Nov 28, 2014

How to Choose Between a Safety Deposit Box and a Home Safe

How safe are safety deposit boxes in banks? How about those safes for sale at the home depot? Are they equally secure or is it likely that one of them provides more superior protection? These are the pressing questions we will try to answer throughout this post.

All homeowners want peace of mind and security. They are willing to buy expensive but high quality home safes. After all, investing in one to safeguard your valuables is considered a wise idea.  

Burglary, fire, or flood - all these can take away our most precious possessions – wealth we have diligently accumulated over time, legal documents we never want to lose, or expensive jewellery handed over by family members.

Does a home safe guarantee absolute protection of our valuables against imminent disasters?

First of all, there is no such thing as “perfectly failsafe”. Despite the claim of manufacturers, even top of the range models can withstand the worst calamities or the shrewdest thief up only to a certain point. 

So what other options do we have?
The safety deposit boxes offered by banks come to mind when it comes to wealth protection measures. Banks obviously invest in advanced security measures and technologies that deter burglars and guard people’s wealth more effectively.
  • How safe are bank safety deposit boxes? Hiding one in a house can be a challenge for some people so they prefer to keep their valuables in a safety deposit box in banks (e.g. Standard Chartered and OCBC NISP). Its biggest attraction is the insurance coverage based on the contents declared.  (Be sure to check the language on the insurance papers before you entrust your possessions to any bank.)
  • How hard is it to open a safe deposit box? Most banks have easy requirements and relatively affordable rental rates which are renewable annually. Call at least three banks to compare their rental fees and policies before signing up for their services.
  • What to store in a bank safety deposit box? Most users store precious jewellery, family heirlooms and important property documents.  While you can also store money inside, the applicable insurance is not guaranteed.
  • What happens to your possessions in case you pass away? You will be required to appoint a joint renter in case of any emergency or unfortunate event.
  • What are the disadvantages of using safety deposit box? Though it promises superior safety and ease of access, it can still cause inconvenience when you need quick, emergency access to its contents. Also, in case of burglary or embezzlement, the amount you will receive as compensation is unclear. 

Home Safe or Safety Deposit Box?
For generations, people have devised ways to hide their wealth safely. Unfortunately, there is no existing record that can tell us which mode of safe-keeping is best: keeping your possessions in your backyard or handing it to a well-trusted institution. Though information abound – none of them is conclusive.  The final decision is for each of us to make and the consequences for us to bear.

Can you think of other options of storing money safely? Please let us know at the comment section.

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