How long should you keep your bank statements?

Question

before I shred them.

Answer 1

I keep my bank statements for 7 years.

The IRS can go back 3 years, and more than that if they find fraud in those 3 years.

However, the statute of limitations on other items such as whether or not you've paid a bill can run up to 7 years back. So, I keep 7 years. I have a big shredding day the first week of January!

Answer 2

At most, 2 taxable years (Jan 1 - Dec 31). There's really no point of keeping them longer than that. You should really shred them or burn them instead of dumping it in the trash can.