Storing Your Silver in a Safe Deposit Box
Posted on April 13th, 2017

​If you are not buying a lot of silver bullion or if you’re just not comfortable keeping coins and bars in your home, you can store it in a safe-deposit box. Renting one from a bank is a cost-effective way to keep your bullion safe. However, you will only be able to get access to it during normal banking hours depending on the bank’s policy. For some people the benefits of using a safety-deposit box outweigh that drawback. The contents of safe deposit boxes are not covered under FDIC insurance, so if you want your silver insured you will need to purchase your own insurance.

Find a Bank You Trust
The first step in renting a safe-deposit box  is to choose a bank that you trust. You may want to choose a bank that is separate from where you already do your normal banking. However, your bank may offer you a discounted rate on a safe-deposit box if you are already a customer.
​Ask Questions
After you find a bank that you want to rent from, talk to someone there about the bank’s policies and security. Make sure that you ask what hours customers are given access to the safe-deposit boxes. You should also ask what their policy about adding someone to the signature card is. Tour the facility if possible to see for yourself how secure the vault area is. Generally safe-deposit boxes are very safe because they are guarded by the same security personnel and high-tech gadgets that guard the rest of the money in the bank.

Choose the Box Size You Need for Your Silver
If you are not going to be storing a lot of silver bars and coins, you probably don’t need a large box. In most banks, the largest box offered is big enough to fit quite a few silver coins and bars. If you are planning on investing more of your money in silver, then you might want to get the largest box available to store it. That way, when you buy more, you won’t need to change boxes.

Setting Up Joint Access
If you want to be sure that your spouse or another family member has access to the box if you are not around or if something happens to you, you will need to add them to the account when you set it up. It is a smart idea to have someone you trust on the account with you in case you are ill or cannot make it to the bank to get the silver bullion for any reason. Just make sure that the person you add is someone you trust because that person will be able to access the silver bullion at any time just like you.

Posted in not categorized    Tagged with silver, silver coins, silver bars, silver bullion, bullion, coins, invest, investor, investment, investing, silver investing, safe deposit box, storage, money, wealth