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Happened to note a few posts with a reference to Safety Deposit Box's, not that I need one currently but looking v.long term  wondered at what point you chaps advised moving from silver in the cupboard, to a home safe and then a Safety Deposit Box? Please!!

Mentioned it to my local bank and the smart Customer Assistant had no idea what I was talking about. Apparently they stopped having them years ago. Where do you chaps find one?

Sorry if this has been a well chewed subject-I did a Topic search

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I have a Safety Deposit box with St James https://www.stjames-safedeposit.com/ but they only have offices in Leeds and Manchester.

21 minutes ago, Caratacus said:

chaps advised moving from silver in the cupboard, to a home safe and then a Safety Deposit Box?

Silver weighs to much to put into a Safety Deposit box and impractical. A Safety Deposit box only for Gold IMHO. I would also never get a safety deposit box with any banking establishment.

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Thankyou for the kind responses.

I take the point about gold storage rather than silver-I'll have to start saving!   I guess there's a break even point if you are paying say £150 a year.  I need to find something nearer Royston!

Thank you again

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A word of caution - as Abyss stated - I would also NOT use a safety deposit within any bank (I believe many are withdrawing this facility). Yes they are of course fairly secure but, issues worth noting:-

1) Your goods are only available during normal banking hours

2) Should there be any 'financial meltdown'/run on the bank - and they close their doors - you may not be able to get access to your box - at all??

3) In the event Bank has severe financial difficulties - Govmnt will no longer 'bail-out' a Bank using tax-payers money so Banks have devised 'bail-ins' which can seize all depositors assets/funds (current accounts/savings accounts - safety deposit boxes!!) to try and address their financial issues!!

I'm sure there are some members on here who may be more 'legal' savvy and can advise - but these are my understandings and concerns!!

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Thanks.   As a "newbie", I don't have more than a few small coins that wouldn't cover 7 months fees, but I have never been in a vault  so just looking might inspire my very very long term outlook. I wish I had started a few years ago when silver was better priced- that aside I am really enjoying learning from the more technical posts!

I am very appreciative of the very kind advice experienced  Forum members have offered, thank you so much.

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9 minutes ago, Phil100 said:

3) In the event Bank has severe financial difficulties - Govmnt will no longer 'bail-out' a Bank using tax-payers money so Banks have devised 'bail-ins' which can seize all depositors assets/funds (current accounts/savings accounts - safety deposit boxes!!) to try and address their financial issues!!

This is not correct, the bail-ins are focused on creditors, senior debt holder, not current accounts where the £85k guarantee still holds.  Deposits in a safe, you are not a creditor so shouldnt be covered under current bail-in regulation (future may change to law and regulation ). 

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On 18/02/2019 at 20:43, Abyss said:

I have a Safety Deposit box with St James https://www.stjames-safedeposit.com/ but they only have offices in Leeds and Manchester.

Silver weighs to much to put into a Safety Deposit box and impractical. A Safety Deposit box only for Gold IMHO. I would also never get a safety deposit box with any banking establishment.

I agree with this 100%. When I first started having what I consider to be a good amount of silver at home I looked in to safe deposit options and I came to this conclusion. Valuable quantities of silver take up a lot of space and it simply doesn't seem economical to rely on safety deposit boxes for this. The smallest and cheapest storage options are for quite small boxes which you'll easily fill with not much value in silver. The larger boxes cost considerably more. It just doesn't make sense IMO

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39 minutes ago, Caratacus said:

I wish I had started a few years ago when silver was better priced- that aside I am really enjoying learning from the more technical posts!

Silver is still pretty cheap!

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Buy a safe, I personally like to take my gold out and look at it when ever I want to, something that is not possible with a bank owned safety deposit box. 

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23 minutes ago, Martlet said:

This is not correct, the bail-ins are focused on creditors, senior debt holder, not current accounts where the £85k guarantee still holds.  Deposits in a safe, you are not a creditor so shouldnt be covered under current bail-in regulation (future may change to law and regulation ). 

Thanks, I bow to your superior knowledge and stand corrected. (I truly hope you are correct!)

However, there are numerous articles floating about that do give cause for concern - as to whether hype, hysteria or legal fact I'm unsure?

a) "The next step will be the confiscation of the contents of safety deposit boxes located in banks; the US and the EU have made inroads here. Greece has led the way with the next trial balloon—mass confiscation of safe deposit boxes, plus confiscation of securities.Europe is over its head in debt and EU membership assures that all countries in the EU share that debt. In Canada and the US, the debt level is even greater. Greece will be the trial balloon for each of these jurisdictions."

b) "The issue at hand is the scale of the bank failure. US and UK authorities have now admitted that all deposits are subject to potential ‘haircuts’ involving any major bank failure. This is an admission by the British government that the £85,000 deposit guarantee scheme is flawed and that the British depositors protection promise is simply a sound bite and not financially supported."

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1 hour ago, Phil100 said:

Thanks, I bow to your superior knowledge and stand corrected. (I truly hope you are correct!)

However, there are numerous articles floating about that do give cause for concern - as to whether hype, hysteria or legal fact I'm unsure?

Admit i havent read the full legislation, the point about creditors I am certain on.  Anything in deposit boxes are unknown and the bail-in is supposed to be structured (banks pass test that their bail-in covers their exposure). The contents are your property, not assets or liabilities of the bank, which account deposits could be.  Numerous articles are based on others opinion, those articles are certainly speculating.  The risk would be emergency legislation changing the goals posts, though then seizures of boxes outside banks could be included too. 

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12 hours ago, KitboyE17 said:

Buy a safe. Buy a big one. You will have acces to your treasure 24/7/365. Unlike safe deposit boxes which some vaults are only open Mon-Fri 9am-5pm.

Any visiting team of  burglars that cant get access to your "big safe" when you are out, might very well return when you or your family ARE in, to politely request access to it (................possibly with a little added force !)  

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The smallest safe deposit box is perfect for gold, I pay £150 per year / £12.50 a month /  £2.88 a week

I store my gold, passport, crypto wallets, emergency rainy day UK cash, mixed foreign cash, USB sticks of personal details/photographs

Using a safe deposit for silver is not viable, too heavy, too bulky

 

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14 hours ago, KitboyE17 said:

Buy a safe. Buy a big one. You will have acces to your treasure 24/7/365. Unlike safe deposit boxes which some vaults are only open Mon-Fri 9am-5pm.

Ive always wondered about buying a safe... How do you ensure a descreet delivery?   No one wants 'the bullion safe delivery company' to arrive on their doorstep.  Makes me feel funny  just thinking of the neighbours curtain twitching 🤣

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3 hours ago, Paul said:

The smallest safe deposit box is perfect for gold, I pay £150 per year / £12.50 a month /  £2.88 a week

I store my gold, passport, crypto wallets, emergency rainy day UK cash, mixed foreign cash, USB sticks of personal details/photographs

Using a safe deposit for silver is not viable, too heavy, too bulky

 

Standard cost for a big deposit box is less than 30£/year in Sweden

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25 minutes ago, universalcurrency said:

Ive always wondered about buying a safe... How do you ensure a descreet delivery?   No one wants 'the bullion safe delivery company' to arrive on their doorstep.  Makes me feel funny  just thinking of the neighbours curtain twitching 🤣

I've considered something similar. I am house hunting at the moment and when I find the right place I wanted to have a secret hideaway built in where I could put a safe. My paranoia though prevents me from wanting to hire a contractor who will know I have something valuable I want to hide.

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1 hour ago, universalcurrency said:

Ive always wondered about buying a safe... How do you ensure a descreet delivery?   No one wants 'the bullion safe delivery company' to arrive on their doorstep.  Makes me feel funny  just thinking of the neighbours curtain twitching 🤣

I had mine delivered to work and then took it home.  Thankfully not too big so could carry it myself.

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