Which bank has the cheapest safe deposit box?

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If you want the cheapest safe deposit box, you’ll usually find the lowest prices at smaller credit unions and regional banks, not the largest national banks. Based on current public pricing, Erie Federal Credit Union and First FarmBank both list a 3″ x 5″ safe deposit box for $15 per year, which is one of the lowest clearly posted annual prices available right now.

This doesn’t automatically make those boxes the best fit for you. The actual cost may also depend on the size of the box, branch availability and whether you need to open an account first.

Which bank has the cheapest safe deposit box?

The lowest publicly posted prices I found were:

Institution	smallest listed box	annual value
Erie Federal Credit Union	3″ x 5″	$15
first farmbank	3″ x 5″	$15
Zion Bank	3″ x 5″	$20
People First Federal Credit Union	3″ x 5″	$25
truist	Free little box with some premium relationship accounts

Erie Federal Credit Union and First FarmBank currently post the cheapest clearly listed public rates of $15 per year for a small box. Zions Bank lists a 3″ x 5″ box at $20, and People First Federal Credit Union lists a 3″ x 5″ box at $25 annually. Truist only advertises free safe deposit box perks with certain higher tier relationship accounts, so this offer is separate from the standard standalone rental price.

tip: If your only goal is the lowest annual fees, start with local credit unions and community banks before checking out the national banks.

Are the cheapest safe deposit boxes usually at larger banks?

Usually, no. The lowest current prices appear at local institutions, not large national banks. The availability of safe deposit boxes at some major banks has become more limited over time.

If you’re looking for the cheapest safe deposit box, you’ll often have better luck:

• credit Union
• community bank
• Regional banks with branch-based vault services

How much does a safe deposit box usually cost?

A small safe deposit box often costs $15 to $40 per year, while larger boxes can quickly get into the $50 to $100+ range.

The current public fee pages for Erie Federal Credit Union, First FarmBank, Zions Bank and People First Federal Credit Union all reflect that pricing pattern.

Here are some current examples:

• Erie Federal Credit Union: for 3″ x 5″ $15for 3″ x 10″ $30for 10″ x 10″ $100.
• First Farmbank: for 3″ x 5″ $15for 3″ x 10″ $30for 10″ x 10″ $100.
• Zion Bank: for 3″ x 5″ $20several medium sized boxes around $35 to $55and big boxes all around $85 to $100+.
• People First Federal Credit Union: for 3″ x 5″ $25for 5″ x 5″ $35for 10″ x 10″ $100.

Do you need a bank account to rent a safe deposit box?

Sometimes.

Some institutions require a checking or savings account, and credit unions may require membership before you can rent a box. First FarmBank clearly states that renting one of its boxes requires a checking or savings account.

This means that the box that looks cheapest on paper may not be the cheapest option for you if opening a new account involves additional hassles or fees.

What size safe deposit box do most people need?

For many people, a small 3″ x 5″ box is enough:

• Passport
• birth certificate
• jewelry
• wanted
• backup storage device
• some small valuables

This is why the cheapest listings almost always start at the same size. If you need more space for bulky documents, collections or family mementos, the annual price usually adds up quickly.

Are safe deposit box contents insured?

Usually, no. This is one of the most important things to understand before renting.

Erie Federal Credit Union says NCUA does not insure safe deposit box contents, and First FarmBank says safe deposit box contents are not insured by the FDIC.

This means that deposit insurance on your checking or savings account usually doesn’t protect what you store inside the box. If you plan to keep particularly valuable items there, it may be worth considering separate insurance coverage.

Key Insights: A safe deposit box can give you safe storage, but it usually won’t give you built-in insurance for the contents.

Is a safe deposit box worth it?

If you need a relatively low-cost place to store important documents or small valuables that you don’t need every day, a safe deposit box can be useful. If you can rent a box for $15 to $25 per year, the cost may be minimal compared to the value of what you are protecting.

It may be less useful if you:

• Requires access outside branch hours
• want built-in insurance
• Heavy items need to be stored
• Expect to see the box again and again

final take to go

If you’re asking which bank has the cheapest safe deposit box, the lowest clearly posted public prices I found are $15 per year for a small 3″ x 5″ box at Erie Federal Credit Union and First FarmBank. After that, pricing for similar small boxes at other banks and credit unions typically goes into the $20 to $25 range.

Before you hire someone, check three things first: the size of the box, whether you need an account or subscription and whether the contents are insured. Those details matter as much as the advertised annual fee.

Information is accurate as of April 15, 2026.

Editorial note: This content is not provided by any of the entities involved in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are solely those of the author and have not been reviewed, approved or otherwise endorsed by any entity named in this article.