Safy Deposit Box....

[chris.quinn89]

I want to setup up a safe depsit box business, most other cities have these facilities.

Can anyone help guestimate expenses???

Anyone on here already run such a business....

Thanks Chris

 

[Grickey]

I know that the bank I work for offers safety deposit boxes ranging from 40-120(dependant on size) a year. It will be hard to compete with them as they will probs have allot more security and a better recognisable brand.

What can you offer that they dont?

What banks in your city have that facilities?

 

[benjamin_c]

To get the good customers you will need high security, for the vault you will be looking at a 7 or 8 figure sum!! Banks have several areas of revenue so they can afford to offer such a service! But i can't see how somone could have a business that just offeres safety deposit boxes and make a profit...

 

[Grickey]

To get the good customers you will need high security, for the vault you will be looking at a 7 or 8 figure sum!! Banks have several areas of revenue so they can afford to offer such a service! But i can't see how somone could have a business that just offeres safety deposit boxes and make a profit...

banks lose money on safety deposit boxes as the floor space could be used for other purposes.

They do it for customer satisfaction and not to produce profit. My dad once told me of a club you could join were they offered this facility but again its to build a better brand not to make a profit.

 

[benjamin_c]

banks lose money on safety deposit boxes as the floor space could be used for other purposes.

They do it for customer satisfaction and not to produce profit. My dad once told me of a club you could join were they offered this facility but again its to build a better brand not to make a profit.

I expected as much, I was told that the HSBC Private bank offers a safety deposit box to their customers for free, that's like a members only club haha!

 

[Grickey]

its Premier customers that get it for free, youd be really surpirsed what private customers get for free!(one was given a trip back from outside of uk on a private boat because of ash clouds)

(premier criteria - 50k in savings)
(Private banking - 2 million liquid assets)

 

[benjamin_c]

I imagine i would be supprised tbh, I know somone with a Centurion card who asked to be a PB customer and got refused haha!! certainly pulled his ego back to earth with a thud!

Is it hsbc you work for?

 

[Grickey]

I imagine i would be supprised tbh, I know somone with a Centurion card who asked to be a PB customer and got refused haha!! certainly pulled his ego back to earth with a thud!

Is it hsbc you work for?

yeah as a sales team leader, ive just gone part time to keep security of wage coming in for my kid but business atm is really picking up so hopefully not for to much longer

 

[benjamin_c]

Good luck with business i imagine you got a great deal on the business account

 

[Grickey]

Good luck with business i imagine you got a great deal on the business account

i have chosen not to open a business account yet its my first business and only been trading two weeks. Staff members do not get charges fullstop going o/d etc.. love the perks

 

[benjamin_c]

i have chosen not to open a business account yet its my first business and only been trading two weeks. Staff members do not get charges fullstop going o/d etc.. love the perks

That's awesome what about mortgages and such like? are they interest free or super low rates or something?

 

[Grickey]

That's awesome what about mortgages and such like? are they interest free or super low rates or something?

you get part of your repayment made for you upto 1500 a year. they also have a new mortgage offer on for the public offering you to split your mortgage 50% on fixed 50% on tracker, or 75/25 either way thats what im thinking of doing atm, o/d are best 3% above base so 3.5% atm compared to personal customer 19.9%!!

 

[benjamin_c]

some fantastic perks going on there, i like the mortgage idea, as for overdraft, i don't tend to use mine, I just hop around on the 0% deals on credit cards i might get a job with hsbc so i can get good mortgage rates tho next year haha!
on a serious note, i understand if you cant discuss this but i know about the hsbc customer scoring system as once i got a bank charege due to a forgotten DD and i got it refunded due to the fact i had a very good score i questioned it and she said its like an internal credit score system to show the value of a customer from their history, mine happens to be very high and i was wondering if when i come to get a mortgage (next year sometime) would this score allow me to get a better rate or anything? like get the (£500 to £1000) admin charge wavered? worth asking i thought lol

 

[QuickHomeBuyers]

How do I get a deposit box with the banks ? I cant find any info on the internet ?

 

[Grickey]

ring up ask them which branches near you have a safty deposit box... its usually a city centre one

 

[Grickey]

some fantastic perks going on there, i like the mortgage idea, as for overdraft, i don't tend to use mine, I just hop around on the 0% deals on credit cards i might get a job with hsbc so i can get good mortgage rates tho next year haha!
on a serious note, i understand if you cant discuss this but i know about the hsbc customer scoring system as once i got a bank charege due to a forgotten DD and i got it refunded due to the fact i had a very good score i questioned it and she said its like an internal credit score system to show the value of a customer from their history, mine happens to be very high and i was wondering if when i come to get a mortgage (next year sometime) would this score allow me to get a better rate or anything? like get the (£500 to £1000) admin charge wavered? worth asking i thought lol

cant really talk about it but sometimes depending on promotions

 

[oldeagleeye]

Thiks is an abolute no brainer. Almost all the safe desposit companies arre spin off's from highly respected banks like Grindleys. No-one is going to trust anyone that sets up a £30 limited company.

If you want to get into this business in anyway OP the only option is to sell 'Lockers' in private clubs etc. i doubt you get them into stations or other high density public premises because of the terrorist threat.

Rob

 

[benjamin_c]

cant really talk about it but sometimes depending on promotions

I'll be an optimist and take that to mean yes