Is It a Good Idea to Put Important Account Information and Passwords in a Safe Deposit Box?

Putting backup copies of important account information and passwords in a safe deposit box is a good idea, but it’s worth keeping in mind that a safe deposit box (or safety deposit box) is only accessible during bank hours, and requires your key. This means if your loved ones need access to this information after you die, it can be difficult to retrieve in a timely fashion. It’s possible to designate a trusted co-lessor for your box, who would also hold a key, but they’re still beholden to the bank’s schedule when it comes to access.

It may be a better idea to keep important account information and passwords in a secure home safe, which will ensure your information is protected, and then give the entry instructions to a trusted family member or friend. You could also keep a backup copy of this information with a trusted person. Another option is to put this information in a document and store it digitally via cloud storage, ensuring that at least a trusted loved one has access to the information.

Sources

“Safe Deposit Boxes: Store This, Not That.” Investopedia. https://www.investopedia.com/safe-deposit-box-what-to-store-and-not-store-in-yours-4589854

“Safe Deposit Box: What You Should & Shouldn’t Store.” California Community Credit Union. https://www.caccu.org/safe-deposit-box-what-you-should-shouldnt-store/