Choosing the Best Safe Deposit Box Service in Singapore (2025)

In Singapore, safe deposit boxes remain a critical solution for securing valuable assets (precious metals, important documents, jewelry, etc.).

This guide examines current market pricing among the best safe deposit box providers and presents key factors behind choosing a good safe deposit box service, enabling you to make an informed decision that balances security, accessibility, and cost-effectiveness.

Popular Safe Deposit Box Providers: Price Comparison

Banks/Financial Institutions

Private Providers

Manual Safe Deposit Providers

*Cisco has different rates for corporate accounts

Automated Safe Deposit Providers

Note: these tables are updated as of Dec 2024

Update the following info on bank safe deposit box and where to store gold articles

Simple Checklist: How to Choose the Best Safe Deposit Box

1. Who Is Operating The Business? 

It’s important to know the business profile of the safe deposit box provider: 

• Business Ownership Structure: Verify if the operator owns their facility or operates under a lease. Building ownership often indicates stronger financial stability and long-term operational commitment.
• Operational History: Research the provider's track record and years in operation. An established presence in the industry typically reflects reliability and proven security protocols.
• Financial Stability: Assess the company's financial health and backing. This ensures continuity of service and maintenance of security standards. Consider if they are backed by reputable investors or financial institutions.
• Technology Infrastructure: For automated systems, investigate the technology provider's credentials and reliability. Understanding the system's origin, maintenance protocols, and backup procedures is crucial for automated facilities.

2. Is It Accessible?

• Accessibility and Travel Time: Evaluate the facility's distance from your home or office, considering how frequently you'll need access. A location requiring significant travel time may become impractical for regular visits.
• Area Security: Assess the neighborhood's safety profile and the building's overall security infrastructure. The facility should be in a well-monitored, commercial area with adequate lighting and security presence.
• Parking and Entry Points: Check for convenient parking facilities and clear, secure entry points. This is particularly important when transporting personal belongings to and from the facility.

3. How Secure Are The Safe Deposit Box Facilities?

Security and Emergency Preparedness Checklist:

• Access Control System: Understand whether the facility uses a manual dual-key system^ or an automated system* with biometric verification. For manual systems, inquire about key duplication policies and tamper-evident protection options. For automated systems, it usually includes multiple layers of security including PIN, card access, and biometric requirements.

• Administrative Rights: Examine the extent of staff access to your box and the safeguards against unauthorized box reassignment. Critical changes like adding users or modifying contact information should require robust verification methods such as OTP authentication.

• Surveillance Infrastructure: Ensure the facility maintains comprehensive security coverage with 24/7 CCTV monitoring, dedicated security personnel, and clear protocols for security incidents. Understanding their surveillance retention policy provides additional assurance of accountability.
• Disaster Prevention Measures: Evaluate the facility's protection against fire and water damage. Look for specialized fire suppression systems, particularly gas-based systems that won't damage contents. Consider the building's location and structural features that protect against flooding, such as elevation and the absence of water pipes near storage areas.

4. Which Box Size to Choose?

High-security storage providers offer a range of box sizes designed to accommodate various needs, here’s what you should consider:

• Item Assessment: List all items you plan to store – from documents and jewelry to larger valuable items—to determine the minimum space required.
• Future Space Requirements: Consider potential additional items you might need to store in the future, as upgrading to a larger box later may not always be possible.
• Box Dimensions: Compare the exact measurements of your items against available box dimensions, ensuring sufficient space for proper organization and easy retrieval.
• Cost-Efficiency: Evaluate if renting multiple smaller boxes versus one larger box would be more cost-effective for your specific storage needs.

5. How Much Does It Cost? 

When evaluating storage options, carefully consider the associated costs and fees:

• Rental Structure: Compare monthly versus annual payment options, noting that providers like STARVAULT offer flexible monthly contracts. Calculate the total annual cost under different payment structures to find the most economical option.
• Additional Charges: Identify all potential fees beyond the base rental cost, including:
  1. Security deposits
  2. Key replacement fees
  3. After-hours access charges
  4. Insurance requirements
  5. Late payment penalties
• Long-term Financial Planning: Understand the provider's policy on fee revisions and historical rate increases. Factor these potential changes into your budget, especially for long-term storage needs.
• Contract Flexibility: Review minimum rental periods, termination policies, and any associated fees for early contract termination or box size changes.

6. Is The Provider Trusted By Others?

Selecting a trustworthy high-security storage provider requires looking beyond physical security measures. Here’s what to look out for:

• Legal and Compliance: Verify the company's regulatory standing, legal history, and any past or current litigation. This includes checking their compliance with relevant security and storage regulations.
• Customer Satisfaction/Feedback: Review customer testimonials, online reviews, and seek referrals if possible. Consider scheduling a facility tour to personally assess their professionalism and security measures.
• Professional Standards: Evaluate their industry certifications, staff training protocols, and emergency response procedures. This includes understanding their standard operating procedures and security staff qualifications.

Choose A Safe Deposit Box Provider That You Can Trust 

At STARVAULT, we aim to offer locals, permanent residents, foreigners, and precious metal investors a transparent, flexible, and convenient solution to safeguard valuables in Singapore.

Here’s a breakdown of what STARVAULT offers…

• Flexible Contracts: You can rent our boxes for as short as one month. We also offer different packages and box sizes (small box/medium box).
• Easy Application Process: Whether you’re a local or a foreigner, our application process is quick and easy. Having a local bank account is not a requirement. You just need a phone number and email that can be verified by OTP.
• Easily Accessible: STARVAULT is open all year round and has 24/7 access. We also allow joint access, requiring both individuals to log in before accessing the box.
• High Security: We have CCTV cameras, an alarm system, and an on-site security guard. We also adopt a manless vault and a multi-layered access control. Finally, one-time passwords (OTPs) are required for any changes to user information, or to move out.
• Disaster Protection: The building is equipped with a professional fire sprinkler system and gas suppression system for fire protection, and the building's location on high ground (29 meters above water level) minimizes any damage from floods.

It’s time to store valuables and important documents with absolute peace of mind. Schedule a tour of STARVAULT’s facilities, get a quote, or feel free to enquire about our safe deposit box services if you have any further questions.