Bank Statement

A bank statement is a document issued by a bank, typically monthly, that summarizes all activity on an account over a given period. It’s also called an account statement.

What it contains

A standard bank statement shows the opening and closing balance for the period, all deposits received, and all withdrawals or payments made. Together, these give the account holder a complete record of where money came from and where it went.

Why it’s useful

Beyond tracking balances, bank statements help account holders spot errors, identify unauthorized transactions, and get a clear picture of their spending patterns over time. For individuals and businesses alike, they’re also commonly required for loan applications, tax filings, and other financial processes.

How long to keep them

Most account holders should retain bank statements for at least five years. Statements remain accessible for that period even after an account is closed, though some banks charge a fee to retrieve older records, and fees vary by institution.

Paper vs. electronic statements

Most banks offer both options. Paper statements arrive by post. Electronic statements are accessible through online or mobile banking using the account holder’s login. Many banks default to electronic statements now, with paper available on request.