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 |
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.
