Why are fewer and fewer people renting a bank vault? | MyGuide

BNP Paribas Fortis, the largest bank in the country, has recorded a decline in the number of safe deposit boxes rented by about 15 percent per year. In 2019, 36 percent of the then 466,000 available units were rented. At the end of November last year, this was still the case with 30 percent of the 287,000 safes available at the time. So not only are there fewer lockers, they are also relatively less well occupied.

Bee KBC the number of rented lockers dropped from 98,715 at the end of 2019 to 77,919 at the end of November 2023. At the end of February 2024, there were still 75,851. Here too, the decline continues unabated.

Also with Belfius the trend is structurally downward. At the end of 2019, the bank rented out 114,047 safe deposit boxes. In June last year there were still 80,083. This subsequently rebounded to 82,642 at the end of November. The bank has no explanation for this flare-up.

The fourth major bank ING has no longer rented safes since New Year and refers to the specialized external Dutch company CitySafes for renting them. This company has twelve branches spread across Belgium, with eight more in the pipeline. The institution is separate from the banking sector. She now rents out 11,000 lockers.

A large number of savings accounts are also destroyed: what will happen to yours?

The decline in the number of safe deposit boxes in bank branches has several drivers. In the past, they were mainly used to store shares, bonds and bearer savings certificates. Investors then went to the bank, cut their interest or dividend coupon from their securities and cashed it at the counter. If they made a new investment, it was immediately put in ‘the suitcase’.

However, since 2008, banks are no longer allowed to deliver paper securities. Shares and bonds must now be registered in a securities account. The securities that were still in circulation at that time had to be dematerialized before December 31, 2013. If this did not happen, the issuing institution had to sell them and deposit the proceeds with the Deposit and Consignment Fund.

Nowadays, safes are mainly used for storing jewelry and valuable documents such as deeds.

But the significant reduction in the number of offices also plays a role. At BNP Paribas Fortis, the number of offices fell from 1,045 to 548 between 2017 and 2022. At ING it went from 659 to 407. At KBC – which is only active in Flanders – from 523 to 298. And at Belfius from 671 to 482. Read More about the reduction of the branch network and the accessibility of your bank here.

Renting a safe also has a price. BNP Paribas Fortis even doubled rents. The smallest safe with a capacity of 19 dm³ now costs 180 euros instead of 90 euros per year. If you want a safe up to 39.90 dm³, the annual rental price is 220 euros. And for a volume of almost 200 dm² that is now 510 euros. One dm³ corresponds to one litre.

KBC is a bit cheaper. Here, renting the smallest safe with a capacity of up to 17 dm³ costs 90 euros per year. For a safe with a capacity of 36 to 43 m³, that is 140 euros. For a safe from 140 dm³ to 174 dm³ 369.99 euros and for a safe from 500 dm³ to 999 dm³.

Belfius has safes on offer from 80 euros per year.

At CitySafes you can rent a safe from 8.95 euros per month or 107.40 euros per year.

Read more on Spaargids.be:

Back from (almost) an absence: is a savings certificate more interesting than a term deposit?

Which bank offers the largest branch network? And which is the smallest?

Private banking with a modest capital: it is certainly possible

This article was brought to you by our partner Spaargids.be.
Spaargids.be is an independent comparator of bank products and looks for competitive prices and better interest rates.

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