First State Depository Silver Storage

First State Depository Company, LLC is located in Wilmington, Delaware and was founded in 1979. The company provides depository storage facilities for precious metals of gold, silver, palladium and platinum. With every account, separate segregated storage is included for free. The silver you trust First State to hold in custody for you will be separated from the precious metals other customers have entrusted.

First State has a 15,000 foot storage facility fully secured along with a Class 3 Gladiator Door modular vault reinforced by 27 inches of concrete. A separate strong room located near the vault is used to store bulk silver and bulk products. Security is taken very seriously at First State, and closed captioned security cameras as well as digital cameras monitor the facility. Lloyd’s of London fully insures First State for $400 million.

First State also handles transport services for you, and will handle shipping and receiving your silver. They will use both reputed federal transport as well as armored transport vehicles for maximum security while your silver is in transit. The company’s location in Delaware makes it attractive for serious buyers and investors. Because of the policy on sales tax, any silver bullion you buy and have shipped directly to First State will be exempt from sales taxes.

Storage Accounts and Services at First State Depository

First State offers six different types of storage accounts- Individual Custody-Plus, Corporate Custody-Plus, Foundation-Charitable Trust-LLC Custody-Plus Account, Collateral Custody Account, and IRA Custody Account. The Individual Custody-Plus Account is for personal use and is what most investors will be interested in availing. Annual rates for the Individual Custody-Plus Account are 0.60% of the current and total spot price of all the silver bullion you have stored. Storage fees are billed twice a year in June and December. In addition, the minimum annual fee is $240.

The Corporate Custody-Plus Account provides more detailed services for corporate customers. These include verification and reporting of the certified coins, mint year and mint mark. For corporations who require a full and thorough account of the silver bullion bars and coins stores, this is the ideal option. Foundation-Charitable Trust-LLC Custody-Plus Accounts also provide businesses with similar services.

Collateral Custody Accounts are used for individuals who are using the silver bullion bars or coins as collateral for a loan they have taken out. First State acts as a third-party and transfers the specified amount of silver into the account of the lender, as security. Once you’ve fulfilled the requirements of the loan, the lender will transfer the silver assets back to you at no charge to you.

An IRA Custody Account is for individuals who already have an open qualifying Self Directed IRA account. The IRS does not allow you to physically possess the silver bullion that is included as part of your IRA investment portfolio. Storage in a depository is acceptable, and First State’s IRA Custody Account will provide that service legally.

A 401k Custody Account requires you to first have a Self Directed 401k plan. Depending on the plan and payment details, you may be able to have precious metals assets as part of your Employer Sponsored 401k Plan. You can change either all or part of your plan into silver and have it stored in a 401k Custody Account.