How do I open a safe deposit box in Australia?
Opening a safe deposit box typically involves the following steps:
- Choose a Bank, not all financial institutions offer this service. Pay attention to rates, location and discounts
- Visit the branch of the chosen bank. Take your passport or driver's license
- Fill out an application form to rent the safe deposit box
- Select the size of the safe deposit box you need. Select the cell size and rental period. The smaller the cell and the longer the term, the lower the price usually
- Sign Agreement
- Pay Rental Fees
What fees do Australian banks take for deposit boxes?
The general charges for safe deposit boxes are:
- An annual or semi-annual rental fee
- A deposit for the keys or access devices
- Late Payment penalty
- A fee for your access to the safe deposit box. It can be included in the rental fee.
- You may purchase separate insurance to protect your valuables.
Calculate future income on a 1-year term deposit (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 20,000 | 4.05% | 810 |
| 20,000 | 4.10% | 820 |
| 20,000 | 4.15% | 830 |
| 40,000 | 4.20% | 1,680 |
| 40,000 | 4.25% | 1,700 |
| 40,000 | 4.30% | 1,720 |
| 80,000 | 4.35% | 3,480 |
| 80,000 | 4.40% | 3,520 |
| 80,000 | 4.45% | 3,560 |
| 180,000 | 4.50% | 8,100 |
| 180,000 | 4.55% | 8,190 |
| 180,000 | 4.60% | 8,280 |
You can also get more detailed calculations by using our financial calculators.
What size of safe deposit boxes do Australian banks offer?
The most common sizes available in Australia include:
- Small for storing documents, jewellery, and small valuables
- Medium for larger items such as documents in folders or small electronic devices
- Large for storing larger documents, electronic devices, or small collectibles
- Extra large for big items or a higher volume of valuables.
See the similar FAQ about Australian banks:
- Bankwest broker chat
- Bankwest coin counter
- Bankwest kids saver
- Bankwest managed investments
- Bankwest: safety deposit box offer
Details of companies offering the financial services:
Bank of China
Head office’s address: 140 Sussex St
Contact center: 61-2-8235-5888
Phone: 61-2-9262-1794
Mail address: Ground Floor, 140 Sussex St, Sydney NSW 2000
Web-site: https://www.bankofchina.com/au/en/aboutus/ab1/201712/t20171221_10962146.html
Swift code: BKCHAU2A
BSB: 980-301
CommBank
Head office’s address: 201 Sussex Street
Contact center: 13-22-21
Phone: 61-2-8055-4001
Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street
Web-site: https://www.commbank.com.au/
Swift code: CTBAAU2S
Stock code: CBA
ABN: 48 123 123 124
Guardian Vaults
Head office’s address: 100 William Stree
Contact center: 1300-269-408
Phone: (03) 960-605-88
Web-site: https://guardianvaults.com.au/
Private Vaults Australia
Head office’s address: 241 Adelaide St
Contact center: +61 1300-888-782
Mail address: [email protected]
Web-site: https://privatevaults.com.au/
Westpac Bank
Head office’s address: 275 Kent Street
Contact center: 13-20-32
Phone: 61-2-9155-7700
Mail address: 275 Kent Street, Sydney, NSW
Web-site: https://www.westpac.com.au/
Swift code: WPACAU2S
Financial institution code: WBC
Stock code: WBC
ABN: 33 007 457 141
BSB: 032-063