Increased Demand For Safe Deposit Boxes

Date Posted: 31-08-2017

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Over the past few years, there has been a large decrease in the number of banks offering safe deposit facilities, with more and more closing these facilities recently. Due to this, many bank customers have had to try and locate alternative storage options for their valuables, causing an increase in demand for privately owned safe deposit boxes and centres.

As these facilities are closing, due to increasing costs and complexity in the sector, the requirement for boxes at private centres has seen a rapid increase.

Global Demand For Safe Deposit Storage 

Since 2010, the UK has seen several high-street banks withdraw or phase-out their safe deposit facilities, which has only caused a higher need for these facilities. It isn’t just the UK that has been affected by the closure of safe deposit boxes and increased demand for the facilities.

According to reuters.com, the European Central Bank’s negative interest rates in 2016 caused a higher desire for safe deposit boxes in Dusseldorf. This was due to customers of the bank searching for an alternative way to store their cash without having to pay the interest through their bank accounts.

Banks across the US and Australia have even begun to close their storage solution options. Due to these global closures, any customers who frequently used the facilities have had to look elsewhere, providing the private companies with a growth in requests.

There was less of a requirement for a safe deposit box a few years ago, which is why some banks and companies withdrew the feature.

Why Are Safe Deposit Boxes Popular? 

Owning a safe deposit box used to be confined to the wealthier classes, as it was suggested that they had more valuable or important items or deeds to store. However, in recent years, safe deposit boxes have grown popular with all social classes. People who aren’t as well-off as the super-rich still have assets to protect and a safe deposit box provides an ideal solution for this.

The requirement for safe deposit boxes largely inflates during the summer months. This is likely to be due to people wanting to secure their valuables whilst they are away on holiday and the home is vacant.

Securing any valuables or vital documents you may own is crucial in order to assure peace of mind along with a highly sought after sense of security.

If you’re looking for a storage solution for your valuables, find out whether you would benefit from owning a safe deposit box.

The Safe Deposit Centre, Manchester

At The Safe Deposit Centre, Manchester you can rent a box from 3 months, much like most private centres. The boxes can also be rented annually, providing an assurance that your valuables will be protected for as long as you need them to be.

The Safe Deposit Centre is the only centre in the North-West to house a Grade 10 vault, providing the highest level of security possible and peace of mind for our customers. It is conveniently located in the city centre and offers free on-site parking to all our customers.

Protecting your valuables and assets has never been more vital, and a safe deposit box is the ideal security solution in order to this.

Find out more about our safe deposit facilities, or get in touch to enquire about renting a box. To book an appointment or speak to a member of staff call 0161 273 7487.