Keeping bank statements and communications

P0123

Please excuse me if this sounds like an obvious question but, in the past, there have been differing "official" statements given.

I have kept all of my past and present bank & building society account documentation, (including statements, letters, information sent, etc); recently, with the PPI and Bank charges/misselling issues, they have come in handy. (However, now that they are over, and I have been informed that I am entitled to nothing, or the transaction was too long ago, I guess I no longer need them all.)

They are taking up too much room, in my small space, and so can I get rid of them all now?

I have just switched from Barclays to Nationwide, and so, presumably, I can shred all my Barclays paperwork.

I've also found some old paperwork that was hidden at my Parent's house, but those accounts are mostly closed now, and I am with new(er) versions or accounts now.

Thank you, in advance!

colsten

Only you can tell whether some or all of your old documents are of value you too.

If they take up too much space, you could scan them and keep them in an electronic file in the cloud (Google Drive, for instance)

P0123

Thank you for your reply, "Colsten", but there is a set limit as to when you should keep all statements, etc. It used to be SEVEN years, but I think it went down to something like FIVE years. (Martin Lewis could confirm this, as he has stated it, himself, before.)
As for scanning - firstly, I do not have a scanner, but even if I could gain access to one, I would not want/need to scan approx seven years worth of bank paperwork.

I just need the latest "limit" that is required.

colsten

Your decision entirely what you want to keep for yourself and how. Also your decision if you want to be told by Martin Lewis or someone else how long you should keep the documents.

meer53

There is no limit. It's up to you. I read statements when I get them then shred them, although most of mine are now online. The only thing I keep are receipts for large purchases and items which have a guarantee/warranty. You can now get most receipts by email now anyway. I hate clutter so only keep the absolute minimum I have to.

IvanDP

Just my personal approach, but as far as is practical, I am totally paperless.
All bank/credit card statements online
As many receipts as possible kept on email
As much official paperwork also kept on email if possible.

If any of this paperwork is ever needed in the future, it is so easy just to download and print, but luckily these days,many of the places that need this information will accept it via email.

born_again

I just keep stuff from Account opening.
Statements are mostly online now.

I would keep the last couple of statements from Barclays and any paperwork as proof of switch and balance.

p00hsticks

P0123 wrote: »

Thank you for your reply, "Colsten", but there is a set limit as to when you should keep all statements, etc. It used to be SEVEN years, but I think it went down to something like FIVE years. (Martin Lewis could confirm this, as he has stated it, himself, before.)

The 'five (previously seven) years' relates to how long HMRC require self employed people to keep business records
https://www.gov.uk/self-employed-records/how-long-to-keep-your-records

LobsterMemory

22 months for Self-Assessment purposes - though longer for self-employed as above

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

Flobberchops

Difficult to answer this one comprehensively. The replies along the lines of "Keep them until they cease to bring you joy" are probably a bit glib - financial documents have their use, but there comes a point where they'll almost certainly not be needed. Where to draw that line? I would hesitate to stick my neck out.

For people in normal, unremarkable circumstances I would say the last 3 years is probably more than enough. If anticipate you may need to provide evidence of your residency or financial movements then perhaps keep them for a bit longer (for example if you are in the process of applying for citizenship, a mortgage, a job within the financial or civil service, that kind of thing).

From my own experience, I once was asked by a prospective employer to provide 3 years of bank transactions, which involved me having to go to a bank I had closed all accounts with to get copy statements printed. Simply providing them with scans or spreadsheet data wouldn't have been permitted. Similarly, I often get people asking for several continuous years of bank statements to support Visa applications - in theory just a few annual statements or summaries should suffice but the immigration system is so bureaucratic and inconsistently applied that you can't blame the applicants from taking a belt and braces approach. Again, no e-statements accepted - this may be the 21st century but the Home Office works on paper, end of discussion.

JuicyJesus

Flobberchops wrote: »

Similarly, I often get people asking for several continuous years of bank statements to support Visa applications - in theory just a few annual statements or summaries should suffice but the immigration system is so bureaucratic and inconsistently applied that you can't blame the applicants from taking a belt and braces approach.

Trust me, you are more correct on than you could ever possibly know........