This blog post was accurate when we published it – head to monzo.com or your Monzo app for the most up to date information.
How Long Should You KeepBank Statements?
Abank statementis a summary of the transactions on your account over a certain period of time.
You might need one if you’re filing your tax return 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 documentslikeinsurance documentsor active contracts or debt repayments should be kept for as long as they are active whilstutility billscan be kept for maximum of one year.Credit cardstatementsand other personal documents should be kept for 6 years. This is as far asHMRC can ask you to go back if you're being investigated fortax purposes.
There are three main points to keep in mind when you’re thinking about how long to keepbank statementsfor 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 receivebank statementsby 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 discardbank statements. It's very important to get rid of any old financial statements in the most secure way possible - shredding or burning them when you can - in order to help you avoid becoming a victim of identity theft. If you're worried about fraud, we've put together an online resource on how to avoid some of the most common attempts.
Bank statementsare 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 fortax returnslikebusiness expenses. However, things like ATM receipts can be shredded once you have amonthly bank statement.
Mostbank statementsare available online and so keepingthe paperworkisn’t as important as it used to be. If you get yourbank statementsonline, you can request a hard copy from your bank. When it's time to get rid ofbank statements, make sure you use ashredderfor anyfinancial recordsso this can be done with no trace back to you or yourbank account.
And if you're wondering about your utility bill: OFGEM requires all utility providers to give you at least 12 months of previous bills. If you're using a utility bill as a proof of address, they usually need to be dated within the last 12 months in any case, so if you should be able to share any recent bill.
How to get abank statementfrom 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 originalbank statementfor 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. Find out more about Monzo and current accounts.💰
Open a Monzo account today!Just download the app to get started 👇
This post was updated on September 22 2020
