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7 years is the requirement...not sure why. seems soooo much paper work. (Doctor's offices are supposed to keep patient records for 7 years too...even if they are not a patient at the office any more, and even if deceased).
Keep in mind that a lot of banks and other companies have ONLINE STATEMENTS and they can send them to you if you need them to. That way YOU don't physically need to have paper statements.
troychristine23
7 years
Jimmy S
7 years ,is the right answer.
Paul
You and your bank are legally and financially liable for six years from the event.
Standard accountancy practice is to keep records for the current financial year and six previous full years (hence up to 7 years as some people have suggested here).
Your bank is legally obliged to keep six years worth of records and should be able to provide copy statements going that far back, albiet for a fee.
The likelihood of you as individual having to rely on your bank statements as evidence is pretty slim and so you might be happy only keeping a year or two; it's really down to what you consider to be a reasonable risk.
I trained to be an accountant and have been self-employed and/or in business for much of the time since so I keep the full seven years worth, but have never had cause to go back more than one financial year.
David M
I keep them for a year. But if your bank offers an online service (usually for free) where you can get a copy of an old bank record, there's no reason to keep them. As a matter of fact, if you're an environmentalist, you can go entirely paperless, get your statements via the Internet and save a whole bunch of trees in the process.
mister ed
i only keep mind till i get my next one -- been doing it for 50 years without a problem!!!
itsagggghost
I only keep mine for 12mths then shred them.
Sparky
I keep mine for 2 years and have a regular clear out in January every year.
aniga
hi nutty i think you should keep your statement as long as you as you think you may need them because sometimes the bank aske for prove
Doug M
I only keep mine going back a year. Can't say why, it just seemed a good cut off date. Especially the pay statements.....current tax year and all that.
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