Home Safe Vs. Bank Safe Deposit Box: Which is Better?

Valuables such as cash, jewellery, confidential documents, media, electronic devices, and items of sentimental value all need to be kept secure. Leaving them lying around your home makes them susceptible to theft and damage. The best and most secure way to keep them protected is in a safe. The question then arises – what type of safe?

There are several types of safes to choose from depending on what you wish to keep in them and how you would like to access them. Should you invest in a home safe or store your valuables away from home in a bank safe deposit box?

Both have their advantages and disadvantages, and it is very important to understand them to make an informed decision. Read on to find out all about home safes and bank safe deposit boxes and which is better for your valuables:

WHAT IS A HOME SAFE?

A home safe is a secure storage box that you keep in your home to protect your valuables. They come in various shapes and sizes and provide different levels of protection based on their features.

Some home safes are more secure than others depending on their quality, construction, and locking mechanism. They also usually offer protection from fire and water damage to some extent.

Some home safes are free-standing while others are permanently installed into the wall or floor. For maximum protection, though, it is always recommended to bolt the safe to the ground or secure it with a permanent fixture.

Some of the most common types of home safes include:

Wall Safes

Wall safes are installed inside a wall and can be hidden behind a painting or piece of furniture. They can also be installed inside cupboards and wardrobes to hide them from plain sight. They are usually smaller in size and a great option for homes with limited space as they do not require any additional space and can easily fit inside the house’s construction.

Floor Safes

Floor safes, or underfloor safes, are sturdy safes installed into the concrete floor and are hidden underground. Due to their position and permanent installation into the concrete, they are difficult to remove by burglars, making them an incredibly effective option for storing valuables. Their opening on the floor can be fully concealed using a carpet or piece of furniture.

Freestanding Safes

Freestanding safes are one of the most common types of safes that come in a variety of sizes and can weigh anywhere from 10 kg up to 2 tons. They are made from sturdy materials and the larger and bulkier ones provide added protection from theft and burglaries due to their weight. These safes come with an array of features and can have different locking mechanisms such as biometric and drill-resistant locks. They also come with fixings if you wish to bolt them to the wall or floor.

Fire-Resistant Safes

Your valuables are not just at risk of being stolen but also of being damaged and ruined due to fires. Fire-resistant safes, along with keeping your valuables protected from burglars and thieves, also offer protection from the high heat and flames in case of a fire incident. The level of fire protection of these safes is determined by their fire rating, which is a measure of the degrees of heat and the number of hours of fire the safe can withstand.

WHAT IS A BANK SAFE DEPOSIT BOX?

A bank safe deposit box is an individual secure storage container situated inside a vault of a bank. It can be used to store valuables such as important documents and items of sentimental value.

Since the deposit box is located in a bank, it is advised to use it for items that you do not require frequent access to, such as personal papers and records, school transcripts and diplomas, property deeds, important contracts, and confidential business documents.

The level of security of the bank safe deposit box is determined by the safe’s construction as well as the security of the bank and the building it is in. The bank safe deposit box is available for rent on a monthly or yearly basis, with the cost depending on the bank and the size of the safe deposit box.

When you rent a bank safe deposit box, you are given a key for it along with a second key held by a bank employee. Both the keys need to be used together to access the safe. If one key goes missing or is unavailable, the safe cannot be accessed.

Many banks have also switched to a more secure keyless system that uses biometric identification such as fingerprints of the owner of the deposit box along with the individual’s ID to access it.

You can assign a co-lessor if you wish to share access with another individual. This can be a family member, friend, or any other trusted person. The partner will have the same access rights as the owner and can access the safe with a key in conjunction with a guard key held by the bank.

HOME SAFE VS BANK SAFE DEPOSIT BOX

When comparing home safes with a bank safe deposit box, it is important to look at the pros and cons of each to determine the right one for your needs. Let’s look at some of the highlighting features of security safes and how home safes and bank safe deposit boxes fare against each other.

Security

Security is the main feature of a security safe since its primary purpose is to safeguard your valuables against theft and damage, and some safes offer a higher level of protection than others.

When it comes to home safes, there are several types available in the market, each with its own level of security. Their security can be reinforced using sturdy construction and a good locking mechanism.

However, when compared to a bank safe deposit box, home safes are easier to breach and are vulnerable to theft. After all, it is easier to break into a house than a bank. Home safes are often a target for thieves, which makes them a less secure option for securing very valuable items or a lot of cash.

Bank safe deposit boxes, on the other hand, are housed in banks, which are highly secure facilities and much more difficult to break into. The deposit box is under tight security 24/7. The security systems at a bank are usually much more advanced than those used for home security. Also, although a lot of homeowners understand the importance of security and investing in security systems, a huge chunk of the residential sector still lacks basic security systems and remains vulnerable to burglaries and break-ins.

Other than that, a bank safe deposit box requires dual authentication to access its contents. One key is held by the owner of the safe and the other by the bank. To access the safe, one would require both keys together. These safes are also built to withstand severe environmental conditions such as fires, floods, and tornadoes.

Accessibility

The contents of a security safe are accessible to whoever possesses the correct authentication. The authentication methods may be physical keys, fobs, codes, combinations, or biometrics. While this is true for both home safes and bank safe deposit boxes, the accessibility of the actual safe is a matter of discussion here.

Since home safes are installed within your home, they are easily accessible any time of the day and any day of the week. They provide instant access to your valuables, making them ideal for items that you require frequently and in emergencies. These may include your legal documents, passports, and bank cards.

With bank safe deposit boxes, you need to commute to the bank and adhere to bank hours to access the safe and its contents, making them not as easily accessible as home safes. This can be inconvenient if you need certain items in the safe urgently and can pose somewhat of a challenge to retrieve your valuables, especially if they are needed outside of bank working hours.

Customisation

Home safes are available in a variety of types, sizes, and security levels. They can be small, big, freestanding, bolted to the floor, under the floor, fixed in a wall, portable, and even shaped like a household item such as a book. They can be installed anywhere according to your preference and convenience.

You have the option to choose one that fits your needs and depending on what you wish to keep in the safe. There are safes built specifically for items such as paper and electronic media. They are also highly customisable and can have features such as fire protection and water resistance for added security and safety.

With bank safe deposit boxes, the level of customisation is limited to their size. They are available in various sizes depending on the type and number of valuables you wish to store in them. The size is measured in height x width x depth. The depth is usually the same for all deposit boxes, but the height and width may vary.

Cost

Since home safes come in a variety of options, their cost also varies based on their features and level of security. The starting cost for basic safes is around £50+, while high-security ones may go up to £500+.

Other than the initial cost for home safes, they also require regular upkeep and maintenance to ensure they keep providing a high level of security. It is recommended to have an annual service done so that all the components of the safe and the locking mechanism are clean and working as they should. During the maintenance checks, a qualified safe engineer also checks if the doors are level and the bolts are engaging properly. These maintenance checks come at a cost but are necessary to lengthen the lifespan of the safe and prevent issues from developing.

Bank safe deposit boxes also come at a cost, and one that is recurring. Since these deposit boxes are rented out, a monthly or annual fee needs to be paid to the bank to continue to avail their services.

The cost may vary depending on the size of the deposit box and the bank that it is in, with most banks in the UK charging an annual fee between £200 and £750.

HOME SAFE VS BANK SAFE DEPOSIT BOX: WHICH IS BETTER?

Both home safes and bank safe deposit boxes are made for the sole purpose of safeguarding your valuables from theft and damage. However, the level of security and convenience vary quite a bit.

So, which is better? A home safe or a bank safe deposit box?

The answer to this question is not that straightforward as it depends on the type of items you wish to store in them and the level of security and convenience you require.

Both have unique security features that offer robust protection against theft and environmental damage. Home safes can be bolted to the floor or wall to prevent them from being picked up. There are also high-security home safes that weigh quite a bit and are difficult for someone to lift and carry.

Bank safe deposit boxes are not only reinforced to withstand tampering and theft but since they are housed inside bank vaults, the level of security is increased tenfold due to the security measures taken by the bank.

While bank safe deposit boxes may take the win on the level of security, there is the issue of accessibility since they can only be accessed by physically visiting the bank and only during banking hours. With home safes, accessibility is not an issue since they are installed in your home and are available to you 24/7.

In terms of cost, home safes come with an initial purchase and a yearly maintenance check. Bank safe deposit boxes, on the other hand, only have a yearly rental fee which is generally affordable. The deposit box’s maintenance and repairs are the responsibility of the bank and need not be paid for by the owner.

To gauge which option best suits your budget and needs, you need to compare the initial and maintenance costs of home safes with the recurring charges for a bank safe deposit box.

Choosing between a home safe and a bank safe deposit box also depends on the type of valuables you need to store in them. Home safes are the ideal choice for things that you need frequent access to such as passports and medical papers, while bank safe deposit boxes are more suited for things that you would not require in an emergency such as property deeds and items of sentimental value.

In the end, the choice between a home safe and a bank safe deposit box comes down to your needs and preferences. A home safe is a better choice if you need frequent access to your valuables. A bank safe deposit box is best for irreplaceable items that need to be kept safe with the highest level of security.

CONTACT CALDER SECURITY

We, at Calder Security, are members of the Master Locksmith Association (MLA) and are familiar with a wide range of safes, cash boxes, and strong boxes. Our SSAIB-approved contractors can help you assess your security needs and recommend a suitable safe perfect for your requirements.

We offer professional safe installation services to not only prevent theft and fire damage but also ensure that the safe is secured in place properly, cannot be removed, and is not in danger of falling or damaging anything.

We also offer safe opening services since misplacing the keys, forgetting the code, or failure of the safe itself can all lead to the contents of the safe being inaccessible. By design, of course, safes are very difficult to access in these circumstances and you need a professional safe engineer to do it for you. Our Calder specialists can open most safes and restore them to full working order afterward.

When you need to relocate or remove your safe entirely, you can count on us to carry out the job with ease. In addition to that, our professional safe repair and maintenance services ensure that your safes are always in optimal health providing you with the best security.

Contact us here or call us at 0800 612 9799 to talk to our security professionals for more information on home safes and bank safe deposit boxes, and which is better for your needs.

Photo by Etienne Martin on Unsplash