What is a bank statement? What's on it and when you'll be asked for one
By SendPay Business · · 2 min read
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.
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
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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. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.