Important Questions to Ask Before Choosing A Safe Deposit Box in Singapore

Safe deposit boxes offer a secure solution for storing valuable items in Singapore. Whether you're a foreigner, a long-term resident moving homes, or a precious metals investor, a safe deposit box in a professionally secured vault can provide peace of mind. 

This article will explore the most important questions to consider when selecting a safe deposit box service. From understanding rental costs to evaluating the security measures, this guide will equip you with the knowledge you need to make an informed decision.

Types of Safe Deposit Boxes in Singapore

Customers looking for safe deposit boxes in Singapore have two primary choices: banks (financial institutions) and non-bank (private) providers.

Bank safe deposit box

They are convenient if you have a pre-existing account with the bank. However, eligibility and availability might be limited. Banks often require you to have a bank account with them to open a safe deposit box. At the same time, banks may reserve their boxes for their VIP customers. Banks in Singapore currently offer only manual safe deposit boxes and access to these boxes is restricted to the bank's standard business hours. For more information, explore bank safe deposit options such as DBS, OCBC, and UOB. 

Private safe deposit box

Private safe deposit box operators provide two types of services: the manual safe deposit box service and the automated safe deposit box system. 

Manual safe deposit boxes: 

These usually rely on a physical key and human supervision for access control. Examples of providers include SECOM and CISCO. Access is limited to office hours and you may have to go with the security guard to a room full of safe deposit boxes to retrieve your box together via a dual key access system. 

Automated safe deposit boxes:

These systems are modern, technology-driven alternatives to traditional safe deposit boxes, using advanced robotics and automated storage technologies to provide customers with a secure, private, and convenient way to access their valuables. 

All the boxes are stored in a secure vault that is off-limits to staff and users. On request via a secure multi-layered access control system, the box is delivered to the user via a robot in a secure room. It is secure, private, and convenient.

Learn more about Automated vs Manual safe deposit boxes.

Important Questions to Ask Yourself Before Choosing A Safe Deposit Box

1. Who Is Operating The Business? 

It’s important to know who is operating the business: 

• Does the safe deposit box operator own the building or are they renting?
• If they running a automated system, who and what is the technology behind their automated systems?
• What is their financial strength? 
• How long have they been around?

For example, STARVAULT is a brand under BOXPARK. BOXPARK has been operating since 2014 and is a 100% subsidary of DOU YEE INTERNATIONAL PTE LTD (DYI). 

Established in 1982, DYI is a group that covers business activities over multiple sectors and the group revenue exceeds S$500 million. 

BOXPARK manages the operations and security of the entire building, which houses both high-security and standard storage units. The management of the entire building, the operations and security ensures that the security of the building is planned, integrated, and comprehensive.

In addition, STARVAULT utilizes the advanced automated safe deposit box storage systems from Gunnebo Group, a global leader trusted by major corporations like Standard Chartered, Barclays, and HSBC. Gunnebo designs and installs automated deposit box systems for banks and private operators worldwide.

2. Where Are They Located?

When choosing a storage provider, prioritize both convenience and security. Opt for a location that offers easy accessibility for your needs while also being situated in a safe and secure area. It's worth noting that many storage providers operate from a single facility. Consider whether this limitation aligns with your specific requirements and preferences before committing to a particular provider.

3. How Secure Are The Safe Deposit Box Facilities?

Manual Safe Box Security Features

Safeguarding valuable items necessitates a robust security system. The main security feature of manual safe deposit box operations is a dual key access system and the presence of multiple security guards on site. The dual key access system requires two keys for access: one held by authorized personnel and the other by the box owner. While this method significantly enhances security, it's important to acknowledge that keys can be duplicated. Therefore, extra precautions need to be taken to mitigate this risk and ensure the safety of stored belongings. Use tamper-proof bags or tamper-proof stickers on your box to ensure that no one has accessed your items in your absence.

Furthermore, maintaining constant vigilance is crucial. Facilities employing such systems are often equipped with 24/7 CCTV surveillance, meticulously monitoring the safe deposit box area. Additionally, a dedicated security guard may be present on site, providing an immediate physical security presence and further deterring any potential threats. This comprehensive approach to security prioritizes the safety and peace of mind of all clients.

Automated Safe Box Security Features

Automated safe deposit box systems leverage robotics and sophisticated access control systems for greater security. Entry to the private rooms is often controlled by multi-layered access control, requiring not just a card and PIN, but also biometric verification for enhanced security.

However, it's crucial to understand the implications of automation and the potential risks involved. One key question to consider is whether staff can move you out of your box without your explicit approval. Automated systems often rely on staff to facilitate user access and manage box assignments. This raises concerns about unauthorized or erroneous actions by staff. For instance, a staff member could potentially move a user out of their box or add unauthorized users without the owner's knowledge or consent.

To address these concerns, advanced security measures like those implemented by STARVAULT are essential. STARVAULT utilizes OTP (One-Time Password) verification for critical actions, such as moving a user out of their box, adding new users, or changing the phone number or email associated with OTP verification. This ensures that any significant action related to your box requires your direct authorization, providing the ultimate security and peace of mind.

Disaster protection

Protecting your valuable assets from potential disasters is paramount when choosing a high-security storage provider. Providers like STARVAULT understand this crucial need and implement comprehensive measures to safeguard your belongings. Let's delve into the specific disaster prevention strategies employed for the best protection:

Fire Protection: 

Does the building that houses your safe deposit box have a professional fire protection system? The BOXPARK building is equipped with a professional water sprinkler fire protection system that emits water in the unlikely event of a fire. Additionally, the Vault which contains all the boxes is equipped with a specialized gas suppression fire protection system. This ensures that in the unlikely even of fire, the boxes and user contents are protected from fire and water damage.

Water Damage Prevention:

Is your safe deposit box and its contents protected from potential water damage?

In STARVAULT, the Vault that houses the boxes is specifically designed without any internal water pipes or water sprinklers and sprinkler pipes. The gas suppression system installed in the vault provides professional fire protection without the need for water, ensuring the integrity of stored items is maintained.

Additionally, the vault's strategic location on high grounds, 29 meters above water level, minimizes the potential for flood damage, offering an added layer of protection against water-related risks.

4. What Are The Box Sizes Available?

High-security storage providers offer a range of box sizes designed to accommodate various needs, from valuable personal belongings to sensitive business documents. 

When selecting a provider, carefully consider the available sizes and choose one that aligns with the volume and nature of the items you intend to store. Options may include smaller, secure lockers ideal for jewelry, important documents, or small electronics, as well as larger vaults suitable for artwork, antiques, or confidential business records

5. How Much Does It Cost? 

When evaluating storage options, carefully consider the associated costs and fees, starting with the recurring rental fees. These fees can be structured as monthly payments, allowing for greater flexibility, or as an annual fee paid upfront. For instance, STARVAULT offers flexible contracts, allowing you to rent their boxes for a period as short as one month.

Beyond these primary fees, some providers may also require a one-time deposit or charge a fee for key replacement. It's also essential to inquire about potential hidden fees, such as charges for accessing your storage unit outside of standard hours or replacing lost keys. 

Additionally, understand the provider's policy on rental fee increases—how often do they review and potentially raise their rates? For more information on fees, here is a more detailed cost comparison across bank and non-bank safe box providers. 

6. Is The Provider Trusted By Others?

Selecting a trustworthy high-security storage provider requires looking beyond the physical security measures they have in place. A provider's reliability and reputation are equally crucial. 

Consider their experience and track record—look for a company with a long-standing presence in the industry and a history free from security breaches or legal disputes. Researching their past performance can provide valuable insights into their commitment to security. 

Additionally, delve into customer reviews and testimonials to gauge the experiences of others. Consider visiting the facility in person to assess their customer service and overall professionalism firsthand.

Choose A Safe Deposit Box Provider That You Can Trust 

At STARVAULT, we aim to offer locals, foreigners, and investors a transparent, flexible, and convenient solution for storing their valuables in Singapore.

Here’s a breakdown of what STARVAULT offers…

• Flexible Contracts: Rent our boxes for a period as short as one month. We also have different packages and sizes (small box/medium box) to choose from.
• Easy Application Process: Regardless of whether you’re a local or a foreigner, our application process is quick and easy, and having a local bank account is not a requirement. You just need a phone number and email that can be verified by OTP.
• Convenient & Accessible: STARVAULT is open all year round, with 24/7 access. We also allow for joint access, requiring both individuals to log in before accessing the box.
• High Security: We have CCTV cameras, alarms, and an on-site security guard. We also adopt a manless vault and a multi-layered access control. Finally, one-time passwords (OTPs) are required for any changes to user information, or to move out.
• Disaster Protection: The building is equipped with a professional fire sprinkler system and gas suppression system for fire protection, and the building's location on high ground (29 meters above water level) minimizes any damage from floods.

Ready to protect your valuables and belongings? Schedule a tour of STARVAULT’s facilities, get a quote, or feel free to enquire about our safe deposit box services if you have any further questions.