Can I pay monthly or must I pay annually?
The short answer
That depends on the payment options Knox offers for the box and rental period you choose. Some providers allow monthly payments, others ask for the rental in advance, and some offer both. The minimum rental period is one year, payable by monthly debit order or annually in advance. There is no maximum term, and short-term rentals can be arranged on request in special circumstances. Remember that how often you pay is separate from how long you commit: a monthly payment can still sit within a fixed rental period.
Payment frequency versus rental period
Two separate questions are easy to mix up. The rental period is how long the agreement runs. The payment frequency is how often you pay during that period. You might, for example, sign for a fixed period and pay in monthly instalments, or pay for the whole period up front. Committing to a period usually means you owe the rental for that period, even if you pay monthly.
Weighing the two approaches
- Monthly payment spreads the cost, but it relies on each payment going through, and a missed payment can lead to the late-payment steps in the agreement.
- Payment in advance settles the rental in one amount and removes the risk of missed instalments, but it is a larger upfront cost, and you should check what happens to it if you end the rental early.
Neither approach suits everyone. The choice depends on your cash flow and on how settled your need for the box is.
What Knox offers
The payment options available depend on the box and the rental period. Rental is paid by monthly debit order or annually in advance, with a 5% discount for paying annually. Monthly rental starts at R240 for the smallest box and goes up to R1 537 for the largest, VAT inclusive. Missed or late payments are dealt with under the agreement's late-payment terms. Interest at the prime rate plus 2% is charged on late rental. If an amount remains unpaid 14 days after written notice, Knox may suspend access and exercise its lien over the contents, which can include opening the box and selling contents to recover the debt, with any surplus paid to you within 20 business days. Unpaid accounts may also be listed with the credit bureau.
Before you choose
Ask Knox which payment methods it accepts for box rentals, whether the price differs between monthly and advance payment, and what happens to an advance payment if you cancel early. Keep your banking and contact details up to date so that payment reminders and notices reach you.
How Knox handles this
Ready for the next step?
Speak to the Knox team about your situation. They will confirm current pricing, availability and requirements before you decide.
