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Thread: Bank safe deposit box not insured.

  1. #1
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    Bank safe deposit box not insured.

    Iím thinking about keeping my watches in a bank safe deposit box.

    The cost would be around £20 a month. However, they said they do not insure the contents which sort of threw me.

    Anyone else keep there watches in a safe deposit box and does it seem better idea than storing at home?


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  2. #2
    Not insured because they will have no idea what's in them?

  3. #3
    Grand Master wileeeeeey's Avatar
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    I think I keep mine in the same place. Not insured but safer than in the house.

    You can get insured boxes. My friend has one but has to go to Kensington each time and the hours aren't great. They seemed happy with C24 prices for insuring.

  4. #4
    Master
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    It's in a bank though, what's the chances of your box getting robbed?

  5. #5
    When I worked in a bank we had locked boxes provided by the customers rather than safe deposit boxes. They were balanced on top of each other and were forever falling off the shelves.

    Heaven help anyone who had anything delicate in there.

  6. #6
    Grand Master Wallasey Runner's Avatar
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    I can see the logic in it, but why have watches that are kept at a bank. The joy to me is looking at them and being able to rotate whenever I want without needing to book an appointment. Iíve bought off people on here whoís entire collection is locked away in a vault somewhere.

    Each to their own, but I wouldnít want to own a watch that necessitated it being stored elsewhere.

    Werenít most of the boxes in that big London vault robbery uninsured?

  7. #7
    Grand Master wileeeeeey's Avatar
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    It is a headache Ken. For two weeks now I've been trying to find time to pop in and swap the DSSD for a Sub. It'll be three weeks by the time I get there. My arm is beginning to ache.

    I just don't want more than one watch in the house at a time. I see it as too much risk. Should the worst happen I'll only lose one and still have a collection.

  8. #8
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    buying a safe for your home (assuming you have the space) wouldn't be too much more than the p/m cost for the vault, clearly dependent on the grade of safe and level of coverage.

    plus you have to get insurance anyway, whether independent or through your home insurance, having the safe should hopefully help

  9. #9
    You can insure watches which are in a safety deposit box.
    In my experience, even cheaper than in a rated safe at home.

  10. #10
    Master Sinnlover's Avatar
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    Re safes: I have said before on here that a decent firearm safe is a good quality cheaper alternative to a standard safe. They are also a bit slimmer than standard safes (but obviously taller)
    They are iso and insurance rated, large enough to keep other objects in and the ammo locker is a safe within a safe. Perfect for smaller objects like watches.

    I too worked in a bank (in Kensington) when at uni and the safe deposit boxes were as already described.
    Just piled up on top of one another on shelves in the main vault. I am happier that my valuables are in my home and safely (as far as they can be) tucked away.

  11. #11
    Quote Originally Posted by Wallasey Runner View Post

    Each to their own, but I wouldnít want to own a watch that necessitated it being stored elsewhere.
    Totally agree.

  12. #12
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    I have stored my watches in a safe deposit vault for years and wouldnít have it any other way.

    Firstly, I will never insure my watches because the premiums are ridiculous vs the insured value.

    Secondly, I donít want valuables in the house that anybody might cause damage to gain access to. A safe is useless when you have a knife to your throat.

    Finally, my vault is located within walking distance of several great restaurants. I love going to the vault to swap watches and follow up with a long lunch.

  13. #13
    Master Marios's Avatar
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    Also use a bank safe deposit box for keeping watches. Visit and change the rotation every couple of months.

  14. #14
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    Really interesting comments, exactly what I was hoping to get insights on. I store my watches in a home safe at present but itís not bolted down as I live in a flat. And it would be easy to carry off. Iíve heard unsavoury looking characters have been waltzing into the block of flats because idiots keep the main door on the latch at times, and Iím getting a little bit uneasy about having them at home.


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  15. #15
    I wonder if this will even be an option for anyone outside of big cities before long. My town had all the major high street banks present a couple of years ago. Now we’re left with one building society and the last bank seemed to think it was ok to direct their customers to the next nearest branch 60 miles away.

  16. #16

    Bank safe deposit box not insured.

    Iíve a safety deposit box in a specialist vault in Manchester. They have an insurance product you can take out.

    I simply emailed my old fashioned broker and asked them for cover of the contents whilst in the safety deposit box only. Cheap as chips

    If anyone wants an intro I think both of us will get 2 months free.
    Sent from my iPhone using TZ-UK mobile app

  17. #17
    Craftsman AKM's Avatar
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    Quote Originally Posted by demonloop View Post
    It's in a bank though, what's the chances of your box getting robbed?
    Whilst it's unlikely that there'd be a raid, from time to time, some boxes become 'lost' and cannot be found.

    Retail banking is nothing like the movies, it's often physical keys, CCTV that doesn't cover all areas, few staff and a lot of trust.
    Last edited by AKM; 13th September 2021 at 21:00.

  18. #18
    Most high Street banks stopped offering safe custody services years back.

    And as I said when I was there you could forget Hollywood and instead imagine 50 cash boxes piled up in a heap in a concrete vault.

  19. #19
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    Have just been through the same thing, going as far as reserving a box and opening an account with the only bank in town that still has deposit boxes. It was only when I rang my insurance company, expecting a reduction in premiums due to the new safety measures, that a spanner was thrown when my insurance company said they would not insure my watches if they were kept permanently in a bank vault (they would insure them for temporary storage) When I asked why, I was told it was because they had no control over the bank, but could specify the security measures in my home, i.e - rated safe, BS locks etc.
    Seemed a bit strange to me, but Iíd rather have them insured at home than not in a bank.

  20. #20
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    Many people have their items of much greater value pawned for a nominal sum like £100. Monthly interest of perhaps £8 or so may be much cheaper than the cost of a safety deposit box, but if the items are stored in properly-rated bankersí safes their home insurance typically applies with the full value insured.
    Please check with your insurer before copying.

  21. #21
    Master M1011's Avatar
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    Quote Originally Posted by Danstone View Post
    I wonder if this will even be an option for anyone outside of big cities before long. My town had all the major high street banks present a couple of years ago. Now weíre left with one building society and the last bank seemed to think it was ok to direct their customers to the next nearest branch 60 miles away.
    If customers stop using the branches, what else can they do? A bank is a business not a public service at the end of the day, if the branch isn't getting used enough to justify it remaining open then the community has spoken. Same as any other store really.

  22. #22
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    I have watches in a bank safe. I specifically asked my home insurance company if they would insure this scenario and they said yes. It was an add on but I have some comfort that they are insured. Up to certain value etc. of course.

  23. #23
    Grand Master Mr Curta's Avatar
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    Doesn't anybody have sock drawers these days?
    Inform - Educate - Entertain

  24. #24
    Quote Originally Posted by Wallasey Runner View Post
    I can see the logic in it, but why have watches that are kept at a bank. The joy to me is looking at them and being able to rotate whenever I want without needing to book an appointment. Iíve bought off people on here whoís entire collection is locked away in a vault somewhere.

    Each to their own, but I wouldnít want to own a watch that necessitated it being stored elsewhere.

    Werenít most of the boxes in that big London vault robbery uninsured?
    Spot on, a watch to me is something to be worn and enjoyed, heck that's the whole point of buying it surely?. I do appreciate though to some they are an item of wealth/status and needs to be locked away rather than worn as they are meant to be, it would not pay for us all to be the same I guess.

  25. #25
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    Quote Originally Posted by Sinnlover View Post
    Re safes: I have said before on here that a decent firearm safe is a good quality cheaper alternative to a standard safe. They are also a bit slimmer than standard safes (but obviously taller)
    They are iso and insurance rated, large enough to keep other objects in and the ammo locker is a safe within a safe. Perfect for smaller objects like watches.

    I too worked in a bank (in Kensington) when at uni and the safe deposit boxes were as already described.
    Just piled up on top of one another on shelves in the main vault. I am happier that my valuables are in my home and safely (as far as they can be) tucked away.
    I would second the Firearms safe, you can get a decent pistol version with an internal lockable ammo section, all hinges are hidden within the safe casing so you would just need to secure it to a decent solid wall.

    I still have mine in the loft albeit not secured to a wall but have been thinking about re-using it again recently and screwing it to the apex brickwork on the house looks like it will work.....definitely worth thinking about.

  26. #26
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    Quote Originally Posted by stevecross View Post
    Spot on, a watch to me is something to be worn and enjoyed, heck that's the whole point of buying it surely?. I do appreciate though to some they are an item of wealth/status and needs to be locked away rather than worn as they are meant to be, it would not pay for us all to be the same I guess.

    What an idiotic statement. This discussion is nothing to with ones reason to buy watches and your snide comment just serves to derail what was previously a good thread.

    The simple fact is that once your collection is worth more than £100k and/or has individual watches worth more than £30k, insurance at home is all but impossible in the UK. My premium would be £6k to £10k per year depending on cover. Why would I pay that? I suppose you would just sling them in the sock drawer (which would invalidate all of your house contents insurance btw).

    We are not talking about locking watches away, not to be worn. We are talking about the safest convenient location to keep them safe when in rotation. Or are you suggesting we should wear them all at once?

  27. #27
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    Quote Originally Posted by ichaice View Post
    When you take a watch out of the vault into the world are you saying you have no cover at all? You just accept the risk?
    A decent home policy will cover it if it's on your wrist.


    I have to back up the comments about bank "safe deposit" facilities. Make very sure it's a proper facility before forking out cash for it. When I worked for Barclays the boxes were stacked on a shelf and the vault is open access to all staff of cashier level and above during the working day. They lock their own cash away in cages/safes within the vault room but any dishonest employee would have plenty of time to open a box or remove one entirely with some planning. It might be safer than at home, but the risk is definitely higher than "I'm ok unless the bank gets robbed".

  28. #28
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    Quote Originally Posted by M1011 View Post
    If customers stop using the branches, what else can they do? A bank is a business not a public service at the end of the day, if the branch isn't getting used enough to justify it remaining open then the community has spoken. Same as any other store really.
    I think in many cases its cost cutting rather than branches not being used. That way directors can give themselves bigger bonuses...

  29. #29
    Blimey, at least at HSBC our boxes were locked in the vault under duel control (two keyholders) when the safe door was open.

    I did see more than one box fall and spill its contents though. God knows if it all went back, we were fishing stuff out from under a set of shelves with a ruler.

  30. #30
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    Quote Originally Posted by Satori View Post
    What an idiotic statement. This discussion is nothing to with ones reason to buy watches and your snide comment just serves to derail what was previously a good thread.

    The simple fact is that once your collection is worth more than £100k and/or has individual watches worth more than £30k, insurance at home is all but impossible in the UK. My premium would be £6k to £10k per year depending on cover. Why would I pay that? I suppose you would just sling them in the sock drawer (which would invalidate all of your house contents insurance btw).

    We are not talking about locking watches away, not to be worn. We are talking about the safest convenient location to keep them safe when in rotation. Or are you suggesting we should wear them all at once?
    Couldn't you just put them in your panic room?

  31. #31
    If Rolex, lend to your AD to store in their window?

    (Would also impress other customers if you could waltz in, try it on and walk out with it on your wrist.)

  32. #32
    Master sweets's Avatar
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    I use a firearms safe at home, bolted to a solid floor and wall inside a cupboard.
    Sure, it has no valuables no insurance rating on it, but I am not looking to defeat a determined person who has the time and equipment to get into it, I am looking to stop the casual thief from finding and removing my collection
    I bought a 4 or 5 gun one, and have built a set of shelves on the right hand side to take my watches, as well as the more valuable and rarely used parts of my wife's jewellery and so forth.
    There is even room for my air rifle.
    D

  33. #33
    Grand Master markrlondon's Avatar
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    Quote Originally Posted by Kingstepper View Post
    If Rolex, lend to your AD to store in their window?

    (Would also impress other customers if you could waltz in, try it on and walk out with it on your wrist.)
    LOL

  34. #34
    Quote Originally Posted by Satori View Post
    What an idiotic statement. This discussion is nothing to with ones reason to buy watches and your snide comment just serves to derail what was previously a good thread.

    The simple fact is that once your collection is worth more than £100k and/or has individual watches worth more than £30k, insurance at home is all but impossible in the UK. My premium would be £6k to £10k per year depending on cover. Why would I pay that? I suppose you would just sling them in the sock drawer (which would invalidate all of your house contents insurance btw).

    We are not talking about locking watches away, not to be worn. We are talking about the safest convenient location to keep them safe when in rotation. Or are you suggesting we should wear them all at once?
    Did I ask your opinion?

  35. #35
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    Im looking for somewhere to store my watches in Sheffield. Like many of the above posters im a bit uneasy with having half a dozen expensive watches lying around the house. Any recommendations?

  36. #36
    Grand Master Neil.C's Avatar
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    Quote Originally Posted by Aimforthebushes View Post
    Im looking for somewhere to store my watches in Sheffield. Like many of the above posters im a bit uneasy with having half a dozen expensive watches lying around the house. Any recommendations?
    No recommendations as I live in the South but a quick google brings up...

    https://sheffieldvaults.co.uk/

    which is supposed to be opening later on in the year?
    Cheers,
    Neil.

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  37. #37
    Good subject.
    Iíve been toying with the idea of opening one in my local area.
    Lots of banks closing down and leases around £50k per annum.
    1000 boxes at say £300 per annum, £300k a year income, minus the rent leaves £250k minus staff wages and fit outÖcanít imagine itís cheap but once done surely running costs are minimal.
    One local bank offered a safety deposit service and sold out within days.
    Iím based in Bromley, which is South London. Pretty affluent. Nearest safety deposit box would be London.

  38. #38
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    Quote Originally Posted by Yeti View Post
    Good subject.
    Iíve been toying with the idea of opening one in my local area.
    Lots of banks closing down and leases around £50k per annum.
    1000 boxes at say £300 per annum, £300k a year income, minus the rent leaves £250k minus staff wages and fit outÖcanít imagine itís cheap but once done surely running costs are minimal.
    One local bank offered a safety deposit service and sold out within days.
    Iím based in Bromley, which is South London. Pretty affluent. Nearest safety deposit box would be London.
    Metro Bank have safety deposit boxes available in Bromley to reserve right now, according to the website. Your business plan needs some further market research

    Quote Originally Posted by redmonaco View Post
    I think in many cases its cost cutting rather than branches not being used. That way directors can give themselves bigger bonuses...
    In this instance, those are the same thing. Closing a branch is only cost cutting if the branch isn't profitable to begin with, otherwise it would be profit cutting. Evidently these branches used to be profitable, but as consumer behaviours have changed the communities are no longer using them as much. We can't really expect a business to operate branches at a loss, in my opinion anyway.

  39. #39
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    Quote Originally Posted by Neil.C View Post
    No recommendations as I live in the South but a quick google brings up...

    https://sheffieldvaults.co.uk/

    which is supposed to be opening later on in the year?
    Cheers, I think I saw this a while back. I was originally toying with the idea of a safe bolted to the wall but my uncle had his crowbarred off the wall whilst he was on holiday. Took loads of the brickwork with it. Although I think this must be a very rare occurrence

  40. #40
    Master Pitch3110's Avatar
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    Mine are all in deposit. There is insurance to a level which I then top up through them.

    Pitch

  41. #41
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    Quote Originally Posted by Kingstepper View Post
    If Rolex, lend to your AD to store in their window?

    (Would also impress other customers if you could waltz in, try it on and walk out with it on your wrist.)
    Im surprised that AD's don't offer a storage type service. Keeps clients coming back to the store to switch their watches out so would provide the dealers more facetime with their clients as well as being a source of recurring revenue

  42. #42
    Quote Originally Posted by Aimforthebushes View Post
    Im surprised that AD's don't offer a storage type service. Keeps clients coming back to the store to switch their watches out so would provide the dealers more facetime with their clients as well as being a source of recurring revenue
    Iím assuming you are being serious here, perhaps itís a joke?
    Why on earth would a company whose business model is to sell new watches, assist anyone in keeping their old watches, (some of which would not even be my manufactured by them), secure and safe?

  43. #43
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    Quote Originally Posted by watchlovr View Post
    Iím assuming you are being serious here, perhaps itís a joke?
    Why on earth would a company whose business model is to sell new watches, assist anyone in keeping their old watches, (some of which would not even be my manufactured by them), secure and safe?
    I presume for the same reason that car garages offer "free this" and "free that"... To get people in the front door, to tempt in, lay on the patter, and hope to tempt them to leave with something new and shiny.

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  44. #44
    Grand Master Neil.C's Avatar
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    Quote Originally Posted by Yeti View Post
    Good subject.
    I’ve been toying with the idea of opening one in my local area.
    Lots of banks closing down and leases around £50k per annum.
    1000 boxes at say £300 per annum, £300k a year income, minus the rent leaves £250k minus staff wages and fit out…can’t imagine it’s cheap but once done surely running costs are minimal.
    One local bank offered a safety deposit service and sold out within days.
    I’m based in Bromley, which is South London. Pretty affluent. Nearest safety deposit box would be London.
    One in South Croydon. Went past it the other day.

    Prices seem reasonable.

    https://neelkanthsafedeposit.com/
    Last edited by Neil.C; 15th September 2021 at 13:57.
    Cheers,
    Neil.

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  45. #45
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    Quote Originally Posted by Yeti View Post
    Good subject.
    I’ve been toying with the idea of opening one in my local area.
    Lots of banks closing down and leases around £50k per annum.
    1000 boxes at say £300 per annum, £300k a year income, minus the rent leaves £250k minus staff wages and fit out…can’t imagine it’s cheap but once done surely running costs are minimal.
    One local bank offered a safety deposit service and sold out within days.
    I’m based in Bromley, which is South London. Pretty affluent. Nearest safety deposit box would be London.
    It's definitely financially viable. I assume the trick is to keep premises costs low and find a place with unmet demand.

    Here's one in Edinburgh and the same company have enough others to be sure it's a replicable business model https://edinburghsafedeposit.co.uk/ - they're not even cheap compared to the one in Croydon - if it was Croydon money in Edinburgh I'd buy one immediately so I assume there's room for competition still
    Last edited by Scepticalist; 15th September 2021 at 14:11.

  46. #46
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    The issue that I found recently when renewing home insurance and specifying a Lange and a PP in particular is that the risk as viewed by insurance companies is the time that the watch it is on your wrist out in the great wide world, not when locked away - either in a safe at home or in bank vault. Understandable really, I expect thefts and losses are more likely when worn. The premium seemed to based on this time, and although quite expensive, I've just accepted it so that so I can enjoy my watches. I considered a bank for storage, but I know that I wouldn't bother using it very often and so inevitably I wouldn't enjoy my watches, so a nice big safe at home seems the way forward to me.

  47. #47
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    I've used these guys for years. Literally a vault and just like in the movies. https://www.metrosafe.co.uk/

    PS I wouldn't used a bank, for all the reasons already listed.

  48. #48
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    Quote Originally Posted by jamiej View Post
    I presume for the same reason that car garages offer "free this" and "free that"... To get people in the front door, to tempt in, lay on the patter, and hope to tempt them to leave with something new and shiny.

    Sent from my ONEPLUS A6013 using Tapatalk
    Exactly. Strikes me as an easy way to get a bit more exposure to your customers and wave something shiny infront of their faces

  49. #49
    Quote Originally Posted by jamiej View Post
    I presume for the same reason that car garages offer "free this" and "free that"... To get people in the front door, to tempt in, lay on the patter, and hope to tempt them to leave with something new and shiny.

    Sent from my ONEPLUS A6013 using Tapatalk
    Ok.
    And you think Rolex may need this to tempt people in to buy their watches?
    Interesting.
    Am I in a parallel universe somewhere?

  50. #50
    Master Pitch3110's Avatar
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    Quote Originally Posted by ichaice View Post
    Do you have insurance for when you take a watch out into the world?
    Yes, the house insurance covers £50k for watches out and about

    Pitch

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