Demand for private bank vaults triples as major banks shut their doors
Demand for private vault storage has doubled or tripled in the past decade. Banks have reportedly closed hundreds of vaults.
Australian banks have reportedly closed hundreds of vaults as maintaining them became too costly. Private operators like ABC Bullion now fill the gap.
Demand is rising. Markets go up and down.
Inflation rises. Major events happened, from the financial crisis to the pandemic.
All of these pushed customers to store gold and precious metals safely. Commonwealth Bank stands apart.
It runs 135,000 safe custody vaults. It added around 32,000 new ones in two years.
About half of vault users are migrants to Australia. Items stored include jewellery, diamonds, hard drives and legal documents.
- 135,000 safe custody vaults
- Commonwealth Bank vaults
- 27 tonnes, moved in 1926 with 25 horses
- Vault door weight
- About half of vault users are migrants
- Migrant vault users
Why it mattersDigital storage is taking over. Physical vaults stay essential for items people cannot replace, especially precious metals. Their value rises with economic uncertainty.
AustraliaAustralians have more vault options through private operators, with costs and availability shifting as major banks exit the market.
✓ Claims checked against the source. checked 40 min ago
