Sam,
When I had my daughter, the hospital banked the cord blood right away. If I understood the policy correctly, anyone can access anyone else's cord blood if given consent, but no one pays until they have to use it.
Private companies are iffy so be sure to do your research on this thoroughly before giving anyone money.
The likelihood of you needing cord blood in the future is hard to know but most people do not need it. If you or your husband have a family history of a serious illness maybe your chances are greater... I don't know.
God forbid you DID need cord blood in the future for whatever reason, you will probably end up with an endless list of medical expenses anyway.
I am happy our blood was banked mostly for the reason that another family that may need it besides my own would have access to it and it didn't cost me anything to have it banked, It was going to be thrown away anyway, so why not?
See if the hospital will bank it at no cost if you consent to others' use of it.