Gold and Silver Vault Storage in the UK: What It Costs
Every vault says the same three things: secure, insured, audited. None of that tells you what you would actually own, what a year of storage costs once every charge is counted, or how long it would take to get your metal back. Those are the questions worth asking, and they are the ones this guide answers.
Quick answer
Vaulted storage means a professional facility holds your bullion and records it to your name, rather than you keeping it at home. The headline monthly rate is rarely the real cost: charges can sit in the monthly fee, the deposit, the withdrawal, or the gap between the buying and selling price. Yard Mint stores four things, in two countries, with no monthly storage fee at present and every other charge published.
Five things worth knowing before you deposit anything
- Free monthly storage is a pricing decision, not a gift. Vault space, insurance and audits cost money every month. If a provider is not charging you for them monthly, look for the charge somewhere else.
- The exit is the part people never price. Getting metal in is easy and often free. Getting it out again, in metal or in cash, is where the arithmetic lives.
- Insured does not mean protected from loss. Vault cover answers for the metal going missing. It does not answer for the price falling.
- Ask what you own, not where it is. The difference between owning specific metal and owning a claim against a company is the single most important distinction in storage, and it is usually one sentence in the terms.
- Half of our vaulted range is not in Britain. Britannias are held in the UK. American Eagles and Goldbacks are held in the USA. Location changes how quickly a holding can be in your hand.
Free storage is not free
Start here, because it reframes every comparison that follows. A vault is a real building with real guards, real insurance and a real audit bill. Somebody pays for all of it every single month. When a provider advertises free storage, that cost has not vanished. It has moved.
There are exactly four places it can go, and any honest comparison prices all four for your own holding and your own likely holding period.
| Where the charge sits | What it looks like | When you feel it | What to ask |
|---|---|---|---|
| Monthly storage | A percentage of value each year, a flat fee per holding, or nothing | Every month you hold | Is there a minimum charge, and does it change with the metal price? |
| Getting metal in | A deposit fee, usually only on metal bought somewhere else | Once, at the start | Is the fee taken in metal or in cash, and is it waived on metal bought from you? |
| Getting metal out | A physical withdrawal fee, plus shipping, or a cash withdrawal fee | Once, at the end | What is the fee, how is it rounded, and what is the realistic timescale? |
| Selling it back | The gap between the price you are quoted to buy and to sell | Only on the day you sell | Is the spread published, and is it quoted on the screen before you commit? |
Yard Mint publishes all four. Monthly storage for gold, silver and Goldbacks is free at present. Depositing metal bought from us is free; eligible metal bought elsewhere carries a deposit fee of ten per cent of the quantity deposited. A physical withdrawal carries ten per cent of the amount you receive, added to the vault deduction. A cash withdrawal by bank transfer carries two per cent. We publish an indicative spread for selling vaulted metal back to us on the same page. Those figures can change, so read the current ones on our rates and fees page rather than taking them from an article.
The uncomfortable test, and it applies to us as well
If one provider charges noticeably less than everyone else across all four of those lines at once, that is a claim rather than a bargain. It says they are running the vault, the insurance and the audit more cheaply than the entire rest of the market, and there are only so many ways to do that.
Usually it means one of three things. The storage is pooled rather than specific to you, so there is less to administer. The insurance is thinner than it sounds. Or the cheap part is a loss leader and the money comes back on the exit, where nobody was looking when they signed up.
None of those is necessarily wrong. All of them are things you would want to know before you deposit, and all three are answered by reading the fee schedule and the ownership clause rather than the homepage.
What "insured" actually answers for
Insurance is the word that does the most persuading in this industry and the least explaining. It is worth being precise about what it covers, because the gap between what people assume and what is written down is wide.
Our own vaulting page states that assets stored in the vault are insured against loss, theft and fraud, and that annual vault audits are carried out. That is cover against the metal disappearing. The same page states plainly that the value of precious metals can fall as well as rise, that you may get back less than you paid, and that FSCS protection does not cover falls in the value of your metals.
Both halves of that matter. A vault removes the risks that keep people awake about a house: burglary, fire, a family member who knows where the box is. It removes none of the market risk, and any provider implying otherwise is selling something it cannot deliver. If you are weighing storage against keeping metal at home, our comparison of home storage against vaulting works through the domestic insurance limits in detail, and they are lower than most people expect.
Ask what you own, not just where it is
This is the question that separates one storage product from another, and it takes one sentence in the terms to answer.
The London Bullion Market Association draws the line in its own guide to precious metal accounts. An allocated account is "backed by a specific bar of the precious metal", recorded on a weight list showing "the unique bar, plate or ingot number, gross weight, the assay or fineness", and the LBMA notes that with allocated holdings "the investor does not have a credit exposure to the institution where the account is maintained". An unallocated account, by contrast, is "a debit or credit over an account, and the account holder has a contractual claim against the clearer, rather than a specific bar", which means "the owner of the metal has credit exposure to the institution where the account is held".
In plain terms: in one case you own metal that somebody is holding for you. In the other you own a promise from a company, and if that company fails you join the queue. Unallocated is not a scandal; it is cheaper to run and it is why some pooled products trade on very fine margins indeed. It is simply a different thing, and it should be a choice rather than a surprise.
The Yard Mint vaulting page states that you retain ownership of the precious metals and Goldbacks held in your Yard Mint account, and sets out where each holding is stored. Whoever you are considering, ask them to point at the equivalent sentence in their own terms. Our guide to how Yard Mint vaulting works goes further into the ownership question and the arrangements behind it.
Where your holding actually sits
Location is the part of a storage decision that people skip, and it is the part that decides how fast a withdrawal can realistically move. Britannias, gold and silver alike, are stored in the UK. American Eagles are stored with our customer storage in the USA, and so are Goldbacks. That is published on both the vaulting page and the rates page, and it is worth knowing before you plan around it.
It is not a hierarchy. A Goldback is a United States product and it makes sense for it to sit near where it is issued and exchanged, which is also why depositing and exchanging Goldbacks runs through its own process rather than the bullion one. What location changes is timing and logistics on the way out, and that belongs in your thinking on the day you deposit rather than the day you want the metal.
The round trip, and the exit nobody prices
There are two ways into a vault. You can buy metal that is already vaulted, in which case nothing is posted, nothing is carried and nothing has to be verified on the way in. Or you can take delivery of metal, hold it, and deposit it later, which means packing, carriage, cover and verification, and usually a deposit fee as well. Our guide to moving metal to a vault sets out the realistic postal and insurance ceilings, and they are the reason the first route is usually cheaper for anyone starting from scratch.
Coming out is where the numbers bite, and our own published worked example is the clearest illustration we can give you. Depositing ten eligible Goldbacks bought from us is free. If they were bought elsewhere, the deposit fee is one Goldback and nine are credited to your vault. Receiving ten Goldbacks by physical withdrawal deducts eleven from your vault, including the one Goldback fee, with withdrawal fees rounding up to the next quarter Goldback. A one hundred pound cash withdrawal carries a two pound fee. Physical delivery may also involve shipping charges, and requests are subject to processing and any required identity checks.
Run that arithmetic for your own holding before you deposit, not after. A round trip that looks trivial on a large holding can be a meaningful share of a small one, and the smaller the holding the more the fixed parts of the journey matter.
What we store, and what we will not
Our vaulted range is four products: the tenth-ounce gold Britannia, the one-ounce silver Britannia, the one-ounce American Silver Eagle and Goldbacks. That is deliberately narrow. A short list is easier to verify, easier to audit and easier to price on the way out, and every one of those is a benefit to the person holding it.
It also means a good deal we will not store. We do not vault jewellery. We do not vault scrap. We do not vault gold or silver bars, even though we buy them. And we do not vault Sovereigns, which is worth saying out loud because we buy Sovereigns readily and they are the most traded gold coin in Britain. If you want a coin you can put into our vault rather than a coin you can post to us, that difference is one of the things to weigh in our comparison of the gold Britannia against the gold Sovereign.
Goldbacks have their own route in. Depositing and exchanging them runs through our Goldback services process rather than the bullion one, and if you are keeping notes at home instead, how to store and protect Goldbacks covers what actually damages them.
Vault, home safe, or a claim on paper
Storage is not a two-way choice between a vault and a drawer. There are three broad options and they fail in different ways, which is the useful way to compare them.
| At home | Professional vault | Exchange traded product | |
|---|---|---|---|
| What you hold | The metal itself, in your hand | Metal recorded to you in a facility | A security that tracks the metal price |
| Access | Immediate | By request, subject to processing and location | Sell in market hours; metal delivery usually not available |
| Ongoing cost | A safe, and any insurance uplift | The storage schedule, which may be free monthly | An annual charge inside the product |
| Main risk | Theft, fire, flood, and household cover limits | You are relying on a third party and its terms | You rely on the structure, and you hold no metal |
| What it is good at | Control, privacy and immediacy | Scale, security and a clean exit | Speed and very fine dealing margins |
| What you give up | Security and insurable value | Holding it whenever you feel like it | Ever touching the metal |
Each column has something the other two cannot offer, which is why plenty of people use more than one. A small holding at home for the pleasure of it, the bulk vaulted, and nothing at all on paper is a perfectly sensible arrangement. So is the opposite. Our comparison of physical gold against gold funds works through the third column honestly, including why exchange traded products deal on margins no physical route can match.
Six mistakes that cost people money
Comparing monthly rates and stopping there
It is the one number everybody advertises and the one number that tells you least. Price the whole round trip for your own holding, including the exit.
Depositing metal that was cheaper to buy already vaulted
Buying, taking delivery, insuring the carriage and then paying a deposit fee can cost more than simply buying the vaulted line in the first place. Do that sum before you order, not after.
Assuming household insurance already covers it
Single item limits and total valuables limits on standard home policies are low, and precious metals are often specifically restricted. Check the wording rather than assuming.
Not reading the ownership clause
One sentence in the terms tells you whether you own metal or a claim. It takes a minute to find and it is the most important minute in the process.
Vaulting a holding that does not need it
A few coins in a sensible place at home are not a storage problem. Paying to solve a problem you do not have is still paying.
Forgetting the metal is in another country
Half of our vaulted range sits in the USA. That is fine, and it is published, but it belongs in your planning if you are thinking about timescales.
Who should vault, and who should not
We would rather talk somebody out of this than have them regret it.
Vaulting is worth arranging if your holding has grown past what you are comfortable having in the house, or past what your home policy will insure; if you are accumulating steadily and would rather not run a courier every time; if nobody at home should know where the metal is; or if you want the exit to be a request rather than a journey.
Think twice if your holding is small enough that fixed costs dominate; if the reassurance of physically holding it is a large part of why you own it; if you trade in and out often, since a vault suits accumulation more than activity; or if what you own is outside our range, in which case a general storage provider is a better fit than us.
And if you are still deciding what to buy rather than where to keep it, buying gold bars in the UK and what dealers actually pay cover the two ends of the same decision.
Frequently asked questions
How much does gold vault storage cost in the UK?
It varies widely, and the monthly rate is only part of it. Providers charge in up to four places: a monthly storage fee, a deposit fee on metal bought elsewhere, a withdrawal fee in metal or cash, and the gap between their buying and selling prices. Yard Mint charges no monthly storage fee at present and publishes the other three on its rates and fees page. Price all four for your own holding before comparing anyone.
Is vaulted gold insured?
At Yard Mint, yes, against loss, theft and fraud, with annual vault audits carried out. That is cover for the metal going missing. No vault insures you against the metal price falling, and our own pages say so plainly: the value of precious metals can fall as well as rise, and FSCS protection does not cover falls in value.
What is the difference between allocated and unallocated storage?
Allocated means specific metal is recorded to you, with the LBMA describing such accounts as backed by specific bars on a weight list and noting that the holder has no credit exposure to the institution. Unallocated means you hold a contractual claim rather than specific metal, and the LBMA is explicit that the owner then has credit exposure to the institution. Ask any provider which one they are offering, and where it says so in their terms.
What does Yard Mint actually store?
Four things: the tenth-ounce gold Britannia, the one-ounce silver Britannia, the one-ounce American Silver Eagle and Goldbacks. We do not vault jewellery, scrap or bars, and we do not vault Sovereigns, although we do buy them. Contact us before sending anything so we can confirm eligibility and the delivery arrangements.
Where is my metal stored?
Britannias are stored in the UK. American Eagles and Goldbacks are stored with our customer storage in the USA. Both are published on our vaulting and rates pages, and the location affects the practical timescale of a physical withdrawal.
Can I get my metal back out of the vault?
Yes. You can request physical delivery or sell your vaulted holdings back to us for cash. A physical withdrawal carries a fee of ten per cent of the amount you receive, added to the vault deduction, and may involve shipping charges. A cash withdrawal by bank transfer carries two per cent. Both are subject to processing and any required identity checks, and current figures are on the rates and fees page.
Can I deposit metal I already own?
If it falls within the vaulted range, yes. Contact us before sending anything so we can confirm eligibility, proof of purchase and delivery arrangements. Depositing items purchased from The Yard Mint is free; eligible items purchased elsewhere carry a deposit fee of ten per cent of the quantity deposited. Goldbacks follow their own deposit and exchange process.
Is a safe deposit box the same as a bullion vault?
No. A box is space you rent, and what is inside it is generally your responsibility to insure and to prove. A bullion vault records a specific holding to you, insures it as bullion, and audits it. They are different products solving different problems, and the difference shows up most clearly on the day something goes wrong.
Sources. The Yard Mint, vaulting: ownership retained by the customer; Britannias stored in the UK, American Eagles and Goldbacks with our customer storage in the USA; assets insured against loss, theft and fraud; annual vault audits; no monthly storage fee at present; the value of precious metals can fall as well as rise and FSCS protection does not cover falls in value. The Yard Mint, rates and fees: free monthly storage for gold, silver and Goldbacks; free deposit for metals bought from us; ten per cent deposit for eligible metals bought elsewhere; ten per cent physical withdrawal; two per cent cash withdrawal by bank transfer; worked examples; ownership and storage locations. The Yard Mint, Goldback services: the separate Goldback deposit and exchange process. London Bullion Market Association, The OTC Guide: precious metal accounts, for the allocated and unallocated definitions quoted above. The Royal Mint, Britannia 2026 1oz gold bullion coin: 999.9 fineness, one troy ounce, 32.69 mm. All Yard Mint pages read on 16 September 2026. No metal prices are quoted in this article, and published fees can change; check the current schedule before you deposit or withdraw.
This is general information, not personal tax or investment advice. Tax treatment depends on current rules and individual circumstances.
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