Safety Deposit Boxes in Canada (2026): Fees, Sizes, Insurance and What It Means for Gold

Fees last verified September 28, 2026, against each bank's published fee documents.

A safety deposit box at one of Canada's Big 5 banks costs about $70 to $80 a year for the smallest size and $450 to $500 or more for the largest, plus tax. Sizes and availability vary by branch. The contents are not covered by CDIC deposit insurance, and bank leases limit the bank's liability for loss, so anything valuable inside needs its own insurance.

Jump to: 2026 fee table Bank by bank Is it insured? Storing gold and silver Box vs safe vs vault FAQ

Safety deposit box fees at Canada's Big 5 banks (2026)

The table below shows annual rental fees before tax, taken from each bank's current fee schedule or fee-change notice. Box names and dimensions are not standardized, so a "medium" at one bank is not the same box as a "medium" at another. Scotiabank's small box, for example, measures 1.5 x 5 x 24 inches.

Sources: TD fee schedule effective March 5, 2026; RBC lease notice effective August 3, 2026; CIBC personal account fees dated March 12, 2026; BMO fee notice effective May 1, 2025; Scotiabank safety deposit box page. Banks can change fees with notice, so confirm with your branch before renting.

Bank by bank: what changed and what to know

TD Canada Trust

TD raised its rental fees on July 1, 2025, taking the small box from $60 to $80, the medium from $100 to $135 and the large from $150 to $200, with oversize boxes going from $5 to $10 per square inch. A replacement key costs $50, and drilling the box with a lock replacement costs $200. TD's All-Inclusive Banking Plan includes a free small box where one is available. TD also sells gold and silver through its branches; here is how TD Precious Metals compares with a dedicated bullion dealer.

RBC Royal Bank

RBC's updated safe deposit box lease took effect on August 3, 2026. The small box rose from $60 to $80 and the medium from $110 to $135, while the medium/large ($230) and large ($350) stayed the same and an extra-large size is listed at $500. The updated lease keeps language limiting RBC's liability to ordinary diligence against unauthorized access, and excludes loss caused by fire, theft or an act of God. Box holders who didn't want the new terms could close their box without penalty within 30 days of the change. For RBC's bullion offering, see RBC vs CanAm Bullion for buying gold.

CIBC

CIBC lists small boxes at $80, medium at $135, large at $250 and extra large from $500, with the exact price set out in each lease because sizes vary by banking centre. If a box is closed within its first year, CIBC refunds the remaining months up to a maximum of six; after the first year, the refund is pro-rated. A lost key costs $15, and drilling with key replacement costs $200. Clients 65 and older get $10 off any size. See also how CIBC's gold and silver compare with a specialist dealer.

BMO

BMO applied new fees to new rentals from May 1, 2025, and to existing box holders starting with the January 2026 billing. The small box went from $60 to $70, medium from $95 to $110, large from $150 to $230, extra large from $250 to $350 and super large from $400 to $500. Even after the increase, BMO's small box is the lowest list price among the Big 5.

Scotiabank

Scotiabank rents five box types, from box A (1.5 x 5 x 24 inches, $80) to box E (10 x 10.75 x 24 inches, $450). The bank states that only the box holder and people they designate can open a box, and that its own staff cannot. Ultimate Package holders receive an $80 annual discount, equal to the cost of a small box. Scotiabank's bullion options are covered in Scotiabank vs CanAm Bullion.

National Bank and credit unions

National Bank became the first large Canadian bank to stop offering new safety deposit boxes, effective November 1, 2023, citing declining demand. Clients who already had a box were allowed to keep it. Many credit unions still rent boxes, sometimes at lower prices, but availability is local.

Is a safety deposit box insured in Canada?

Not by the bank, and not by CDIC. CDIC deposit insurance protects eligible deposits such as chequing and savings accounts and GICs if a member institution fails. The physical contents of a safety deposit box are not eligible deposits; RBC's own CDIC explainer lists them as not covered.

Bank leases then limit what the bank itself is responsible for. RBC's lease, for example, limits its liability to exercising ordinary diligence to prevent unauthorized access, states that it is not liable for damage or loss caused by fire, theft or an act of God, and says that loss of contents is not in itself proof that the box was opened without authority. Other banks word their leases differently, so read yours before storing anything you can't replace.

That leaves your own insurance. Home and tenant policies sometimes extend to valuables kept away from the home, but coverage for bullion, coins and cash is often capped or excluded unless items are listed separately. Ask your insurer directly how precious metals held in a bank box are treated, and get the answer in writing.

Can you store gold and silver in a safety deposit box?

Generally yes, and gold suits a small box well because it is dense: a stack of 1 oz Gold Maple Leaf coins fits in a single tube, and a 1 kg gold bar has roughly the footprint of a smartphone. Silver is a different story. One thousand troy ounces of silver weighs about 31.1 kg, so a meaningful silver position quickly outgrows a small box.

The practical limits matter more than the size:

• Access is in person, during branch hours only.
• Selling means taking the metal out and transporting it to a dealer yourself.
• The bank keeps no record of what is inside, which can complicate insurance claims and estates. An executor typically needs estate documents before the bank grants access.
• The contents are uninsured unless you arrange coverage.
• Rental fees rise, and branches can stop offering boxes, as National Bank did in 2023.

Safety deposit box vs home safe vs professional bullion vault

For precious metals, the choice usually comes down to three options. The right one depends on the size of the holding, how often you need access and whether you want it insured.

When comparing vault providers, ask whether metal is allocated and segregated in your name, who the insurer is, how often holdings are audited, and how quickly metal can be withdrawn or sold.

Frequently asked questions