Bank of America safe deposit box costs range from $120 to $375 per year, depending on box size and your account type

Bank of America offers safe deposit boxes in three sizes, and the price you pay depends on which one you rent. A small box costs $120 annually. A medium box runs $180 per year. A large box is $375 per year. These are the standard rates as of 2024, though some branches may charge slightly differently, and rates can change. If you have certain account types with Bank of America — particularly premium checking or wealth management accounts — you may get a discount or have the rental fee waived entirely.

The cost covers one year of rental. You pay it upfront when you open the box, and again each year on the anniversary of your rental date. If you close the box before the year ends, Bank of America does not refund the unused portion of the fee.

Key Takeaways

  • Small boxes cost $120 per year, medium boxes $180, and large boxes $375 at Bank of America.
  • Premium account holders may have the rental fee waived or discounted depending on their account tier.
  • You pay the full annual fee upfront, and it does not refund if you close the box early.
  • You will need a Bank of America account and a government-issued ID to rent a box.
  • Access hours are limited to your branch's business hours, and you cannot access the box after hours or on weekends.

What you get with each box size

The three sizes are designed for different storage needs. A small box is roughly 2 by 5 by 24 inches — enough for documents, a few pieces of jewelry, or small valuables. A medium box is about 2 by 10 by 24 inches and holds more: multiple document folders, more jewelry, or small collections. A large box is 5 by 10 by 24 inches and can store larger items like stock certificates, deeds, or a full document archive.

Bank of America does not publish exact dimensions on their website, so if you need to know whether a specific item will fit, visit your branch and ask to see the boxes in person. Staff can show you the actual sizes and help you choose. This takes 10 minutes and costs nothing.

How your account type affects the price

Bank of America waives or reduces safe deposit box fees for customers with certain accounts. If you have a Preferred Rewards account at the Gold tier or higher, the rental fee is typically waived. Preferred Rewards is Bank of America's tiered rewards program based on how much money you keep with them across all accounts — checking, savings, investments, and credit cards.

The tiers are Bronze (at least $20,000), Silver (at least $50,000), Gold (at least $100,000), and Platinum ($1 million or more). Gold and Platinum members get the box rental waived. Silver members may get a discount. Bronze members do not. If you are unsure which tier you are in, log into your Bank of America account online or call your branch — they can tell you in one call.

Wealth Management clients and Private Bank clients also typically have safe deposit box fees waived as part of their service package, but these are premium accounts with higher minimums and different fee structures overall.

What happens when you rent a box

To rent a safe deposit box at Bank of America, you must have an active checking or savings account with the bank. You cannot rent a box with just a credit card or investment account. You also need a government-issued ID — a driver's license, passport, or state ID card.

Visit the branch where you want to rent the box. Bring your ID and your account information. A staff member will show you the available boxes in your chosen size, let you inspect them, and walk you through the rental agreement. The agreement is straightforward: it covers the annual fee, access hours, what you can and cannot store, and liability limits. You sign it, pay the fee, and receive two keys — one for you and one as a backup.

You can access your box during your branch's business hours. Most Bank of America branches are open Monday through Friday 9 a.m. to 5 p.m., and Saturday 9 a.m. to 1 p.m., though hours vary by location. You cannot access the box after hours, on Sundays, or on bank holidays. If you need access outside normal hours, you cannot get it.

What you should and should not store

Safe deposit boxes are designed for documents and valuables that you do not need frequent access to. Common items include wills, deeds, birth certificates, marriage licenses, stock certificates, bonds, jewelry, and family heirlooms. You can also store photos, negatives, or other irreplaceable personal items.

Do not store cash in a safe deposit box. Bank of America's rental agreement typically excludes cash from coverage, meaning if the box is damaged or broken into, the bank will not reimburse you for money inside. Also avoid storing items that are illegal to possess, items that could damage the box (like wet documents or corrosive materials), or anything that requires climate control like certain photographs or documents that are extremely fragile.

If you die, your safe deposit box becomes part of your estate. Your family will need a court order or your will to access it. This process can take weeks or months, so do not store anything your family needs when ready — like funeral instructions or insurance policy numbers — in the box alone.

Comparing Bank of America to other banks

Safe deposit box fees vary widely across banks. Some regional banks charge $50 to $100 per year for a small box. Others charge $200 or more. Credit unions sometimes offer lower rates or waive fees for members. Online banks typically do not offer safe deposit boxes at all.

Bank of America's pricing is in the middle to upper range. If cost is your main concern, you might compare rates at your local credit union or a regional bank in your area. If you already have a Bank of America account and use their other services, the convenience of having everything in one place may outweigh a slightly higher fee. If you have a Preferred Rewards Gold account or higher, the waived fee makes Bank of America competitive or cheaper than most alternatives.

What to do if you lose a key or need to close the box

If you lose one of your two keys, contact your branch and ask for a replacement. Bank of America will cut a new key for you, usually within a few business days. There is typically a fee for this service — usually $25 to $50 — though some branches may waive it for long-term customers. Call ahead to confirm the fee before you go in.

If you want to close the box, visit your branch with your key and ID. Staff will open the box with you present, let you remove your contents, and close the account. You will not receive a refund for the unused portion of the annual fee. If you close the box partway through the year, you have paid for the full year and will not get that money back.

Frequently Asked Questions

Can someone else access my safe deposit box if I give them a key?

No. Bank of America requires that anyone accessing the box be listed on the rental agreement and present their ID each time. You cannot straightforward hand your spare key to a family member and have them access it alone. If you want someone else to have access, you must add them to the box at the branch, and they must sign the agreement.

What happens to my safe deposit box if I close my Bank of America account?

You must close the safe deposit box before or at the same time you close your checking or savings account. If you do not, Bank of America will contact you to collect the annual fee or close the box for you. You will have a grace period — usually 30 days — to remove your contents before the bank opens the box and inventories what is inside.

Does Bank of America insure what is inside my safe deposit box?

No. Bank of America does not insure the contents of safe deposit boxes. Your homeowners or renters insurance may cover items stored in a safe deposit box, but you should check your policy or call your insurance agent to confirm. The bank's liability is limited to the physical box itself, not what you store inside.

Can I rent a safe deposit box online or by phone?

No. You must visit a Bank of America branch in person to rent a safe deposit box. You need to see the boxes, choose your size, sign the agreement, and pay the fee face-to-face. You cannot complete this process remotely.

Are there any hidden fees beyond the annual rental cost?

The annual rental fee is the main cost. If you lose a key and need a replacement, that typically costs $25 to $50. If you want to drill open the box because you lost both keys, that costs more — usually $100 to $200. Beyond those scenarios, there are no other regular fees.