Bank Statements ?

Gremlin

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I've always been told that you need to keep bank statements for a very long time, someone once said 10 years !!
Normally I've shredded/burnt them after a year.
Question is, I've old paperwork etc out and still have some old statement but now do online paperless banking
so how does that work, should I be printing the online stuff off to keep ?
Seems odd if that is the case, I've got enough pieces of scrap paperwork around as it is
 
If you think you might need it you should be able to save pdf statements onto a usb stick or the like.
 
Can't think of a reason I would need them, really don't want loads of usb's with bank statements or to clog up an external hard drive
Does the bank keep old records on file ?
 
Yes.
You can request up to 6 months for free, beyond that they tend to charge.
 
IIRC you should keep them for 6 years (just in case the tax-man want's a look). PDFs won't exactly clog a hard drive or a memory stick.
 
Banking has moved on a bit since you were told to keep years worth of bank statements, I don't even get paper bank statements any more and shred anything old that I find.

As far as I can see the only reason for keeping them is for a mortgage application and the maximum they ask for is six months of bank statements, which you can easily get from your bank. Maybe if you do self assessment tax you need a years worth of statements (do you need bank statements for self assessment?)?

However, if you are self employed you typically need three years of books to prove sustainable income but business requirements are a whole lot different to personal information.
 
Banking has moved on a bit since you were told to keep years worth of bank statements, I don't even get paper bank statements any more and shred anything old that I find.


Thanks that has answered my question.
Not self employed, don't need a mortgage (own my property) so sounds like I can just shred the lot :D
 
HMRC are pretty clear on this.

For personal tax you need to keep bank statements for 22 months after the end of the tax year the tax return is for or 15 months after you submit your tax return if it's late.

https://www.gov.uk/keeping-your-pay-tax-records/how-long-to-keep-your-records

If you're self employed, it's 5 years.

https://www.gov.uk/self-employed-records/how-long-to-keep-your-records

Failure to do this involves fines and stuff though they don't care in what format you keep the data. Paper, thumb drive, cloud, whatevs.

And, just in case you haven't been on a data retention course lately, only an idiot would keep them a day longer than they need to - since HMRC can investigate any records you have.

So 22 months after the end of the tax year, get that shredder going.
 
HMRC are pretty clear on this.

For personal tax you need to keep bank statements for 22 months after the end of the tax year the tax return is for or 15 months after you submit your tax return if it's late.

https://www.gov.uk/keeping-your-pay-tax-records/how-long-to-keep-your-records

If you're self employed, it's 5 years.

https://www.gov.uk/self-employed-records/how-long-to-keep-your-records

Failure to do this involves fines and stuff though they don't care in what format you keep the data. Paper, thumb drive, cloud, whatevs.

And, just in case you haven't been on a data retention course lately, only an idiot would keep them a day longer than they need to - since HMRC can investigate any records you have.

So 22 months after the end of the tax year, get that shredder going.

Which may in fact be totally useless, as is keeping old statements, since banks keep copies of all your statements - mine does for the past 7 years.
.
 
UK banks keep statements for 7 years. (6 + 1) .... 6 years appears to be required by statute.
 
cloud storage
scan and save
done
 
Which may in fact be totally useless, as is keeping old statements, since banks keep copies of all your statements - mine does for the past 7 years.
.

Mine possibly does - but them don't make it easy to retrieve them. They remove the PDFs from my online area after a year or so. Getting older copies is chargeable. HMRC also wouldn't routinely be able to access this data for an investigation.

Fun fact: there's no need to pay for copy bank statements. It's personal data. And the good old GDPR makes this free to receive. Just quote the magic letters ;)
 
Oh well I've got have a bin liner full of shredded stuff, if he tax man wants it he can stick it back together :mad:
 
I've always been told that you need to keep bank statements for a very long time, someone once said 10 years !!
Normally I've shredded/burnt them after a year.
Question is, I've old paperwork etc out and still have some old statement but now do online paperless banking
so how does that work, should I be printing the online stuff off to keep ?
Seems odd if that is the case, I've got enough pieces of scrap paperwork around as it is

First of all: This is out of date.

In the old days, people may have to keep their bank statements, usually to show as proof. Maybe if you lost your job and have to sign on at the Job Centre, they want to see proof of your savings, maybe if there are problems with your taxes, the VAT man want to see proof, and all that stuff. So we've been told to keep records of our bank statements, keep your receipt as proof of purchase, invoices, and all that.

But nowadays, what is the point? With improvements of technology and computers, banks can keep your records as far back as they can, so if you needed a bank statement as proof, you can always go to your bank and ask for a bank statement backtracked to couple of months (or how long ago is needed), or you could even do it yourself by log on to your digital banking and print out statements. I went to the job centre and show my bank statement as proof, they never said anything about it being a printed out, they accept the print out as an original anyway. As for receipts, most of the things you bought would get broken and thrown away, so why keep a receipt for that 25 years old microwave you threw away after 10 years of use because it broken down and became unsafe?

I would prefer to throw away outdated bank statements and unless receipts on ground of health and safety. There is too much papers in your home, to pose a fire risk. Fire fighters would be happy to agree and side with you over that of DWP or HMRC. Also you could argue that your home is a home, meant for living in, not meant as a old paperwork filing warehouse. Who wants to live in a living room that displays sacks of old bills and statements?

So if there comes a time when you need to use the bank statement as proof, you can always get it from the bank or print it out yourself.

I know you asked about old bank statements, but for anyone else who may have similar worries about old invoices, bills, and receipts, they can be in the same boat.

Beside, with modern technology, I should point out that a few other members who posted before me, are correct about their ideas. You can scan your old bank statements, invoices, bills, etc. Or with some smartphones and tablets like iPad, you could take photos of them. Save them as PDF files, and save to either your computer's hard drive, or save to the cloud. (I would suggest: Both your computer's hard drive and the cloud, after all either one can fail. Remember to back up your hard drive.)

It is your home, your stuff, so do what you want with it. As far as I know, the advice about keeping old bank statements, invoices, and receipts, are all that, just an advice from the banks and shops. As far as I know, it is not a law saying you must keep them, just banks and shops advising you to. It had kind of became socially acceptable tradition for banks to advise customers to keep records, and yet they haven't noticed it had became pointless because of the digital age.

Oh one last thing: Some members above pointed out that banks will keep your records for 7 years, and in your case, you heard someone suggest keeping 10 years worth of bank statements. But really?? Most offices, be it DWP, HMRC, whatever, they often asked to see the most recent statements, usually past 3 months. Because of this, I used to keep only 6 months worth of bank statements. (Not any more as I switched to paperless statements, after all I can always print out past 3 months statement.) Have any of you guys ever get asked to show bank statements dating back to the past 5 years? 7 years? 10 years? I'm sure most of you may say, "Hang on, yes, I do remember when applying for benefits (or credit card), I was asked to show past 3 months of bank statements." I don't know about the VAT people, and I'm sure in the world of business, they need past financial year (or 2), but in my experience I've usually seen DWP or other offices usually asking for past 3 months, let alone 3 years.

Anyway, your papers, your home, up to you. Shredding them is great, but please remember to have your bonfire outside not indoors. :-)
 
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