How long do you keep your statements? 29 April 2007 at 11:34PM in Savings & investments 19 replies 1.7K views

Suzey

Hi all

I've been chopping and changing my savings accounts lately and was wondering how long people keep their statements.

I'm keeping my ISA statements for seven years for tax purposes but am thinking of shredding all of the other old ones as the money is all in other accounts now.

I've also got A&L and Lloyds current accounts, but only for the regular savers, so don't really see the merit in keeping these statements either.

Can anyone save me from my growing paper mountain? :eek:

Suze

mleonard79

Best not to ask me Suzey - I'm dreadful at accumulating paper mountains and hording statements and have probably got ones as old as 10 years kicking about :eek: so by my standards you're doing pretty well on the clutter front

Regards

Michelle

LittleVoice

Why are you keeping ISA statements for tax purposes? They don't have to be declared do they?

Having said that, I keep all my statements (probably longer back than Michelle!!!)

nilrem_2

I only keep the current ISA statements TBH other statements I keep until I have a sort out, I suppose I keep bank statements for up to 7 years after that they go into the shredder!

Beate

I keep everything forever, but that is just me. As we have seen from the whole Reclaim Bank Charges scenario, it makes sense to keep statements for at least 6 years, because all the people who didn't, had to send off for them which in a lot of cases cost £10 and took 40 days.

Suzey

I've never had to pay bank charges, so wouldn't need the statements for this reason

Suze

Beate wrote: »

I keep everything forever, but that is just me. As we have seen from the whole Reclaim Bank Charges scenario, it makes sense to keep statements for at least 6 years, because all the people who didn't, had to send off for them which in a lot of cases cost £10 and took 40 days.

Suzey

They don't have to be declared, but the statements might come in handy if HMRC come after me saying "you made X amount in interest and we want a cut"...

Suze

LittleVoice wrote:

Why are you keeping ISA statements for tax purposes? They don't have to be declared do they?

Having said that, I keep all my statements (probably longer back than Michelle!!!)

mleonard79

I keep everything forever, but that is just me.

Glad to see I'm not the only inveterate hoarder around MSE Beate

Regards

Michelle

Stompa

mleonard79 wrote: »

I'm dreadful at accumulating paper mountains and hording statements and have probably got ones as old as 10 years kicking about

Is that all? I have credit card statements that go back as far as 1982!

mleonard79

Stompa wrote: »

Is that all? I have credit card statements that go back as far as 1982!

Ah Stompa but I'm only 28 and got my first main bank account when I was 18 so give me another 15 years and I'm sure I'll have statements that old kicking about too!! :rotfl: (To be honest now that I think about it I'm sure I've got some old teen account statements and child post office savings account stuff in a box somewhere so it's probably more than 10 years worth! )

zag2me

I use internet banking so any statements I get I shred immediately. Personally I don't think its very safe keeping account information any longer than it is necessary.