Can I upgrade to a larger safe deposit box?

What an upgrade involves

A safe deposit box cannot be stretched, so an upgrade means moving to a different, larger box. In practice, the box holder arranges a visit, the new box is allocated and the holder moves the contents across in private. The old box is then closed, and any keys or credentials for it are returned or cancelled.

Paperwork and payment

Because the box changes, the agreement usually needs updating. Expect to:

• sign an amended or new agreement for the larger box;
• pay the rental for the new size, with any credit or adjustment for the period already paid, if the terms allow;
• confirm that your authorised users and any joint-access arrangement carry over;
• review whether your insurance arrangement still suits the value of what you store.

What depends on Knox

Whether you can upgrade at any time or only at certain points in the rental, and how fees are adjusted, are matters of Knox policy. An admin fee applies when you move to a larger or smaller box. Bring both of your keys to Knox and the change is done the same day, with your rental updated to the price of the new box size. Availability of the size you want can also vary, and some sizes may be in limited supply, so it helps to ask early.

Planning the move

If your collection is growing, think about how much space you will need over the next few years, not just today. When you visit, bring your ID and anything issued to you for the existing box. If authorised users visit the box, let them know about the change. If you are unsure whether an upgrade is worthwhile, first see whether the items can be packed more efficiently.