How Long Should You Keep Bank Statements?
A bank statement is a summary of the transactions on your account over a certain period of time.
You might need one if you’re filing your taxes or submitting expenses. Banks also ask you for statements when you’re applying for a mortgage or a loan. Or if you’re renting a home, your agent or landlord might want to see one.
Certain documents like birth, death, marriage certificates, housing records and wills need to be kept in a safe place. Financial documents like insurance documents or active contracts or debt repayments should be kept for as long as they are active whilst utility bills can be kept for maximum of one year. Credit card statements and other personal documents should be kept for 6 years. This is as far as HMRC can ask you to go back if you're being investigated for tax purposes.
There are three main points to keep in mind when you’re thinking about how long to keep bank statements for specifically:
Bank statements are important to verify debit and credit activity
They should be kept in hard copy or electronic form for one year
Your bank will allow you to access your statements for at least one year online (most banks keep them for five years or more!)
If you receive bank statements by post, you should keep these for a minimum of one year, in a safe and private place. After one year, it is safe to shred and discard bank statements.
Bank statements are important because they provide a record of things like payroll deposits, payments and purchases. They can also be used to confirm and check any transactions you’ve been making, especially with transactions you might need for tax returns like business expenses. However, things like ATM receipts can be shredded once you have a monthly bank statement.
Most bank statements are available online and so keeping bank statements isn’t as important as it used to be. If you get your bank statements online, you can request a hard copy from your bank. When it's time to get rid of bank statements, make sure you use a shredder for any financial records so this can be done with no trace back to you or your bank account.
How to get a bank statement from Monzo?
You can see and download your statements through the Monzo app, by hitting the button at the bottom of your Profile page and heading over to “Statement History”.
You can also get a full export of all your transactions by pressing the button at the bottom of your Summary tab.
If you need an original bank statement for a visa/mortgage application, please speak to the customer support team. We can give you an original document, so it won’t need to be stamped or signed.
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