At the five banks compared below, the smallest listed safety deposit box costs CAD $70 or $80 annually before applicable taxes. Larger sizes cost more, and an advertised price does not establish availability at your branch. Rental is separate from insurance for the contents.
Annual fees and size options
Fees checked November 1, 2026 against the official sources linked below. All amounts are CAD, before applicable taxes. Size names are not equivalent across banks: confirm dimensions, availability and your final rental charge with the branch.
| Bank | Published sizes and annual fees | Applicability and size notes |
|---|---|---|
| TD | Small $80; medium $135; large $200; oversize $10 per square inch | March 5, 2026 fee schedule. Ask the branch which sizes are available and how an oversize quote is calculated. |
| RBC | Small $80; medium $135; medium/large $230; large $350; extra large $500 | Fees effective August 3, 2026. RBC VIP Banking lists a $60 annual discount. |
| CIBC | Small $80; medium $135; large $250; extra large $500 and up | March 12, 2026 fee document. Dimensions vary by banking centre; the lease discloses the annual price. CIBC Smart for Seniors lists $10 off annual box rental. |
| BMO | Small $70; medium $110; large $230; extra large $350; super large $500 | Current service page corroborates the May 2025 fee notice. Small: 1½ × 5 × 24 inches. Sizes vary by branch; ask about eligible discounts. |
| Scotiabank | A $80; B $120; C $200; D $350; E $450 | A: 1.5 × 5 × 24 inches; E: 10 × 10.75 × 24 inches. Ultimate Package: $80 annual discount, subject to its conditions and availability. |
Ask whether your banking package reduces the rental charge, and whether key replacement, drilling or late-payment fees apply. A discount does not reserve a box. BMO has the lowest small-box list price in this five-bank comparison; your actual cost depends on eligibility and the available size.
National Bank publishes rental fees for safety deposit boxes, but that schedule does not confirm whether a new box can be rented at a particular branch. Existing customers and prospective renters should ask the bank about their own arrangements.
Access and contents insurance
Before renting, confirm branch access hours, appointment requirements, authorised users and procedures for lost keys or an estate. Scotiabank describes normal access as limited to the holder and designated people; do not treat that description as overriding the lease's provisions for exceptional access.
CDIC deposit insurance does not cover the physical contents of a safety deposit box. BMO expressly places responsibility for arranging contents insurance on the customer. Do not assume paying annual rent includes bullion cover.
A bank's contractual liability is a separate question. RBC's August 2026 notice describes limited responsibility for preventing unauthorised access, subject to applicable law, and exclusions for specified causes of loss. Read your own bank's lease rather than applying one bank's wording to every box.
Ask an insurer for written confirmation covering your actual items, storage location, valuation basis, limits, deductibles and exclusions. Keep an inventory, purchase records and photographs separately from the box.
Bank box or private bullion vault?
Check the proposed terms against how much metal you hold and how you expect to use it. Confirm permitted contents, dimensions and weight restrictions before renting; a box suitable for compact valuables may not suit a larger silver holding.
| Issue | Bank box | Private bullion vault |
|---|---|---|
| Ownership and records | You rent a box; retain your own evidence of the contents and ownership. | Check how title and specific holdings are recorded, including allocation and segregation terms. |
| Access | Confirm branch hours and authorised-user requirements. | Confirm whether visits or collection are available, and what notice is required. |
| Insurance | Contents are outside CDIC cover; arrange and verify appropriate insurance. | Obtain the actual policy summary; do not infer cover from the operator's name. |
| Withdrawal and sale | Plan retrieval and any onward transport before a sale. | Check release procedures, delivery charges and whether a sale requires withdrawal. |
| Fees | Annual size-based rent, applicable tax and possible service charges. | Request a schedule covering storage, minimums, transfers and withdrawals. |
Considering CanAm storage?
CanAm accepts enquiries about storage for new purchases and existing holdings. Review our precious metals storage information and request the current locations, agreement, fee schedule and insurance summary. Confirm the terms for your holdings before transferring metal. If you plan to sell, review our selling information and ask how a proposed storage arrangement would affect the process.
Official sources
CEO and Founder of CanAm Bullion has been dedicated to delivering exceptional value to Canadians since 2017. Driven by a mission to empower Canadians with expert investment advice and education, he has positioned CanAm Bullion as a trusted resource for those seeking to enhance their portfolios with precious metals. Under Michael’s leadership, the company has become synonymous with reliability, knowledge, and dedication, helping Canadians achieve greater financial stability and long-term success.
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