BNP Paribas Fortis has doubled the price of renting a safe deposit box, citing a lack of demand and increased upkeep costs.
Since 1 April 2024, the smallest safe available (19.9dm3 where one demimetre cubed is equal to about a litre) now costs €180 rather than €90 per year, and a safe that measures 9dm3 now costs €1,840, up from €920.
Belgium's largest bank says the hike in prices is a result of a sustained dip in customers availing of the service as well as the number of banks providing it. Just 30% of safety deposit boxes (90,000) in BNP Paribas Fortis are in use, mainly for the storage of valuable documents, deeds, jewelry and gold.
"Some banks no longer offer this service," spokesperson Hilde Junius told l'Echo. "What's more, there are charges associated with these safes that were no longer covered by their price. These include insurance to cover the contents, as well as permanent staff to visit the safes."
"From one year to the next, we are seeing a 15% drop in rentals per year," she continued. "But despite this decline, BNPPF has no plans to stop renting out physical safes."
Shopping around
Safe deposit boxes are also available in other major Belgian banks. KBC offers slightly lower rates than BNPPF, with a 17dm3 safe costing €90 annually. Pricing in Belfius starts at €80 per year, while at Crelan 14-18dm3 boxes cost €54 annually.
This year, ING has done away with safe deposit boxes and instead outsources the service to Dutch company CitySafes, operating from branches across Belgium. Safe deposit boxes here cost €8.95 per month, and customers from all banks are welcome.
Between 2015 and 2023, the number of safety deposit box users at major banks fell by 56%.
