What is a bank statement? What's on it and when you'll be asked for one
By SendPay Business · · 2 min read
- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
A bank statement is a record of everything that went in and out of an account over a set period, usually a month. Most people now get them as PDFs or in their banking app rather than on paper.
What a statement shows
- The account holder's name and address.
- The account details, such as the sort code and account number, or IBAN.
- The period covered, with the opening and closing balance.
- Each transaction, with its date, a description, and the amount paid in or out.
- The running balance after each transaction.
When you'll be asked for one
Landlords, letting agents, lenders and some employers ask for recent statements to check your income, spending or address. Accountants use business statements to check the books, a job known as reconciliation.
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How long to keep them
HMRC says businesses should keep records for at least five years after the 31 January submission deadline of the tax year they relate to, and companies generally for six years. Keeping statements for the same period is a sensible habit.
Where SendPay fits
SendPay platforms give your customers GBP, EUR and USD accounts with transfers, cards and payment links, under your own brand and powered by licensed partners.
How it works
Money on its way- 1Pick who to pay and type the amount
- 2Tap send and it is on its way
- 3It lands in their account
Why sign up
Create your free SendPay account
It's all about creating your own financial platform with ease. Start with a free account today.
- 🪪A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
- 💳Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
- 🌐A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
- 🚀Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
Questions people ask
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Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.