Only an authorised person, a joint owner, or someone with a key can access your safety deposit box. There are exceptions where you and your joint owner become incapacitated or even die. Then an executor or your heirs can have access but if they meet certain conditions. In this blog we highlight safety deposit box access among independent and bank providers.
You may want to think about what will happen to the box’s contents if something happens to you. It is advisable to give someone you know and trust access. If you don’t want to register another person, you must inform your executor and probate solicitor of the box’s existence. After all, you would like your legacies to go where you want, not to the government.
So if you want to add someone to your account – how this is done differs at private centres and banks. You can see what happens to the safety deposit box when someone dies, where we covered how to add someone to your box.
Table of Contents
1. Who can access my bank’s safe deposit box?
2. UK Banks with third-party safety deposit box access
2.1. Metro Bank
2.2. Bank of East Asia
2.3. State Bank of India
3. UK Banks with single safety deposit box access
3.1. Lloyds
3.2. Halifax
4. Who can access your safety deposit box in a Private Vault Centre?
5. Can my wife access my safety deposit box in a private centre?
6. Can the police or HMRC access my box?
7. Can the safety deposit centre staff access my box?
Who can access my bank’s safe deposit box?
Only you may access your bank’s safe deposit box.
You can, however, request to add a co-owner, but this process can be a hassle. Even though it is not illegal, banks have internal policies that make the process difficult. Also, with many banks phasing out the service, you may likely find it hard to add someone to your bank’s safety deposit box.
But if you shop around, you may find one where you can add your spouse or someone you trust but note that a similar access level on your account is extended to your second owner. Below are the few UK banks we identified which allow you to register someone else and even a third party to your bank’s box.
UK Banks with third-party safety deposit box access
Metro Bank
Metro bank has a very comprehensive access level. You can authorise someone else to access your box with a third-party mandate or a power of attorney after they’ve undergone Anti-Money Laundering (AML) checks. However, you may not always get this request granted, especially if there is any reason for suspicion. Also, Metro bank has a master key for their boxes so you would need a staff with a metro bank key and your ‘customer key’ to access your box.
Bank of East Asia
The Bank of East Asia also allows third-party access – you can request someone else’s access to your box by completing their authorisation form. After which, a signature specimen of the individual will be collected and access granted. Like Metro Bank, you or the third party can only access your box in the presence of a staff member. They would be the ones to unlock your box with a combination of their master key and your customer key.
State Bank of India
Third-party access to your box at the State Bank of India is possible only after the box owner’s death. Otherwise, only the owner can access the box. If the box is jointly owned, either of the owners can access it. Like the other two, you only access your box in the presence of the bank staff who are holding the bank’s key to your box.
UK Banks with single safety deposit box access
Lloyds
Only the authorised owner can access their Lloyds bank’s box anytime. An exception occurs only if the customer is disabled; still, a third party cannot independently access the box except on an accompanying basis. In this case, legal documentation must be reviewed and accompanying access granted.
Halifax
Like Lloyds, only an authorised owner can access their Halifax box. An exception exists on an accompanying basis only, for which application must be made in writing.
Who can access your safety deposit box in a Private Vault Centre?
All UK centres allow you to have an additional person/s registered to your safety deposit box once they have undergone the necessary checks. You should, however, note that only the primary owner or someone with a power of attorney can make changes to the account. Aside from this, everyone registered to the account will have equal access and can take out content without the centre’s knowledge.
Can my wife access my safety deposit box in a private centre?
The simple answer is yes. Your wife, husband, or any member of your family or broader circle can access your box. Provided you have given your consent and that they undergo the relevant checks and registration process. Please see safety deposit faqs for the maximum amount of keys you can have and the cost of additional keys at our centre.
In most centres, you can choose either single access – anyone registered can access alone or multiple access – at least two persons are required.
Can the police or HMRC access my box?
The police or HMRC can access your box if they have reasonable suspicion and enough evidence to justify a court-issued warrant. Neither the police nor HMRC have the right to show up and be given access without the necessary legal process.
If the owners of a centre are suspected of criminal activity, then the authorities could close the centre to access it temporarily for evidence collection purposes. They, however, cannot access any boxes that are not linked to their investigation.
Suppose you die ‘Intestate’ with no living beneficiaries. After the due legal process, your box will be emptied by a state representative, the contents sold, and the proceeds deposited in the coiffures.
Can the safety deposit centre staff access my box?
No, is the answer. However, there is always a but…
Centres will have written into their T&Cs what will happen to the box contents if you do not pay when due and no contact has been made by yourself or your estate executor or probate solicitor.
Each centre will vary on timescales and methods, but it will undoubtedly be along the lines
“If we do not receive payment for services or contact from you (within a specified timescale), we will force entry into your safety deposit box. The contents will be sold at the current market value and our legitimate costs deducted. The remaining proceeds will be deposited into your account (in the case of banks) / kept in a deposit account for a period of (specified timescale) (in the case of private centres). After (specified timescale) proceeds will….”
Some centres (primarily banks) may have a dual key system whereby the centre has a key, and you have a key. They will not be able to access the box without your key.
Safety deposit boxes remain one of the oldest and safest ways to keep your irreplaceable and priceless items. You can see how much a safety deposit box costs or check out our boxes.
Please keep it safe in our centre at Stonewall Vaults. Visit us, or call us on 01788 56 244 to reserve your box.
