In the dim glow of neon lights, I descend a staircase lined with reinforced concrete, my steps echoing in sync with the monotone hum of advanced security systems. My host and an armed guard flank me as we reach the sterile vault room below. There, with coordinated precision, the two produce keys and unlock my private safe, its door opening quietly to reveal... emptiness.
Vault rooms often conjure cinematic images—secured spaces filled with bundles of cash, valuable jewelry and rare artworks. Yet, as digital banking has evolved, the market for safes has transformed. Today, individuals primarily seek these secure spaces for sensitive documents, personal photos and items of nostalgic value they fear could be lost or fall into the wrong hands.
Sensitive memories in full nude
“It’s not just about jewelry or treasure,” explains a private safe client. “People store important documents, family heirlooms, even emergency cash. People want to know that the things they hold dear are well protected. I put in old black-and-white nude photos of my wife and me, a keepsake from better days—if those ever got out, it’d be a thousand times worse than a robbery.”
Once a standard offering from many banks, private safe services have dramatically declined, leaving a gap filled by private companies that spotted the demand for secure storage. Customers in this expanding market aren’t limited to celebrities or business elites; as bank vault services dwindled, private safes provided high-net-worth individuals with more privacy and control over their valuables.
One leading company, Fort Knox, recently opened a state-of-the-art underground vault in central Israel. Due to security protocols, the location remains undisclosed. Invited to visit the new vault, I met energetic marketing director Shlomi Herbst, son of CEO Tzvika Herbst, who greeted me warmly in the nondescript office building. After submitting ID details in advance, a swift security check granted me rare access to this high-security facility—a glimpse into the hidden world of Israel’s wealthiest.
'We found ourselves facing a growing demand'
In Fort Knox’s vault room, shielded by reinforced concrete walls, the atmosphere is icy, clinical and almost breathless. Every detail is meticulously designed to create an aura of uncompromising security. Large, reinforced steel vault doors gleam under the lights, each equipped with advanced biometric technology—eye and touch monitors ensuring access only for authorized individuals. The sight of rows of perfectly aligned vaults conveys a strong sense of wealth and exclusivity, as though each drawer conceals a world of valuable secrets reserved for a select few.
Fort Knox is one of the few companies in Israel offering security and insurance solutions for private safes. Its clientele includes many prominent figures, from politicians and business leaders to celebrities. Beyond cash, jewelry and art, the country’s elite are also likely safeguarding sentimental items and even cryptocurrency assets.
"I’ve been working in finance and storage for 30 years, primarily with government and municipal authorities," says CEO Tzvika Herbst, who joined me during my visit to the company’s facility. "We started this business in 1995, initially handling parking meters and payment machines. With banks pulling out of private safe services, we found ourselves facing a growing demand in this area as well."
Herbst outlines the differences between private safes and bank services, highlighting the costs and high standards required to insure these safes. Fort Knox's business model relies on its partnership with global insurer Lloyd’s of London, which is the only company willing to underwrite such high-security operations, given the steep costs and rigorous safety measures.
“Managing safes has become a headache for banks,” Herbst explains. “Today, they are required to report everything, and there’s no client privacy. Many customers prefer private safes to maintain discretion and control over their belongings.”
What exactly is required to set up a private vault facility beyond impressive wall thickness and advanced security systems?
“One of the biggest challenges was securing insurance,” says Herbst. “No insurance provider in Israel was willing to cover safes at the security level we demand. Lloyd’s of London agreed to insure us only after an extensive review of our record and infrastructure, as well as stringent security standards. Enhanced safety and comprehensive insurance are our seals of approval.”
The Fort Knox facility itself once housed Discount Bank’s regional safe deposit branch, with walls 30 inches thick. “We added another 12 inches of reinforced concrete and steel that’s impossible to drill through, along with hundreds of embedded sensors. Our systems are unique worldwide. Total setup costs reached about 10 million shekels ($2.7 million), just to meet Lloyd’s requirements.”
Who are your clients?
“Our clients are quite diverse. Some store high-value jewelry or sentimental heirlooms, like a diamond necklace. Others keep wills, important documents and even cryptocurrency, such as USB sticks with Bitcoin that require extreme security to prevent theft. Naturally, we also have prominent clients—celebrities, politicians and businesspeople with valuable assets to protect. Full confidentiality is a key part of our commitment to them.”
Can anyone rent a safe with you?
“No. We have a strict screening process,” explains Herbst. “Every client must identify themselves and submit ID in advance. We send the information for Lloyd’s review, and there are strict criteria we must meet before approving a client’s access.”
Is this service only for the wealthy?
“We aim to be about 25%-30% cheaper than competitors. A small safe costs around 1,600 shekels ($430) annually, while a larger one is about 4,400 shekels ($1,200) per year.”
Shlomi Herbst, the VP of Marketing, adds: “Our prices vary based on safe size and rental duration. Rates start at 1,600 shekels plus VAT per year, which equals roughly 130 shekels ($35) plus VAT per month—excellent value.”
Competition in a growing market
Fort Knox is not the only player filling the void left by banks. One major competitor is Brink’s Israel, known for high-level security and extensive international expertise in transport and security. Brink’s vault services are among the most expensive, with prices starting around 1,800 shekels ($485) annually for a small safe and up to 5,000 shekels ($1,350) for larger, high-security safes. Alongside its security, Brink’s key advantage lies in its secure transport services, allowing valuables to be safely transferred outside company facilities.
Not all customers in this market are affluent, and budget options have opened up safe rentals to a wider audience. For instance, Ruthenium offers smaller, basic safes starting at 200-300 shekels ($55-80) per year, with larger, high-security safes priced in the thousands.
How do you compete?
“We have two main competitors—Brink’s, a global security company with ties to bank, and Brixton, a private firm focused on private safes. We offer broader insurance coverage than our competitors thanks to our partnership with Lloyd’s.”
“Three years ago, a competitor of ours, Ruthenium, had a break-in at their Tel Aviv facility. We have highly advanced, multi-layered security, so even a forced entry won’t reach the contents. Our entire security system is vetted by Lloyd’s, and we are committed to meeting their high standards.”
Get the Ynetnews app on your smartphone: