the event of death, the family would not know that the bank held something important for them.

With the effort and costs involved in providing vaults to people, cost-cutting banking organizations stopped the facility, including Lloyds, Barclays, and many others.

However, over the years, the numbers are rebounding. Whilst Metro Bank branches have safe deposit lockers, Lloyds and Halifax also opened their flagship stores having safe deposit lockers.

We live in an age where our possessions and wealth are increasingly vulnerable because it is virtual.

Possessions Inside The Safety Deposit Boxes

Banks do not ask what you are storing inside the deposit boxes. It is not mandatory to reveal details.

However, some limits have been levied. You cannot store risqué photographs or cash as bank rule prohibits the same. Weapons and food are also off the table.

Varied customers avail safe deposit boxes. The most important groups of people are local business families and people of the South Asian lineage. In fact, South Asian couples are also gifted with golden jewellery on the wedding day, whereas businesses have faith in the permanence of the boxes, considering the risks involved with cyber security. Data is something that people have to protect.

Moreover, the increasing risk of theft and housebreak is driving families to safe deposit lockers. According to the Direct Line, in 2017, £274million worth of ornaments was stolen. Likewise, the Metro Bank discovered that a quarter of people stored their valuables in the filing drawers or cabinets.

There are many vulnerable areas where the neighbourhood and police watch recommend people to find a safe place to store their belongings. Owing to the increasing crime rate, it is only obvious to be up to standard.

Cost of Safe Deposit Box

The cost depends on the safe deposit box sizes. Presently, some banking organizations are offering locker facilities for a minimum of £200 per year for small safe deposit boxes. If you want to rent a large safe deposit box size, the cost could go as high as up to £675 per year.

Banks require a Cash Account or a Current Account to allow access to safe deposit boxes. Both these types of accounts are free, though a credit check is involved in a Current Account. Moreover, insurance is not included.

You can minimize these factors and reduce hassles by choosing local locker providers like Neelkanth Safe Deposit Limited. Here, the cost of a locker is relatively lesser than banks, albeit with excellent services.

An added benefit is that using safe deposit lockers can reduce your insurance premium for the items. This factors into the expenses of safekeeping the items.

Getting Inside Safe Deposit Box

Undoubtedly, useful, safe deposit boxes also offer leverage to customers to see them. Although vaults look, the same, strong security reflects in the organized manner of upkeep of the facility. As you move inside, the silvery boxes lined together from the floor to the ceiling would mesmerize.

To open a locker, two keys are required simultaneously. Whilst the bank or locker service provider holds one key, the second key rests with the owner. Surprisingly, the boxes are spacious and remarkable.

Look up for locker facility near me to know your options.

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