Texas Bullion Depository vs a Bank Safe Deposit Box for Personal Metals

Quick answer

The Texas Bullion Depository is a Texas state agency in Leander. It stores personal (non-IRA) precious metals under Comptroller oversight, with Lloyd's of London commercial insurance on accepted holdings and published segregated-only fee tiers starting at 0.49 percent per year. A bank safe deposit box is rented storage space inside a branch vault; the FDIC states that the contents are not covered by federal deposit insurance and that banks generally do not insure box contents.

Short on time? The essentials

The Texas Bullion Depository is an agency of the State of Texas, created by House Bill 483 signed by Governor Greg Abbott on June 12, 2015, and open for business in Leander, Texas since 2018 (source: texasbulliondepository.gov About and First in Class pages, checked August 2026).
The depository operator is Lone Star Tangible Assets LP, a Texas holding company contracted by the Texas Comptroller of Public Accounts (source: texasbulliondepository.gov About Depository Contractor page, checked August 2026).
For a personal (non-IRA) account, the depository offers segregated-only storage, not commingled, per the pricing page fee tiers labeled "Segregated Storage Fees (Non-IRA Accounts)" (source: texasbulliondepository.gov pricing page, checked August 2026).
Insurance on accepted deposits is underwritten on the Lloyd's of London insurance market, per the Depository Insurance page (source: texasbulliondepository.gov depository-insurance page, checked August 2026).
Non-IRA fee tiers effective April 1, 2026 start at 0.49 percent per year on balances up to $499,999.99, with a $25 per quarter minimum (source: texasbulliondepository.gov pricing page, checked August 2026).
A bank safe deposit box is not a deposit account. The FDIC states that box contents, including cash, checks, and other valuables, are not insured by FDIC deposit insurance if damaged or stolen, and that financial institutions generally do not insure the contents (source: FDIC Consumer News, "Five Things to Know About Safe Deposit Boxes, Home Safes and Your Valuables", last updated August 1, 2023).
Access to a bank safe deposit box is limited to the bank's open hours and to the individuals named on the rental agreement. Access after the box holder's death is controlled by state law (source: same FDIC Consumer News article, checked August 2026).
Texas Government Code Chapter 2116 is the state statute that created and governs the depository as a state-administered facility overseen by the Comptroller of Public Accounts (source: Texas Statutes on capitol.texas.gov, checked August 2026).

On this page

Quick compare: TBD personal account vs bank safe deposit box

The two options serve different purposes. The Texas Bullion Depository is a state-administered precious metals facility, priced and audited as a bullion vault. A bank safe deposit box is a rented drawer inside a bank branch, priced as storage space and governed by the bank's rental agreement plus state law.

Texas Bullion Depository personal (non-IRA) account vs a bank safe deposit box at a glance, checked August 2026.
Feature	TBD personal (non-IRA) account	Bank safe deposit box
Type of entity	Agency of the State of Texas under the Comptroller of Public Accounts, per Texas Government Code Chapter 2116.	A storage service offered inside a bank branch. Not a deposit account, per the FDIC.
Location	Purpose-built depository in Leander, Texas, per the depository's First in Class page.	Bank branch vault, at whatever branch rents boxes locally.
Insurance on contents	Assets accepted at the depository are covered under a policy underwritten on the Lloyd's of London insurance market, per the Depository Insurance page.	The FDIC states that contents are not insured by FDIC deposit insurance, and that financial institutions generally do not insure the contents.
Storage model	Segregated only; the personal account fee schedule is titled "Segregated Storage Fees (Non-IRA Accounts)", per the pricing page.	Your box is your dedicated space; there is no bullion commingling because a box is not a bullion vault.
Published fee model	Flat-rate percentage on average daily value, applied to the entire balance in the tier, with a $25 per quarter minimum, per the pricing page effective April 1, 2026.	Annual rental priced by box size and market; each bank sets its own rate under its rental agreement.
Access	By appointment; withdrawals are shipped by insured carrier under depository terms, or personally picked up at Leander for a fee of $35 per transaction, per the pricing page.	Inside the branch during banking hours only, using the bank's dual-key system, per standard bank rental agreements.
Audit chain	State audit team, Comptroller-appointed Depository Administrator, and a Texas-based CPA firm, per the State Admin Oversight page.	The bank's internal controls and banking regulator examinations on the bank; the box contents themselves are not audited by the bank.
Reporting to you	Depositor-facing platform with photographic verification of deposits and withdrawals and event notifications, per the First in Class page.	No inventory report on the box contents. You retain your own list; the bank does not track what is inside.

What a personal account at the Texas Bullion Depository is

The Texas Bullion Depository publishes a Personal Account type on its Account Types page. It is described as the account "usually right for a private person to use to establish an account, generally to store their personal precious metal holdings". This is the non-IRA path, opened directly with the depository rather than through a custodian.

To open a personal account, the depository requires a state-issued driver's license, an acceptable secondary form of identification, and proof of address, per the Items Required to Open an Account page. The signup is completed through the depository's online registration, which routes to the depository's account platform for identity documents and funding instructions.

Once the account is open, the holder can deposit eligible precious metals (gold, silver, platinum, palladium, rhodium) at the depository. The holder retains legal title to the metals; the depository stores and audits them under the Depository Account Holder Agreement.

What a bank safe deposit box actually is

A bank safe deposit box is a small metal drawer inside a bank's vault. The customer rents the box under the bank's safe deposit rental agreement, and uses it to store items the customer chooses to store. The box is opened using a dual-key system, one key held by the customer and one held by the bank.

The FDIC describes a safe deposit box plainly. In its consumer article "Five Things to Know About Safe Deposit Boxes, Home Safes and Your Valuables", the FDIC states: "A safe deposit box is not a deposit account. It is storage space provided by the bank, so the contents, including cash, checks or other valuables, are not insured by FDIC deposit insurance if damaged or stolen".

The FDIC adds a second point that matters for a metals holder: "financial institutions generally do not insure the contents of safe deposit boxes". Coverage on box contents, if wanted, is typically added through the customer's homeowner's or renter's insurance, or through a separate valuables rider.

Legal status: state agency vs bank storage service

The Texas Bullion Depository is a state agency of Texas. Its legal charter is Texas Government Code Chapter 2116, enacted by HB 483 in the 84th Legislature and signed by Governor Greg Abbott on June 12, 2015 per the depository's About page. The Comptroller of Public Accounts is the elected official at the top of the oversight chain, and appoints the Depository Administrator.

A bank safe deposit box is not a state or federal legal category of its own. It is a service governed by the bank's rental agreement and by state banking and probate law. In Texas, the box is inside a bank supervised by the Texas Department of Banking (for state-chartered banks) or by a federal regulator such as the OCC or the Federal Reserve (for federally chartered banks).

The two live in different legal buckets. A depositor at the Texas Bullion Depository has a bailment relationship with a state agency. A safe deposit box renter has a rental relationship with a private bank, governed by the box lease and by state law on access and probate.

Insurance coverage: Lloyd's of London vs no FDIC coverage

The Texas Bullion Depository publishes its insurance framing on the Depository Insurance page. The page states that the depository "offers insurance coverage for precious metals stored at the depository, ensuring protection against potential loss or damage. The insurance policy retained to cover the assets of depositors is underwritten on the Lloyd's of London insurance market".

Two operational qualifiers appear on that same page. First, insurance applies to authorized deposits "at the time the authorized deposits have been received, inspected, and accepted at the depository". Second, transit insurance to the depository is the account holder's responsibility on inbound shipments, while the depository insures outbound return shipments to the account holder's address of record or approved shipment location.

A bank safe deposit box has no comparable coverage. The FDIC states that FDIC deposit insurance does not cover the contents of a box, and that banks generally do not insure box contents. A safe deposit box renter who wants coverage on metals inside the box typically arranges it separately through a homeowner's, renter's, or scheduled personal property policy, subject to the insurer's underwriting rules and stated-value limits.

Access rules, hours, and after-death access

Access to a bank safe deposit box is limited to the bank's open hours and to individuals named on the rental agreement. The FDIC notes that after the death of a box holder, access "depends on state law". State rules "restrict entry into the safe deposit box to certain individuals and permit entry only under controlled situations".

Access to a Texas Bullion Depository personal account is structured differently. Deposits and withdrawals are handled through the depository's account platform. Withdrawals can be delivered by insured shipment to the account holder's address of record. They can also be picked up in person at the Leander facility by appointment, for a $35 per transaction personal or courier pick-up fee, per the pricing page.

Trust, estate, joint, and business accounts are available at the depository as separate account types, with their own required documents. This lets an account holder set up succession planning at the account level, distinct from the individual owner's personal account and distinct from a box in a bank branch vault.

Audit and reporting

The depository publishes a three-layer audit chain on its State Admin Oversight page. The chain has an internal operator audit by Lone Star Tangible Assets LP, a state audit team with any-time audit rights, and an independent Texas-based CPA firm auditing the depository. The Depository Administrator, appointed by the Comptroller, has direct oversight and audit privileges on all Depository Account Holder accounts per the depository's FAQ.

The account holder receives itemized records at deposit and withdrawal, plus photographic verification uploads on all deposits and withdrawals per the First in Class page. Statements and event notifications are delivered through the depository's platform, giving the account holder a running record of what is in the account and when.

A bank safe deposit box does not come with an inventory report. The bank does not track what is inside the box; only the box holder knows. If a metals holder wants an inventory record for a bank safe deposit box, the holder maintains the list. That difference in reporting is one of the practical trade-offs between the two options for a personal metals holder.

Fees: TBD published non-IRA schedule vs bank rental ranges

The Texas Bullion Depository publishes a Non-IRA Fee Schedule effective April 1, 2026. It is a flat-rate model: one annual percentage rate, chosen by the account's average daily value (ADV) tier, applies to the entire ADV, not split across tiers. The schedule states that fees accrue daily at ADV multiplied by the annual rate divided by 365, and are charged once per quarter.

Texas Bullion Depository non-IRA segregated storage fee tiers, effective April 1, 2026, per texasbulliondepository.gov pricing page, checked August 2026.
Average daily value (ADV)	Annual rate	Notes
$0.01 to $499,999.99	0.49 percent	$25 per quarter minimum applies. Same rate for gold, silver, platinum, and palladium.
$500,000 to $999,999.99	0.44 percent	Flat rate on the full ADV in the tier.
$1,000,000 to $2,499,999.99	0.39 percent	Flat rate on the full ADV in the tier.
$2,500,000 to $4,999,999.99	0.34 percent	Flat rate on the full ADV in the tier.
$5,000,000 and above	Negotiable	Call for pricing, per the pricing page.

Non-storage fees at the depository are listed separately. There is no account setup fee and no withdrawal fee (delivery costs are billed as shipping and handling). Domestic shipping and handling is $17.95 plus 0.0018 multiplied by spot price value or declared value. That rate is valid up to 5,000 ounces of silver and 100 ounces of gold, platinum, or palladium per shipment, per the pricing page.

Bar chart of annual storage cost at the Texas Bullion Depository for a personal non-IRA account, computed from the published fee schedule effective April 1, 2026 with a twenty five dollar quarterly minimum. Values plotted at four balances. Ten thousand dollars: one hundred dollars per year, because the daily calculation of forty nine dollars falls below the one hundred dollar annual minimum. Fifty thousand dollars: two hundred forty five dollars per year at zero point four nine percent. One hundred thousand dollars: four hundred ninety dollars per year at zero point four nine percent. Five hundred thousand dollars: two thousand two hundred dollars per year at zero point four four percent, which is the next tier down. Source: Texas Bullion Depository pricing page, texasbulliondepository.gov, checked August 2026. Bank safe deposit box rental fees vary by bank, box size, and market, so no bank series is plotted. — TBD non-IRA annual storage cost by account balance, computed from the published fee schedule effective April 1, 2026. Bank safe deposit box rental fees vary by bank, box size, and market, so no bank series is plotted. Source: texasbulliondepository.gov pricing page, checked August 2026.

Bank safe deposit box rental fees are set by each bank and vary by box size, branch, and market. There is no single national schedule to cite. A metals holder pricing a box against a TBD personal account should get the current rental card from the specific branch. Compare it against the $25 per quarter TBD minimum ($100 per year floor) and the 0.49 percent starting tier. Then factor in any separate insurance rider needed on metals inside the box.

Segregated storage at TBD, and why "commingled" is not on the personal menu

The Texas Bullion Depository fee page uses the phrase "Segregated Storage Fees (Non-IRA Accounts)" for the personal-account tier table. For a personal (non-IRA) holder, segregated-only is the storage model the depository publishes as standard. The holder's specific bars and coins are held identifiably in the account, not pooled with other holders' metal.

The depository's First in Class page describes the vaulting design as "fully segregated Class III vaulting" in the Leander facility. That vault design and account structure produce a model where the metal a holder deposits is the metal the holder can withdraw, subject to the depository's shipping or pick-up terms.

A bank safe deposit box is not a bullion storage model at all in the commingled or segregated sense. Whatever a customer places inside the specific box remains inside that specific box. There is no pooling, and there is no reallocation. The box is a rented space; the metals inside are the customer's own items, tracked (or not tracked) by the customer.

Worked example: an Austin resident with 100 ounces of silver

Worked example

David lives in Austin and owns 100 ounces of silver in various rounds and bars, plus a handful of American Silver Eagles. He values the pile at roughly $3,500 at his working assumption for silver. He is deciding between opening a personal account at the Texas Bullion Depository in Leander (about 25 miles north of his home) and renting a medium safe deposit box at his bank branch.

If David opens a TBD personal account at that value, the daily fee calculation would produce roughly $17 per year at the 0.49 percent tier. The $25 per quarter minimum applies. David would actually pay a $100 per year floor per the pricing page, plus shipping and handling on any withdrawal ($17.95 plus 0.0018 multiplied by spot price value, per the pricing page).

If David rents a safe deposit box at his bank, he pays whatever annual rental the bank charges for that box size at that branch. He also needs to arrange separate insurance coverage on the silver inside the box. Per the FDIC, box contents are not insured by FDIC deposit insurance, and financial institutions generally do not insure the contents.

For a 100-ounce silver pile stored inside Texas by a Texas resident, both options are workable. The choice comes down to what David values. Option A is a state-audited depository with commercial coverage on accepted deposits. Option B is the branch-level access and lower rental of a bank box, plus a separate insurance rider on his own homeowner's policy.

When each option is a bad fit for you

When a personal TBD account may not fit. If the holder wants same-day walk-in access to physical metal without an appointment, a depository model is not a good match. A depository is built around scheduled deposits and withdrawals, not casual same-hour retrieval. If the holder's pile is small enough that the $25 per quarter minimum dominates the fee, the effective rate is high. For example, a $2,000 holding paying a $100 per year floor is 5 percent annual.

When a bank safe deposit box may not fit. If the holder is storing metals that need documented custody with independent audit, a rented drawer with no inventory report is not a good match. If coverage on the contents matters, a box has no FDIC coverage and generally no bank-provided coverage. A separate insurance rider is required, per FDIC guidance. Access is limited to the bank's open hours.

Limits: what the record does not show

No single national bank rental schedule to cite. Bank safe deposit box rental fees are set at the branch level and vary by box size and market. Any comparison with the TBD fee tier must use the specific branch's current rental card, not a made-up national average.
TBD IRA storage pricing is not the same as this personal-account schedule. The depository's IRA storage lane is handled through a custodian and is typically negotiated between the dealer, the custodian, and the depository contractor, so an IRA quote may differ from the non-IRA schedule shown here. That IRA path is covered in a separate page on this site.
Insurance policy details are summarized, not fully published. The depository's public Depository Insurance page describes the coverage as underwritten on the Lloyd's of London insurance market. The full policy terms, limits, and exclusions are not published on the public page and would be reviewed at the account holder's own diligence.
State law on box access after death varies. The FDIC notes only that after-death access depends on state law. Texas rules on inspection and inventory of a safe deposit box after a holder's death would be handled under the Texas Estates Code and by the specific bank's procedures, not by any federal rule.
No editorial endorsement of any specific bank. This page does not name a specific Texas bank as a preferred safe deposit provider, and does not disparage any bank by name. The comparison is between the categories: a state depository personal account, and a generic bank safe deposit box.

Frequently asked questions

Is a bank safe deposit box FDIC insured?

No. The FDIC states clearly in its consumer article "Five Things to Know About Safe Deposit Boxes, Home Safes and Your Valuables" that a safe deposit box is not a deposit account. Box contents are not insured by FDIC deposit insurance if damaged or stolen, and financial institutions generally do not insure the contents. Any coverage comes from separate insurance the box holder arranges, such as a homeowner's rider.

Is the Texas Bullion Depository open to a private individual for non-IRA storage?

Yes. The depository publishes a Personal Account type on its Account Types page for a private person to store personal precious metal holdings. Opening the account requires a state-issued driver's license, an acceptable secondary form of identification, and proof of address, per the Items Required to Open an Account page. Business, joint, trust, and estate accounts are also offered.

Does the Texas Bullion Depository insure metals stored in a personal account?

The Depository Insurance page states that the depository offers insurance coverage for precious metals stored at the depository, and that the policy is underwritten on the Lloyd's of London insurance market. Coverage applies once deposits have been received, inspected, and accepted. Inbound transit insurance is the account holder's responsibility; the depository insures the outbound return shipment.

What does storage at the Texas Bullion Depository cost for a personal account?

Per the pricing page, non-IRA segregated storage starts at 0.49 percent per year on balances up to $499,999.99, with a $25 per quarter minimum. Higher tiers are 0.44 percent on $500,000 to $999,999.99, 0.39 percent on $1,000,000 to $2,499,999.99, 0.34 percent on $2,500,000 to $4,999,999.99, and negotiable above $5,000,000. Rates are calculated daily on average daily value and billed quarterly. Same rate applies to gold, silver, platinum, and palladium.

Can I get to my metals quickly at either option?

A bank safe deposit box can be opened during banking hours by the holder or an authorized co-renter using the bank's dual-key system. A TBD personal account uses scheduled withdrawal by insured carrier to the holder's address of record. Personal or courier pick-up in Leander is available by appointment for $35 per transaction, per the pricing page. Neither option is an around-the-clock walk-in vault.

Is the Texas Bullion Depository the same as a bank?

No. The Texas Bullion Depository is a state agency of Texas established under Texas Government Code Chapter 2116 and operated by Lone Star Tangible Assets LP under contract with the Texas Comptroller of Public Accounts. It is not a bank, does not take deposit accounts insured by the FDIC, and does not offer checking, savings, or loans. It is a precious metals depository.

What happens to a safe deposit box or a TBD personal account if the holder dies?

For a bank safe deposit box, the FDIC states that access after the holder's death depends on state law, and that state rules restrict entry to certain individuals under controlled situations. For a Texas Bullion Depository account, succession is handled through the depository's account structure (including joint, trust, and estate account types, which each require specified documentation per the Items Required to Open an Account page). A Texas resident should discuss both options with an estate attorney.

Do I need to live in Texas to use either option?

A bank safe deposit box is offered by many banks nationwide, so residency depends on the specific bank's policy. The Texas Bullion Depository accepts account holders per its published account requirements; the personal-account documentation calls for a state-issued driver's license and proof of address, without a stated Texas residency requirement on the public page. For a Texas resident, both options are locally available.

Sources

Texas Bullion Depository. Fee Schedule (non-IRA accounts), effective April 1, 2026. State of Texas Comptroller of Public Accounts. Checked August 2026.
Texas Bullion Depository. Account Types. Checked August 2026.
Texas Bullion Depository. Items Required to Open an Account. Checked August 2026.
Texas Bullion Depository. Depository Insurance (Lloyd's of London insurance market). Checked August 2026.
Texas Bullion Depository. State of Texas Oversight Ensures Client Asset Safety and Security. Checked August 2026.
Texas Bullion Depository. The First Precious Metals Depository with State Oversight. Checked August 2026.
Texas Bullion Depository. About Us: The Creation of the First Ever State Authorized Bullion Depository. Checked August 2026.
Texas Bullion Depository. About Depository Contractor: Lone Star Tangible Assets. Checked August 2026.
Texas Bullion Depository. Frequently Asked Questions. Checked August 2026.
Federal Deposit Insurance Corporation. Five Things to Know About Safe Deposit Boxes, Home Safes and Your Valuables. FDIC Consumer News. Last Updated August 1, 2023. Checked August 2026.
Texas Legislature Online. House Bill 483, 84th Legislature, Regular Session (2015): Bill History. Texas Legislative Council. Checked August 2026.
Texas Statutes. Texas Government Code Chapter 2116: State Bullion Depository. Texas Legislative Council. Checked August 2026.
Texas Comptroller of Public Accounts. Texas Taxes (state-level tax overview). Checked August 2026.

By Harry's Coins Editorial. Last reviewed August 2026.