Martin Lewis: Money Saving Expert shares how long to keep bank statements, documents to win you £1000s
A simple folder of old statements, agreements and receipts could one day unlock major payouts 💼
- Martin Lewis says the old six-year rule for keeping financial documents is outdated
- He warns that old paperwork can be crucial for reclaiming money from mis-selling scandals
- Recent car finance claims show consumers with older records are far better protected
- Lewis outlines which key documents people should keep, and for how long
- Even digital copies can help prove what you paid and support future compensation claims
Most of us have a guilty drawer or box stuffed with ancient bank statements, dusty loan agreements and receipts we’re not sure we’ll ever need again.
Common advice says these bits of paper only matter for six years, a period often linked to HMRC’s ability to look back during a tax investigation. But according to Martin Lewis, that rule is outdated and far too limited.
On his website, the Money Saving Expert founder says that old financial paperwork has quietly become one of the most valuable tools consumers can have.
Not just for tax, but for fighting back against mis-selling, unfair charges and historic wrongdoing by financial firms. And, as he puts it, recent scandals prove him right.
Why six years isn’t enough
HMRC’s record-keeping rules are surprisingly short. Most people filing Self Assessment only need to hold tax records for roughly 22 months after the end of the tax year.
Limited companies usually need six years of accounting records. That’s purely for tax purposes, and it’s where many people stop. But Lewis says that’s a mistake.
In 2013 he warned that shredding paperwork too soon could cost people money, referencing PPI, packaged bank accounts and flight delay compensation as examples of areas where consumers who kept detailed records were miles ahead when the chance to reclaim arrived years later.
“Evidence of systemic mis-selling often takes years to work through the system,” Lewis wrote at the time. “If it’s related to a pension it could take decades.” In other words: you don’t know yet what you’ll one day need.
Fast forward to today, and Lewis says the same pattern is unfolding again, this time with car finance mis-selling.
The regulator has proposed a mass compensation scheme covering finance agreements taken out from April 6,f 2007 onwards. That’s nearly two decades of paperwork that may suddenly matter.
The crucial issue? Evidence. Firms rarely keep detailed records beyond a handful of years, especially after an account is closed. Digital “shredding” is considered good data practice, so older information simply disappears.
That means consumers with old loan documents, credit reports or bank statements showing repayments are now in a far stronger position than those relying on lenders to dig up history that might no longer exist.
When people ask Lewis, “How far back can I claim?” his answer is blunt: the rules may say six years, but regulators often allow far older cases when there’s widespread mis-selling. The real limit isn’t time, it’s whether you can prove what happened.
What should you actually keep?
Lewis isn’t telling people to hoard every scrap of paper from the past 20 years. Instead, he suggests keeping the right pieces, the documents that show what you paid, what you were sold and when.
His recommended “keep” list includes:
- Loan, mortgage, credit card, car finance, hire-purchase and other credit agreements
- A couple of bank statements per year showing interest, charges or add-ons, and key statements before switching or closing accounts
- Opening or upgrade paperwork for products like packaged bank accounts or savings accounts
- Flight bookings and confirmations, especially costly trips
- Receipts and guarantees for major purchases
You don’t need to keep originals, either. Lewis says scanned copies or photos are fine, as long as they’re backed up and stored safely; it’s all about protection.
A small folder of digital paperwork could one day be worth hundreds or even thousands of pounds.
Lewis says you never know which financial scandal will be uncovered next, but your old documents might be the key to reclaiming what you’re owed.