Safe Deposit Boxes From Swiss Banks Compared

Many Swiss banks offer safe deposit boxes that you can rent for the safekeeping of valuables. This guide answers the most important questions about safe deposit boxes from Swiss banks.

What is a bank safe deposit box?

Bank safe deposit boxes are a secure storage service offered by many banks. The safe deposit box itself is one of many personal safes which, along with many other safe deposit boxes, is located inside a vault. You can rent a bank safe deposit box to protect your valuables from loss and theft. Typically, vaults are also secured against fire and natural hazards.

Do I need a safe deposit box?

Bank safe deposit boxes are designed for people who want a secure place in which to keep their valuable or important items. Using a safe deposit box is an alternative if you do not feel safe keeping your valuables at home.

What can I store in a bank safe deposit box?

Safe deposit boxes from Swiss banks are commonly used to store the following items:

• Passports and other identity-related documents.
• Documents like family books, birth certificates, notary certificates, and important contracts.
• Jewelry (including watches).
• Family heirlooms.
• Precious metals like gold and silver.
• Collections (coin collections, for example).
• Items with high sentimental value, such as photographs and letters.
• Digital data storage devices such as hard drives and USB flash drives.
• Money (cash and cash equivalents).

Of course, there are also things that may not be placed in safe deposit boxes. Storing dangerous or illegal items like weapons, drugs, and chemical, biological, or radioactive materials is strictly forbidden. Some Swiss banks also forbid you from storing liquids and decomposable items. Some clearly forbid the storage of items obtained through illicit means.

Some banks go as far as to clearly specify which items may be stored in their safe deposit boxes.

Storing fine art in a bank safe deposit box is generally not recommended. Some banks forbit the storage of paintings in their safe deposit boxes. The primary reason is that storing art correctly requires careful regulation of atmospheric humidity – a service that is not generally included in bank vaults.  

Which Swiss banks offer safe deposit boxes?

Many Swiss banks offer safe deposit boxes. This service is very popular in Switzerland. Just the nine Swiss banks that provided moneyland.ch with information about the number of safes they service have a combined total of 350,000 safe deposit boxes between them. Interesting note: The Zürcher Kantonalbank additionally stated that around 60 percent of its safe deposit boxes are currently being rented.

The following table lists major Swiss banks, the largest cantonal banks, and some regional banks that offer safe deposit boxes to their customers. You can also ask local, regional banks near you about whether they offer safe deposit boxes.

Table 1: Safe deposit boxes from Swiss banks

¹ Raiffeisen Switzerland does not have information about which individual Raiffeisen banks offers safe deposit boxes, nor about the number of safe deposit boxes offered. It is up to each Raiffeisen bank to independently determine whether they want to offer their customers safe deposit boxes, and on which scale.

There are also Swiss banks that do not offer safe deposit boxes at all. Among the largest Swiss banks, only Postfinance does not offer this service. Neobanks like Neon and Yuh, and online stockbroker banks like Swissquote also do not offer bank safe deposit boxes.

Some banks offer safe deposit boxes at nearly all of their branch offices, while other Swiss banks only provide this service at certain locations. Offers may also differ between different branch offices from the same bank. For example, certain sizes of safe deposit boxes may only be offered at certain branches. The hours during which you can access your deposit box can also vary between branch offices.

Bank safe deposit boxes are housed in a bank’s vault. Particularly in smaller branch offices, it can occur that all available safe deposit boxes are already rented out. In that case, you can ask your bank whether there are vacant deposit boxes at a different branch.

How can I rent a bank safe deposit box?

Having a private account at the same bank is normally required in order to be able to rent a bank safe deposit box. Some banks will only rent safe deposit boxes to customers who use that bank as their main bank. For these reasons, most people begin their search with their main bank.

Because many banks require you to have a private account or current account with them in order to rent a safe deposit box, you should also account for the basic fees for the required private account when calculating the cost. At some banks, having a savings account may be sufficient for renting a safe deposit box. In that case, you should account for possible fees that may apply when your savings account is debited for the rental payments.

Normally, only adult customers can rent a safe deposit box. None of the banks included in the moneyland.ch questionnaire give you the option of renting a safe deposit box online. You have to visit the branch office in person. One of the reasons for this is that you typically receive the keys immediately when you sign the rental agreement. You are always required to provide adequate identification. It is not possible to open safe deposit boxes anonymously at Swiss banks.

Many Swiss banks do not rent out safe deposit boxes to customers who live outside of Switzerland. But there are exceptions: Migros Bank, for example, says that Swiss citizens living abroad can rent safe deposit boxes from Migros Bank.

What should I consider when choosing a bank safe deposit box?

Which criteria to consider, and the importance of each, partly depends on your personal situation. Some of the most important points to consider when looking into safe deposit boxes from Swiss banks are:

• Location: Where is the safe deposit box? It generally makes sense to avoid having to travel long distances just to access your safe deposit box. Ideally, your bank safe deposit box should be near your home, your workplace, or along your commute route.
• Access hours: Many bank safe deposit boxes can only be accessed during business hours. Some branch offices give you 24/7 access to your safe deposit box.
• Sizes: The amount of storage space you need depends on which items you plan to store in your deposit box. Make sure that the safe you rent has enough space for your secure storage needs.
• Costs: You should count on paying between 50 and 150 francs per year for a small safe deposit box, depending on the bank and location. Mid-sized deposit boxes are somewhat more expensive, while the largest deposit boxes can cost more than 1000 francs per year.
• Security standards and systems: Bank safe deposit boxes from Swiss banks are generally considered to be secure. But there are differences between service providers. Take time to inform yourself about the security measures like surveillance cameras, alarm systems, and security checks required when accessing the vault.
• Terms and conditions: Typically, Swiss banks charge fees for safe deposit boxes by the calendar year. You pay the fee for the whole year in advance. At many banks, if you rent a safe deposit box during a calendar year, then the fee for that year is lowered to reflect the actual rental period. There are also banks that charge fees each anniversary year from the time that your rental agreement begins, rather than each calendar year. Banks that use anniversary years include UBS, the Berner Kantonalbank, and the Hypothekarbank Lenzburg. The Zürcher Kantonalbank charges deposit box fees on a quarterly basis. You should also take a look at notice periods for terminating your rental agreement. You generally cannot claim reimbursement of fees once they are paid.

How much do bank safe deposit boxes cost?

The rents charged for safe deposit boxes vary hugely between banks. The location and the size of the safe both play a big role in determining the cost, but a bank’s business strategy can also play a role.

Table 2 provides a rough overview of costs. Be aware though, that some banks charge different fees depending on which branch office you use. Both the available sizes and the fees charged can vary between branches. When that is the case, the branch office for which the shown information applies is indicated in the table.

Table 2: Fees for a small safe deposit box at Swiss banks

* Recommendation to individual Raiffeisen banks from Raiffeisen Switzerland. Terms and conditions can vary between individual Raiffeisen banks.

The rents for the smallest safe deposit boxes from Swiss banks normally range between 50 and 150 francs per year, depending on the bank and branch office. For that price, you typically get a safe with between three and 10 liters of space. If you want to use your safe to hold documents, make sure that it has the right dimensions for holding A4 sheets. That is not always the case.

Table 3: Fees for a large safe deposit box at Swiss banks

The sizes of the biggest available safe deposit boxes vary sharply between banks. A safe with a volume of several hundred liters can cost more than 1000 francs per year, depending on the bank.

Can I access my bank safe deposit box at any time?

Most bank safe deposit boxes can only be accessed during the branch office’s business hours. Typically, business hours are between 9:00 AM and 4:00 PM. Some branch offices may not provide access to deposit boxes right throughout their business hours. For example, the Basler Kantonalbank’s main office does not provide access to safe deposit boxes over lunchtime, even though the branch office itself remains open during that time.   

There are also branch offices of Swiss banks that provide 24/7 access to safe deposit boxes. Examples include the Goldach and Herisau branches of the St. Galler Kantonalbank, the Thurgauer Kantonalbank’s Ermatingen and Bischofszell branches, and the Luzerner Kantonalbank’s main office in Lucerne, as well as its branches in Sursee, Emmenbrücke, and Willisau. Some Raiffeisen banks also offer round-the-clock access at some locations. The cantonal banks of Zurich and Aargau offer extended access at some branch offices, but only between 5:30 AM and 11:30 PM, and between 5:30 AM and 12:30 PM respectively.

Does Swiss bank customer secrecy apply to bank safe deposit boxes?

Yes, safe deposit box rentals from Swiss banks are subject to bank customer secrecy.

As a general rule, bank employees cannot pass on information about your customer relationship to governments and other third parties.

But there are exceptions: A court of law can instruct banks to pass on information about safe deposit boxes to authorities. That could happen if the customer is being investigated as part of a criminal case, such as suspicion of tax fraud. Swiss banks can also be required to pass on information to debt collection offices and bankruptcy offices when a customer is subject to enforcement measures for debt collection and bankruptcy cases. A court of law can also instruct a bank to testify as a witness. Depending on the situation, a bank may be required to break open a safe deposit box.

Do banks know what is in safe deposit boxes?

Only you as the renter know the exact contents of your safe deposit box.

But although the bank does not know what is in your deposit box, it has the right to request information about your safe’s contents if suspicions or irregularities arise. Banks reserve the right to break open the safe in exceptional cases.

How secure are Swiss bank safe deposit boxes?

Swiss bank safe deposit boxes are considered secure. Instances of criminals breaking into bank vaults and stealing the contents of safe deposit boxes are very rare. The risk of burglary is low, compared to storing your valuables in a safe at home.

But there are other hazards, like fire, natural hazards, and flooding, that can also damage or destroy your valuables. Swiss banks generally do not accept liability for these damages. The terms and conditions of Swiss banks state that the bank only accepts liability in the event of gross negligence on its part. Damages caused by mildew and humidity are not covered by Swiss banks.

Are bank safe deposit boxes insured?

No. Unlike the deposit boxes offered by many other secure storage providers, bank safe deposit boxes from Swiss banks generally are not insured.

For that reason, it can be beneficial to get your own insurance from a Swiss insurance provider. Many items of personal property can be insured using household insurance. Ask your household insurance company for help with finding the best insurance solution for the contents of your safe deposit box. In many cases, the coverage you get from household insurance is not adequate on its own. Valuables insurance can also be an option for insuring certain kinds of items.

It is important to be prepared for possible incidents. Should you ever have to claim on your insurance, you will need to be able to provide proof of the contents of your safe deposit box. That is not always easy in practice. Create an inventory on which you document each item that you place in your deposit box. Take photographs of items and keep invoices for purchases (of jewelry, for example) and receipts for withdrawals (of cash, for example). In the case of money, you should record the exact amounts, denominations, and the time when you place the money in your safe.    

Swiss banks stress that the due diligence measures for safe deposit box vaults are identical to those used for the facilities in which they store their own valuables. Banks commonly include clauses in their terms and conditions by which they accept full liability for all losses that result from their failing to perform that due diligence.

What would happen if I lost the key?

When you rent a safe deposit box from a Swiss bank, you receive two keys to the safe. If you lose a key, the bank will have to replace the entire lock. The costs of replacing the lock are billed to you as the liable party. Some personal liability insurance offers cover your liability for losing bank safe deposit box keys.

Some banks give you the option of depositing the keys at the bank in exchange for a fee.

Can I give other people access to my bank safe deposit box?

Many banks give you the option of giving another person a power of attorney that lets them access your deposit box. This is done by completing and signing a form provided by the bank. After that, the specified person will be able to visit and open the safe.

What are the advantages of a bank safe deposit box?

Security is the main advantage of bank safe deposit boxes. Your valuables are generally much better protected in a bank vault than they would be at home – both against burglary, robbery, and simple theft, and against fire and water damage.

Another advantage of using a safe deposit box is that you can store your valuables discreetly.

It is also worth mentioning that if the bank were to go bankrupt, you as the renter would retain full ownership of items stored in your rented deposit box.

What are the disadvantages of using a safe deposit box?

In many cases, access to safe deposit boxes is limited. You can only collect or deposit your things during the defined access hours for your safe deposit box – unless you use a branch office that offers 24/7 access.

If your safe deposit box is not optimally located, you may end up having to take detours or extra trips just to collect and deposit items.

There is also the risk of losing a key and having to pay a lot of money for the replacement of the lock.

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