Where to Hide a Safe Deposit Key

Upon signing up at your bank for a safe deposit box you will get two safe deposit keys. One can go on a keychain or in a key case you use regularly. But what should you do with the other one?  It needs to be stored somewhere concealed, but where it can be found in case you lose it alone or with your other important keys.  Following are suggestions about where you can hide that second safe deposit key. Before you hide it, agree with your spouse or partner where the spot will be.

Hide it with Other Valuables

A safe place for your safe deposit key might be where you keep other valuables such as your fine jewelry. Put it into a velvet bag or jewel box so it looks like it belongs with the jewelry.
You could also put it into a small envelope and store it inside a hollow book or other concealed storage device you use for valuable items. The disadvantage here is that you might forget where you put the hollow book, or what the key is for.

Hide It in Your Home Office

File it with your other day-to-day banking records in your home office. Put it in a small envelope marked as Bank Box Key or just "Key".  If it is with the bank records, you will likely remember what it unlocks, and will treat it with the respect for security you give these files.

Hide It in a Key Vault

Many people who have keys all over the house opt for a lockable key vault to store extra copies of keys. A wall-mounted key vault is a sensible investment, provided that spare keys to it are handed out with discipline. You and your spouse or partner are the only ones who get this privilege. The key vault should be installed in the home office or in a workshop in the basement, not the garage. Label each key with a tag so its purpose is known. Date each key tag too, in case the item it opens is later sold and you forget to hand over all the spare keys with it.  

Somewhere Completely Different

Label the second key clearly. Put it into a small dish filled with water in the freezer, and let it freeze solid. You are literally "keeping it on ice" until it is needed.

Where Not to Hide the Second Safe Deposit Key

Do not ever hide the second key inside your safe deposit box. If the first key is lost, stolen or damaged, you will need to have your box drilled to retrieve the second key, which, of course, will be useless. A substantial service fee, usually over $50, is charged for this service.

If One of the Safe Deposit Box Keys Is Lost

Advise your bank immediately that you have lost one safe deposit box key, so they can watch for anyone trying to fraudulently gain access to your safe deposit box.

Treat your safe deposit box keys with the respect they deserve, so your box can guard its contents effectively.

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