Bank Box for Gold and Silver: Pros and Cons

Short answer: a safe deposit box protects against home theft and fire, and keeps metal off your premises, but the contents are usually not insured by the bank, access is limited to bank hours and you depend on the bank staying open and accessible. Check the terms before you decide.

The advantages

• Protection against burglary and fire at home
• Privacy from visitors to your home
• A fixed annual fee, which is often modest

The drawbacks

• Insurance: a bank generally does not insure what is in a box, so you may need your own policy.
• Access: you can reach it only in bank hours, and access can be restricted in some circumstances.
• Size: boxes are small, so large amounts of silver may not fit.

Check the terms

Read the rental agreement for limits of liability, access rules and what happens if the branch closes. Ask whether your own insurer covers metal stored in a bank box.

Compare other options

A vault with allocated storage gives insured, itemised storage at a cost, and a home safe gives instant access at your own risk. See allocated vs unallocated storage and choosing a home safe.

Record it

Note which pieces are in the box, and keep a list somewhere your family can find, with a clear account of who can access the box. Our guide on tracking metal across storage locations explains how.