Safety deposit box at bank vs. safe at home

Own_Feet

(Apologies - I've just realised that I accidentally posted this in the Flood & Storm Help and Information thread first time around, so am recopying it here)

For a while, I've been considering getting a safety deposit box at a bank but have noticed a few people here mentioning having a safe at home, so I'd be really interested to know people's thoughts on the two (advantages/disadvantages). In my case, it'd be only for important documents. At the moment, they're in a couple of places at home, in normal files/folders, so not secure and definitely not protected from something like fire (thankfully, I'm not in a flood-prone area). Not 100% sure I'd like to have the docs out of my sight, as it were, but on the other hand a safe at home would be a magnet for a burglar, presumably (not knowing that there's no 'valuables' in there). Do any of you use either of these methods, or even something else?

ormus

the MSE method is to bury them in the garden. (use a metal box wrapped in plastic sheeting).
last time i saw prices:
Barclays for example, charges £18 per year for a small document wallet with a £10 access fee.
others charge typically 60/120 per annum.

ManAtHome

A decent fireproof safe will be close to £400 - probably not too bad if you're looking at £60+ a year in a bank (and you don't move house too often..!). Other advantages (for me) is it's relatively easy to stash laptops and valuables when off on holiday as well as documents, external disks etc.

Main reason I bought one was for storing backups - software development at home around 15 years ago when data was 'bigger' than it is now. A bit more expensive than the biscuit tin, but ease of access has its price...

Errata

Scan them and put them on a memory stick, external drive and burn to CD. Then store the originals in a deposit box at your bank, or with your will at your solicitors.

ic

What sort of documents are they? I have a safe fitted in the loft (bolted to brick wall) its the sort of thing you find in hotel rooms - my Dad got it me from Aldi. I keep things like my car ownership docs, insurance policies, car license, spare keys, passport in there. My house deeds were held for me by my solicitor, but if I had them they'd be in there too. Ultimately all of this is replaceable (sometimes at a cost), so I don't see how having to pay anyone to look after these is worthwhile.

roswell

fire proof document box about £30 last time i bought one. your not storing the crown jewels so no need for a £400 safe.

Its only a interest to thieves if you tell someone you have one so dont. loose lips sink ships ....

macman

Do banks actually offer this service at local branches any more? My parents used to have a box at Barclays, but they stopped offering this service at least 10 years ago.

ormus

the main big banks still do it, although expensive.
the co op stopped it.
certainly barclays still did it some 5 yrs ago, when my mother last used it.
afaik no building societies do it.

macman

Maybe it's at the discretion of the local branches now?

Own_Feet

Thanks to everyone for the responses. A fire-proof document box sounds like just what I need - will get one organised.

nickyx

You can also get floor safes that you put in concrete in space under floorboards, no one will find it, but could be a problem if you loose keys! Prices start at £100 and go up depending on size.