Old bank statements - clearing out

[DasPepe]

I have moved a lot as a child and adult, including countries. We are not currently in the UK but considering going back. I’m trying to clear things away, regardless where we move we cannot be shifting bank statements going back to 1997. I cannot let go of them, I somehow think I might need them. I have a fear of giving / getting rid of things only to need them just after or spending money to buy new ones. I’m posting in AIBU because I need some firm sense talked into me but I also want to make sure it’s the right thing to do.

Thank you

Old bank statements definitely aren’t needed if they’re that old! Get rid of them.

One sure fre way to let go is to decide to scan them and save them online.

You'll do a year or two at most!

1997?!! That’s amateur levels compared to my mother! 😂 I fully anticipate inheriting bank statements and payslips that are older than I am! If you genuinely think you might need to refer back to them (no idea why you would) could you photograph them and upload to OneDrive or similar?

You only need to keep a few years of old paperwork. Try getting rid of the oldest, a little at a time if necessary.
It's very liberating.

In the spirit of AIBU even banks on keep 7 years (may be bullshit but sounds good)

Give your head a wobble

and LTB whilst you’re at it!

I asked a bank manager friend about this. They said keep.six year's worth and shred the rest.

I think 7 years is the rule of thumb for financial records. I remove an old one for every new one that goes in my folder. Keeps it to one ring binder!

Good luck.

Scan one from each year plus any that show significant withdrawals, loans, change of account or large deposit. Shred the rest! This is a job I keep meaning to do......

Hang on - don’t most banks have statements online now so you can happily shred the lot?...

I moved back to the uk last year after 25 years overseas. I kept the last two years of bank statements, 7 years of tax returns and various summary sheets relating to savings accounts (in case I was asked for evidence of where funds came from) and ditched the rest.

Have you looked at them for anything useful in the past 10 years? Probably not! Then get rid! Give yourself a limit that you'll keep 3 years worth at a time for example, but no more!

@CuriousaboutSamphire

One sure fre way to let go is to decide to scan them and save them online.

You'll do a year or two at most!

Haha

I haven’t had a paper bank statement for a couple of years now Blimeyoreilly2020.

@Allllchange

I asked a bank manager friend about this. They said keep.six year's worth and shred the rest.

What?!?! When did you ask them that, 1975?

Surely if you ever needed a statement you just just search and download it from your banking app?

The only reason I think anyone would ever need to check mine would be after my death, when my Executors need to do the tax form. They’ll need to tell HMRC of any potentially exempt transfers in the 7 years before I die but won’t need those to be paper copies

Shred, carrying around a pile of useless pieces of paper including the moving costs and weight!
It feels good to de clutter
You could scan and save a few important statements saved to a file online.
I have had no bank statement for years it is also a fantastic way to save paper and you can search back for any transactions.
Now I wonder what to do with my school reports! Back in 1980...Maybe the scanning myself!

Everything is on line now, embrace the modern world and burn your old bank statements. You will feel much lighter afterwards.

Thank you all. I do have trouble letting go. Funny enough I don’t have any old school reports.
I guess I hoped that it would ‘count’ for something having an account that long. But it doesn’t - does it?

It doesn’t count for anything. The bank know how long you’ve been a customer, producing 20 year old statements won’t prove anything! Get rid.

No it really doesn’t. Not even with the bank you’ve been loyal too but certainly not with a different bank in a different country.

If anything it marks you out as a customer unlikely to shift for a better deal and therefore less financially aware.

@DasPepe

Thank you all. I do have trouble letting go. Funny enough I don’t have any old school reports. I guess I hoped that it would ‘count’ for something having an account that long. But it doesn’t - does it?

No.

But even if it did, the bank knows when you became a customer so there's absolutely no need to keep paper records.

I haven't received a paper bank statement in at least ten years. Everything is online nowadays.

I've recently had to try and prove an address from 5 years ago which was hard as I purged all paperwork older than 2 years recently. As you say you have moved around a lot especially different countries, I would suggest keeping the first and last bank statement from each address to prove your period of time there just in case you ever want to go back to a certain country.

Scan them and shred

I keep nothing but interestingly found an old P45 recently and saw that a previous employer had paid 2 years worth of NI contributions into the wrong national insurance number. Never noticed at the time, was probably busy partying in my 20s.. Doubt there's much that can be done now it was 1993!!
I would just shred your bank statements OP.

Check what is available on line. Usually the suggestion is that you need to be able to go back 6 years in case of a tax audit (6 years is the limitation period for most contractual matters too in England and Wales).

If you need proof of address then you can keep a couple of examples.

I would also check the statements to see if you have any old accounts that need closing.