How do I open safe deposit boxes?
Decide on a bank or institution that offers safe deposit boxes. Major banks like Commonwealth Bank, ANZ, Westpac, and NAB offer these services, as well as some private vault companies.
Safe deposit boxes can be in high demand, especially in major cities. Contact the bank or visit their website to check availability and make a reservation if necessary.
You will need to visit the branch in person to open a safe deposit box. Make sure to bring the required identification and documentation (valid photo ID such as a driver's license, passport, or another government-issued ID, a utility bill or bank statement with your current address).
Fill out the application form provided by the bank. This will include personal details and any additional authorized users who will have access to the box. Select the size of the safe deposit box based on your needs. Sizes typically range from small to large.
Review and sign the rental agreement, which outlines the terms and conditions of the safe deposit box rental. Pay the rental fee, which is usually an annual charge. Some banks might also charge a setup fee or require a refundable key deposit.
You will be given keys to the safe deposit box. Typically, you will need two keys to open the box: one that you hold and one that the bank retains.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.00% | 750 |
| 25,000 | 3.10% | 775 |
| 25,000 | 3.20% | 800 |
| 60,000 | 3.50% | 2,100 |
| 60,000 | 3.60% | 2,160 |
| 60,000 | 3.70% | 2,220 |
| 140,000 | 4.00% | 5,600 |
| 140,000 | 4.10% | 5,740 |
| 140,000 | 4.20% | 5,880 |
| 340,000 | 4.50% | 15,300 |
| 340,000 | 4.60% | 15,640 |
| 340,000 | 4.70% | 15,980 |
How much are safe deposit boxes?
The cost of safe deposit boxes in Australia varies depending on the size of the box, the location of the bank, and the bank itself. Generally, annual rental fees range from about AUD 100 to AUD 500 or more.
You can see the similar FAQ about Canadian banks at the link:
- Advice direct from BMO
- Alterna Bank RRSP
- Alterna Bank TFSA transfer fee
- Alterna Bank and the CDIC
- Alterna’s MarketTracer Term Deposit
Details of companies offering the financial services:
Icici Bank Canada
Head office’s address: Don Valley Business Park 150 Ferrand Drive, Suite 1200 Toronto
Phone: 888-424-2422
Web-site: http://www.icicibank.ca/
Swift code: ICICCATT
Stock code: ICBK
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002