Do We Have Safety Deposit Boxes in Australia?

A safety deposit box is a secure storage option provided by banks and private security companies for valuables such as important documents, jewelry, and in some cases, cash. Many Australians wonder whether this service is available in their country and how it works.

Are Safety Deposit Boxes Available in Australia?

Yes, safety deposit boxes are available in Australia. However, they are not as widely offered by major banks as they once were. Over the years, some banks have phased out or reduced their safe deposit box services, but there are still options available through select banks and private security firms.

Banks That Offer Safety Deposit Boxes

A few of Australia’s major banks still provide safe deposit boxes, but availability can vary depending on the branch. Banks that may offer this service include:

• Commonwealth Bank – Limited locations provide safe custody services.
• Westpac – Some branches offer safe deposit boxes or a similar secure storage service.
• ANZ – Certain branches still maintain safety deposit box facilities.
• NAB – Safe custody services are available in select locations.

It’s important to check with your bank directly to see if they offer this service and whether there is availability at your nearest branch.

Private Security Companies

As banks have scaled back their safety deposit box offerings, private companies have stepped in to fill the gap. These companies specialize in secure storage and often provide enhanced security measures, including biometric access, 24/7 surveillance, and insurance options. Some well-known private vault providers in Australia include:

• Guardian Vaults (Melbourne & Sydney)
• Custodian Vaults (Sydney)
• The Vault (Perth)

Private vaults often offer more flexible access hours and higher security than traditional bank safe deposit boxes.

How Much Does a Safety Deposit Box Cost in Australia?

The cost of renting a safety deposit box varies depending on the size of the box, the provider, and the location. Generally, prices range from:

• Small box: $200 – $400 per year
• Medium box: $400 – $700 per year
• Large box: $700 – $1,500+ per year

Some providers also charge an initial setup fee or require a security deposit for the key.

What Can You Store in a Safety Deposit Box?

Common items stored in safety deposit boxes include:

• Important documents (wills, deeds, birth certificates)
• Jewelry and heirlooms
• Rare collectibles
• Digital backups (USBs, hard drives)

Can You Store Cash?

While it’s not illegal to store cash in a safety deposit box, most banks and security providers discourage it. Additionally, money stored in a safety deposit box is not insured and won’t earn any interest.

Is a Safety Deposit Box Worth It?

A safety deposit box can be a secure way to store valuables, particularly for items that are irreplaceable or require extra protection. However, with banks phasing out these services, private vaults are becoming the go-to option for Australians seeking high-security storage.

If you need a safety deposit box, it’s best to check with your bank or explore private vault services to find the most secure and convenient option for your needs.