Keeping Uninsured Jewelry and Collectibles in a Safe Deposit Box The bank that houses the safe deposit box will be happy to hold your cash in an account and maybe even give you a smidgen of interest on it. To receive FDIC insurance, which covers up to $250,000 per depositor per insured bank, your cash needs to be deposited in a qualifying deposit account such as a checking account, savings account or certificate of deposit. Reynolds, chief of the FDIC’s Community Outreach Section. Read the fine print of your agreement.īear in mind, too, cash in a safe deposit box isn’t protected by the Federal Deposit Insurance Corporation, says Luke W. Some banks expressly forbid storing cash in a safe deposit box.It’s better to put the money in an interest-bearing account or certificate of deposit. Idle cash loses buying power over time due to the effects of inflation (hello, 2023). If you need the money in an emergency but the bank is closed, you’re out of luck.Would storing it in a safe deposit box be a better move? Experts warn there are several reasons you shouldn’t keep cash in a safe deposit box: Perhaps you're old-school and like to keep a stash of cash at home “just in case.” Or maybe you got lucky at the casino. Such circumstances complicate your ability to retrieve important documents or items when you need them – the answer is to create a financial plan for natural disaster beforehand. The coronavirus pandemic, too, reduced operating hours for some bank branches, and limited access or required appointments for in-branch services, such as access to safe deposit boxes. There are items you might come to regret locking away in your bank, which isn’t open nights, holidays or perhaps even weekends.Īccess to your safe deposit box could be even more limited during emergencies, including natural disasters (which could even threaten the bank and box itself, depending on where you live). A safe deposit box can also offer critical protection for important documents.īut a safe deposit box isn’t a wise choice for many things. Some examples of things you can and should keep in a safe deposit box include prized possessions such as collectible baseball cards or jewelry inherited from a relative, for example.
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