Blog Archives

If you have valuables or irreplaceable items you need to keep safe and secure, what is the best option for you? Whether it’s cash, jewellery, gold bullion or just important paperwork you need to keep safe, there are a number of things you should consider when deciding between a home safe or a safe deposit box.

1. A Safe Deposit Box is better value. A small, mid-range home safe will cost approx. €1,000-€1,500 (before fitting costs) – whereas a safe deposit box starts at only €199 per year – giving you over 5 years total safety and security, with 7 day access for less than the cost of the home safe.

2. A Safe Deposit Box will offer better protection from fire. The aforementioned home safe would have a fire rating of Grade 1, this will only offer protection from fire for 30 minutes whereas the safe deposit box in this instance is in a Grade 8 vault, offering a hugely increased fire and security rating.

3. A Safe Deposit box offers much more protection from thieves. People believe they can ‘hide’ their home safe from thieves and burglars. The latest research and expertise from the police proves this is rarely the case.  Burglars are now breaking into homes complete with handheld metal detectors (easily available to buy online) – they can then ‘sweep’ the entire property in 5-10mins and will almost always find the ‘hidden’ safe. Thieves will then cause major destruction to property in removing these home safes.  It is also worth bearing in mind that if they cannot remove the safe, they may then wait until such time as the homeowner or family is actually in the home, to return and under use or threat of violence make the homeowner comply with their demands to open the safe.

4. Home Safes are notoriously easy to ‘crack’ open. All one has to do is watch an episode of ‘Storage Wars’ on TV, or many other similar TV shows, to see just how easy it is to open a home safe. Alternatively, a quick google search of ‘how to crack a home safe’ returns findings of over 7 million results! (a lot with videos). Safe Deposit Boxes however, are housed within a secure vault, which is practically impossible to open.

 5. You can save money on home insurance with the use of a Safe Deposit Box. If you have a home safe, your valuables will still be included in your home insurance – which means you will still be paying for their cover – especially if they are ‘specified items’. When you rent a safe deposit box you can remove these ‘specified items’ from your home insurance policy therefore lowering your premium.

While there are many more advantages to having a safe deposit box over a home safe, it is worth pointing out that any additional security measures you take with your valuables at home will normally be justified.  For more information on renting your own private safe deposit box contact: cyprusvaults.com/ or call: 0141 343 1305.

Nicola Sturgeon MSP has officially opened Scotland’s first independent safe deposit box service in Glasgow.

Based in the city’s southside, Edinburgh Vaults has been introduced in response to the major banks withdrawing the service that safeguards people’s valuable possessions.

The venture is being led by David Walsh and Seamus Fahy, who have invested in the region of £1m equipping the vault with the latest state-of-the-art surveillance technology, including seismic shock sensors, 24/7 monitoring and biometric identification technology.

Employing five staff, the Edinburgh facility is part of a strategy to expand the model across the UK and Ireland, following the successful launch of its first site in Dublin in 2013. The business is expected to grow its staff numbers in Edinburgh to 15 by the middle of 2017.

Speaking at the officially opening today, Friday 19^th, Nicola Sturgeon, the MSP for Edinburgh Southside, said: “………………..”

Seamus thanked the MSP for her attendance, as he revealed that Edinburgh Vaults is already growing a strong customer base with both homeowners and the local business community.

He said: “Firstly I would like to thank Nicola Sturgeon MSP for her attendance and support as we launch a new service in Scotland, it is very much appreciated.

“We launched in Dublin three years ago, very much in response to demand from people who had either lost confidence in the banking system or were looking to keep possessions safe amidst rising crime figures.

“The business has delivered consistent growth and we have been exploring opportunities to grow our footprint across other UK regions.

“After considerable due diligence we identified Scotland as a key growth region, mainly due to the fact that the banks no longer offer the service and there are no other providers in the market place.

“We have already witnessed a strong demand for our service with homeowners and the business community, and our client footprint stretches as far as Aberdeen, where oil & gas workers are keen to keep their valuables safe when working offshore.”

Typical items stored in a safe deposit box include cash, jewellery, family heirlooms, gold bullion, Title Deeds for a property, memory devices, watch collections and passports.

With latest Police Scotland figures showing that there were 20,607 reported housebreakings in Scotland in 2014/15, Seamus expects demand for the service to grow.

To meet this demand, Edinburgh Vaults has in the region of 10,000 boxes, which come in ten different sizes and start from £150 a year. Client have unlimited access seven days per week and there is no appointment necessary.

Seamus added: “While crime overall is falling, figures show that housebreakings remain high and thieves are certainly becoming more and more sophisticated in their efforts to target properties – making it vital for individuals and business owners to safeguard their valuables and money.

“Complete peace of mind can only be given through the use of a safe deposit box, which is why an increasing number of people across Scotland are turning to us to provide a convenient and affordable way to protect valuable possessions.

“We have built in capacity to meet this increasing demand and will grow our staff numbers to ensure we provide a comprehensive and personal service to our customers.”

The vault is open 362 days a year, and was designed in partnership with security consultants working on behalf of insurer Lloyd’s of London.

What is being billed as “Scotland’s first independent safe deposit box service” has been launched following an investment of more than £1 million.

Edinburgh Vaults said it had made the move in response to the major banks withdrawing the service that safeguards people’s valuable possessions.

The venture is being led by David Walsh and Seamus Fahy, who have invested in equipping the vault with state-of-the-art surveillance technology, including seismic shock sensors, making a Hatton Garden-style heist impossible, it has been claimed.

Employing five staff, the Edinburgh facility is part of a strategy to expand the model across the UK and Ireland, following the successful launch of an initial site in Dublin, in 2013. The business is expected to grow its staff numbers in Edinburgh to 15 by the middle of 2017.

Fahy said: “We identified Scotland as a key growth region, mainly due to the fact that the banks no longer offer the service.”

Read more: http://www.scotsman.com

Many banks have stopped offering safety deposit boxes in the recent past. This has been going on in Scotland and all over the world as more and more banks withdraw the service completely. People who rely on these boxes to keep their valuables safe have been left with few options in ensuring their items are safe and protected.

Safe deposit facilities have been used in storing valuables for many years. Some items most commonly stored include legal documents, cash, artwork, or jewellery. It is a much safer method for keeping expensive items as the boxes, or lockers, are kept under 24 hours CCTV surveillance and behind vault doors. Clients are given a set of keys, or sometimes a swipe card, and can easily access their boxes when they want, during the working hours of the facility.

When we launched our Safe Deposit Box business in Dublin, we provided various sized Safe Deposit Boxes capable of storing cash, jewellery, title deeds, gold bullion etc.

We quickly realised that there was also strong demand for larger secure vaults capable of storing Fine Art, Antiques etc. On a daily basis, we were receiving enquiries for larger storage units. We then contacted a number of Art and Antique Dealers and Galleries in Ireland who confirmed that such a service would be invaluable both to the themselves and to their customers.

We also contacted several Safe Deposit Box facilities in the UK to assess demand there. Harrods Safe Deposit Boxes in London confirmed to us that there was a waiting list of 4 years for their walk-in vaults. Typical clients were storing fine art, large antique furniture and gold / silver bullion in their larger vaults.

Edinburgh Vaults now offers this service to its customers.

When I meet people and inform them that I am involved in the Safe Deposit Box business, I usually encounter responses such as “What requirement would I have for a Safe Deposit Box” or  ” I have nothing of value to store in a Safe Deposit Box” or “I have a house alarm and a Safe at home”.

If you ask yourself the following questions it may help you in your decision process:

Have there been burglaries in your area in recent times? Have you items at home that are irreplaceable in the event of a home fire? Are you away from your home for extended periods due to work or holidays? Is your home contents insurance premium significant as a result various specified items on the policy? Have you cleared your mortgage and hold the title deeds? Are you worried about Irish Banks and if there was a Cypriot style bailout? Are you a business owner who stores large amounts of cash at home?

Crime Statistics following interviews with Burglars.

Key Statistics:

63% of Burglars Cut the Telephone Lines before entering house
56% of Burglars stay in house despite knowing house is occupied at the time
85% of Burglars cased the house before hitting it

Bitvendo, the company that provides Bitcoin ATM facilities here, has formed a partnership with Merrion Vaults to provide a safe deposit facility for the digital currency.

Giles Byrne, head of marketing with Bitvendo, said Merrion Vaults was a natural partner for the group as there was a demand from holders of Bitcoin for somewhere to store their digital currency safely. “We have encrypted wallets inside the vaults. If you want to send bitcoin into those wallets, they are stored offline in an encrypted format where nobody can hack them.”

Historically when Gold and Silver Bullion has been purchased in Ireland, the Bullion Dealer has offered to store the physical bullion for the buyer in a vault overseas. No vaults were available in Ireland to securely store large stocks of bullion, hence overseas vaults. These vaults are typically located in countries such as Switzerland, Singapore, US, Germany & Australia. Bullion dealers generally charge a storage fee of 1% of the value of the bullion per annum. This storage fee will be slightly less if you have a large amount of bullion. The downside with this storage option is accessibility and ease of sale.

Another popular method of buying bullion is The Perth Mint Certificate Programme based in Australia. The bullion is stored in a government owned mint and you are issued with a certificate that details owners name and amount of gold that is stored on your behalf. Downside once again, is accessabilty. In addition, market skeptics suggest that the Australian government could confiscate the bullion if severe financial hardship was endured by the Western Australian Government.

Merrion Vaults – Ireland’s No. 1 Safe Deposit Box facility – are delighted to announce Rugby pundit and TV presenter Brent Pope as their Brand Ambassador.

Brent, who features in Merrion Vaults latest advertising campaign, both in Print and on Radio, was “the perfect choice for the Brand” says Nigel Doolin – Communications Director for Merrion Vaults.