Bank safes are the best places for any cash. If you aren’t comfortable with keeping your pounds in a bank account there’s always the option of placing them inside a safe deposit box. But exactly how much can you place in one of these safes and are you even allowed to do it?
Can You Store Cash?
Not all banks allow the storing of cash in safe deposit boxes. If someone wants to store cash in a safe deposit box they have to check the contents of their contract. Some people have illegally stored cash in their boxes in the past, but if anything gets stolen, the bank won’t cover it and they could take legal action against you if they felt they had a case.
Talk to the bank before investing in a safe deposit box.
How Much Cash Can You Store?
It depends entirely on your contract and the safe itself. Your contract might allow you to stash cash in your box, but they might have limits on how much the bank is willing to cover. Most banks have some limits; although these limits are often higher than average income earners can ever hope to reach.
Another point to take into consideration is the size of the safe itself. There’s only so much money you can store inside before it overflows. If you reach this limit you’ll need to purchase another safe before you can place any more money in storage.
Bank Bail Out
Discussing the various rules and regulations of bank storage is all well and good, but none of this really matters. Unless you’re already lucky enough to own a safe deposit box you have little to no chance of getting a box at your local bank. Most banks have begun pulling out of offering storage as they claim the profitability isn’t high enough for them to continue the service.
Banks like Halifax have called a complete halt to the process and are already contacting their clients in order to return their belongings. Other banks are content with simply not accepting new applications for boxes.
Now, the only option is to find a private company which offers a safe deposit box service, and this isn’t something everyone feels comfortable with.
Is it Safe to Store Your Money Here?
Storing money in a safe deposit box is perfectly safe. The companies providing the service use the latest security measures to both deter and prevent thieves from accessing your box. The only downside is the potential for the reduction in value caused by inflation. If the money isn’t in an interest bearing account it loses value each year as inflation steadily constricts it. Remember, it doesn’t gain any interest in one of these boxes.
Storing cash in a bank’s safe deposit box is only limited by your contract with the bank and the capacity of the safe. The only problem is your cash not only loses value but it’s almost impossible to find a bank offering more boxes as the industry has recently pulled out of offering this sort of service to its customers.