How long do you keep bank statements and other junk?

I don't get bank statements now that my bank accounts are all paperless, everything is available to me online going back years.
I do get some bills/junk and I only keep them for one year then shred them. I can't see any point in keeping them any longer.

I always consult Martin Lewis when I have financial queries. In this case:

blog.moneysavingexpert.com/2013/08/12/dont-throw-bank-statements-away-after-six-years/

He doesn't answer individual queries but you can post your questions on his forum and get some expert advice from (seemingly) qualified followers.

A word of caution here, I am an inveterate clearer outer but ran into problems when I made PPI claim. I had to produce information from 5 years previously and had a real struggle to find any. I did get compensation but it was tricky.

Like you, threesugars we are planning a paper blitz. We've got bank statements going back more than five years and it is my intention to scan them onto my computer - when I have time, and then she's them. We are also knee deep in tax certificates, pay slips from both our former employments, utility bills and all sorts of other semi official detritus. Something has to give somewhere or it will be flowing out the door with me on top!

SHRED them, not she's them!!!!

It's all online. The bank would be able to retrieve anything you suddenly needed.

Mrs P keep them for ever. Thank goodness she does, her financial history going back to 1972 enabled us to get the £3000 + back that we paid in payment protection on an old mortgage. Some close friends who had the same policy around the same time, could not prove what they had paid and had their claim rejected.

My DH had his own business and I have bank statements going back to when he started up - over 30 years ago!! I know I should get rid of them but I have them all in ring binder files on shelves in the office.

Bank statements should be kept six years for tax purposes.

Yes six years is a good time scale although bank statements can be produced online these days and a lot of other paperwork can too.
Once a year (well, I delude myself it's once a year!) I go through our writing desk where the dreaded folders live and empty them out just keeping the necessary stuff and "sample" paperwork eg payslips etc.
I have one folder ready for our death/s too. All the necessary paperwork (well most of it anyway!) is in one place. It's become a family joke that when we go anywhere "the folder is in the dining room on one of the chairs out of sight of the window"
One day they'll be glad. . . .

I keep all records for 6 years. The tax authorities, as I understand can go back six/seven years if they decide to investigate your affairs (even further if they find evidence of wrong doing).

DF, not a hoarder in other aspects of his life, kept all bank statements and utility bills from his retirement from the army in 1964 until his death in 2007. All neatly filed in a cupboard full of ring binders.

I have a four draw filing cabinet in the spare room I need to blitz as I can hardly shut the draws. I suspect there is more than 6 yrs. paperwork in there.

Legal requirement is 6 years, for all paperwork related to income. Everything else I bin pretty quickly unless it is likely to be part of a future claim etc.

I do banking online and have chosen not to have paper statements. Utility statements I keep for the year and other things like receipts I keep until either the item is out of guarantee or I know it's OK. I try not to keep very much as most companies can provide a record. If they can't they've no argument have they?

I also bank online Sherish and am paperless for gas and electricity too. So much so that when I had to produce two firms of identication, one if which should be a recent bank statement or utility bill (.proof of addrress) I was a bit pushed to comply.

all my bills are paperless too..another option to shredding is tear the bills up and place in a bucket of hot soapy water and leave it to soak over night then gather up the paper in small balls squeeze then bin the balls...

I keep 7 years worth of utility bills. When I add a new one I shred the oldest. I also have every bank statement I have ever received , and I have no good reason!
DD had a letter the other day from the inland revenue requesting her to confirm her single status. She has to produce rental agreement, bank statements, utility and phone bills. She had a clear out recently, which she is now regretting. She has made no false claims, definitely not co-habiting, the idiot ex isn't even allowed into the house when seeing the children! I wonder if he 'dobbed her in' for fun. It is a lot of hassle getting the info together. I hope she will keep paperwork in future. She does have years' worth of emails though. I delete most of mine, saving into files anything important.

WE are having a big chuck out due to a house move - we will keep 6 years worth as we always have done; and put them in the loft for the mice to make nests from!

I've kept all my payslips from my many years in teaching. Obviously my pension is in place and I don't anticipate having to query anything now but I still keep those.

Recently we decided to have a clear out and this including all the legal letters etc. from our various house sales over the years. We now only have the documents concerning this house. The deeds (I think) are with the solicitor even though we own outright. Now I am wondering if I should ask for those!!!

I have taken photos of some things that I was not sure of although I realise they would have no legal significance in photo form.

I live in France and each type of document has a different "keep life". Electricity, gas and water bills have to be kept for 5 years but phone bills for only one. Income tax declarations and documents for 3 years, property taxes for one year. Pay slips until retirement, etc. etc. Consequently, it's easier to keep everything! I moved house earlier this year after over 30 years so finally got rid of a lot of dead trees.

We are largely paperless as everything gets paid on line so we only keep legal documents birth certs stuff like that which has to be kept forever..

peaceatlast - most deeds are redundant now as the details of ownership are stored electronically with the land registry. I ma just about to get mine out of the bank, as our last house move was pre-electronic storage, so that they can be transferred by the Land registry. My SIL is buying my house and he is interested in history so will enjoy having these documents that go back to the early 1800s.

I thought six years was safe for bank statements etc. .but. my husband was asked for £2000 back tax that he had paid seven years previously. We knew we had paid it but had no bank statement to prove it. We had marked cheque no. and date sent on original demand. We phoned the bank but the bank only keeps records for six years. So a heart sinking moment. Then I realised that the original letter and the new demand were from different offices in different parts of the U.K. We got them to talk to each other and the matter was resolved. I now keep all bank statements. One day our loft will fall in!

I had a shredfest at new year and shredded everything before 2010. What a mistake that was. I had to claim pension credit and mortgage interest payment and they wanted proof from when I remortgaged back in 2007. Of course it had all gone.

I went to the bank and they didn't keep anything before 2010 either. It was a nightmare. Managed to give them enough information through other means but DO BE CAREFUL if any of your records are meaningful.

The idea of scanning them before shredding is brillient. Why didn't I think of that. Duh.