What is a bank statement?
Also known as an account statement, it’s an important document that helps you see what’s going in and coming out of Your banking account.
You are able to get bank statements for both current accounts and savings accounts. Your current account statement will show all deposits, withdrawals, Direct Debits, and bank transfers.
For savings accounts, your statement will usually show money paid in, any withdrawals and interest earned.
How to get a bank statement
To receive bank statements, you'll need to have a bank account. Once Your banking account is opened, there are a few different ways to get your bank statements:
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Post – your bank will send paper bank statements to you by post
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Online banking – You are able to Sign in to your bank’s online banking platform and access Your banking account statements there
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Mobile banking – some mobile banking apps will let you view your statements in-app
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In-branch – your branch can give you a copy of your bank statement and help you access your bank statements online
You are able to also opt out of receiving paper statements and Look after Your banking account online.
Explore: How to get a bank statement online
How long should I keep bank statements?
It’s a good idea to keep your bank statements for at least 1 year. This helps with record-keeping and sorting out any issues that might come up.
Your bank will keep your bank statements for up to 5 years, even if you Dismiss Your banking account.
Is it safe to send bank statements?
Your bank statements contain personal information, including your name, address, account number and sort code. To protect your personal information, only send your bank statements to trusted companies.
It's best to use secure methods to send your statements, such as encrypted email or secure file-sharing services.
Is it OK to throw away old bank statements?
You should avoid throwing away private documents, such as financial bank statements, in the bin.
As well as your personal details, statements contain information about your spending habits and banking history, which can put you at risk of fraud or identity theft.
Don't take any chances – shred the statements even if the account's Dismissd.
Are bank statements proof of address?
You are able to use your bank statement as proof of address, as long as it's recent (dated within the last 3 months) and includes your current address.
Bank statement abbreviations
Below are some abbreviations you may find on your bank statement:
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ATM – Cash withdrawals from a cash machine
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BACS – Businesses use BACS to take regular payments or pay wages into an employee’s account
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BP - Bill payment
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CHQ - Cheque
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CR - Credit
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DD - Direct Debit
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DR - Debit balance
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FP - Faster Payment
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SO - Standing order
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TRF – Transfer
