Which Bank Has the Cheapest Safety 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 biggest 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 among the lowest clearly posted annual prices available right now.

That doesn’t automatically make those boxes the best fit for you. The real cost can also depend on box size, 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 are:

Institution	Smallest Listed Box	Annual Price
Erie Federal Credit Union	3″ x 5″	$15
First FarmBank	3″ x 5″	$15
Zions Bank	3″ x 5″	$20
People First Federal Credit Union	3″ x 5″	$25
Truist	Free small box with certain premium relationship accounts

Erie Federal Credit Union and First FarmBank currently post the cheapest clearly listed public rates at $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 advertises free safe deposit box perks only with certain higher-tier relationship accounts, so that offer is different from a standard standalone rental price.

Tip: If your only goal is the lowest yearly fee, start with local credit unions and community banks before you check national banks.

Are the Cheapest Safe Deposit Boxes Usually at Big Banks?

Usually, no. The lowest current prices tend to show up at local institutions, not large national banks. Safe deposit box availability 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 with:

• credit unions
• community banks
• regional banks with branch-based vault services

How Much Does a Safe Deposit Box Usually Cost?

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

Current public fee pages from Erie Federal Credit Union, First FarmBank, Zions Bank and People First Federal Credit Union all show that pricing pattern.

Here are a few current examples:

• Erie Federal Credit Union: 3″ x 5″ for $15, 3″ x 10″ for $30, 10″ x 10″ for $100.
• First FarmBank: 3″ x 5″ for $15, 3″ x 10″ for $30, 10″ x 10″ for $100.
• Zions Bank: 3″ x 5″ for $20, many mid-size boxes around $35 to $55, and larger boxes around $85 to $100+.
• People First Federal Credit Union: 3″ x 5″ for $25, 5″ x 5″ for $35, 10″ x 10″ for $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 explicitly says a checking or savings account is required to rent one of its boxes.

That means a box that looks cheapest on paper may not be the cheapest option for you if opening a new account adds extra hassle or fees.

What Size Safe Deposit Box Do Most People Need?

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

• passports
• birth certificates
• jewelry
• wills
• backup storage devices
• a few small valuables

That’s also why the cheapest listings almost always start with that size. If you need more space for bulky documents, collections or family keepsakes, the annual price usually climbs fast.

Are Safe Deposit Box Contents Insured?

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

Erie Federal Credit Union says NCUA doesn’t insure safe deposit box contents, and First FarmBank says safe deposit box contents aren’t insured by the FDIC.

That means deposit insurance on your checking or savings account usually doesn’t protect what you store inside the box. If you plan to keep especially valuable items there, it may make sense to look into separate insurance coverage.

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

Is a Safe Deposit Box Worth It?

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

It may be less useful if you:

• need access outside branch hours
• want insurance built in
• need to store bulky items
• expect to visit the box often

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 commonly moves into the $20 to $25 range for similar small boxes at other banks and credit unions.

Before you rent one, check three things first: the box size, whether you need an account or membership and whether the contents are insured. Those details matter just as much as the advertised annual fee.

Information is accurate as of April 15, 2026.

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

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