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How Long Should You Keep Bank Statements (UK)?

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Bank statements are vital financial documents that provide a snapshot of your transactions, expenses, and income. But just how long should you keep them?

Here we will cover the recommended timeline for retaining your bank statements and ensuring you stay compliant and organized. Ready to learn more about managing your bank statements efficiently in the UK? Let’s dive in.

Do I need to keep 7 years of bank statements?

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In the UK, keeping your bank statements and other financial documents for a certain period, typically for seven years, is generally recommended.

This includes bank account statements, tax returns, credit card statements, financial documents, utility bills, and financial statements.

Keeping these records for at least seven years is important for several reasons. They include:

Compliance with legal requirements

Keeping your bank statements, credit card statements, tax returns, and other financial statements for up to seven years is necessary to comply with legal requirements in the UK.

The HM Revenue and Customs (HMRC) may request supporting documentation and evidence of your financial activities during this period.

Evidence and proof of financial transactions

Retaining your bank statements can help you provide evidence and accurate information for any financial transactions, tax-related matters, or potential audits that may arise. It can also aid in calculating capital gains or all the repayments made on loans.

Financial tracking and monitoring

Keeping your financial records for at least seven years can help you track your expenses, monitor financial transactions, and ensure you have a clear record of your financial history. This can be especially useful if you are self-employed, own a business, or have investments.

Future financial planning

Access to your financial records can also help with future financial planning, such as budgeting, forecasting, or investment decisions.

Protection against fraud and identity theft

Retaining your financial records for at least seven years can also help protect you against fraud and identity theft. It enables you to identify any unauthorized or suspicious activities in your bank account and report them promptly.

Legal and contractual obligations

It is also important to retain active contracts and any paperwork related to debts or loans for as long as they are relevant to your financial situation, as it may be required in legal or contractual disputes.

How far back should you keep personal bank statements?

In the UK, it is recommended to keep personal bank statements for at least 6 years, as this is the time limit for most legal action related to financial matters. However, keeping statements for up to 7 years may be a good idea to be safe.

Keeping records of financial transactions, such as bank account statements, credit card statements, and loan statements, is important for filing tax returns, providing proof of payments, and accessing investment and loan information.

Electronic copies of statements and documents can be kept on a hard drive or online, but keeping paper copies in a secure location is also a good idea.

What records must be kept for 10 years?

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In the UK, certain records are recommended to be kept for an extended period of 10 years. These records are typically related to financial and legal matters, and retaining them is important for various reasons:

Tax records

It is advisable to keep tax-related documents, including tax returns, supporting documentation, and correspondence with HM Revenue and Customs (HMRC), for a minimum of 10 years.

This ensures you have access to accurate financial information in case of future inquiries or audits by the tax authorities.

Business and accounting records

If you own a business, it is essential to retain accounting records, such as financial statements, profit and loss statements, balance sheets, and general ledgers, for 10 years.

These records help monitor your business’s financial health, file accurate tax returns, and comply with accounting regulations.

Legal and contractual documents

You should keep certain legal and contractual documents for 10 years or longer. This includes agreements, contracts, leases, employment contracts, insurance policies, and any other documents that may be relevant in potential legal disputes or claims.

Property and investment records

You should retain documents related to property transactions, such as purchase/sale agreements, mortgage agreements, and property title deeds for at least 10 years.

Additionally, you should keep investment-related records, including purchase/sale receipts, dividend statements, and investment account statements for this duration.

Health and safety records

In some industries, health and safety records, such as risk assessments, accident reports, insurance documents, and training records, must be retained for 10 years to comply with health and safety regulations and ensure a safe working environment.

Intellectual property records

If you own intellectual property rights, such as patents, trademarks, or copyrights, it is advisable to keep records related to their registration and maintenance for 10 years or longer to protect your rights and enforce them if necessary.

By retaining these records for 10 years, you can ensure compliance with legal obligations, provide evidence in case of disputes or audits, and have access to important information for future reference.

Tips for keeping your bank statements

Here are some helpful tips for keeping your bank statements in the UK.

Organize and categorize

Create a system to organize and categorize your bank statements. You can use folders, labels, or a digital filing system to keep track of different accounts, periods, or specific financial transactions.

Secure storage

Ensure your bank statements are stored securely to protect your personal and financial information. If you choose to keep physical copies, consider using a locked filing cabinet or a storage box.

For electronic copies, store them on a password-protected hard drive or use encrypted cloud storage services.

Regular review

Set a habit of reviewing your bank statements regularly. This allows you to detect any unauthorized transactions, discrepancies, or errors promptly. It also helps track your expenses, monitor your financial health, and identify potential fraudulent activities.

Backup electronic copies

If you opt for electronic bank statements, regularly back up your files. Create copies on external hard drives or use online backup services. This ensures you have additional copies in case of computer malfunctions or data loss.

Shred old statements

When disposing of old bank statements in paper or electronic format, take steps to securely dispose of them to protect against identity theft or fraud.

Use a shredder or a professional document destruction service if you have paper statements. For electronic statements, permanently delete or securely wipe the files.

Consider online statements

Many banks in the UK offer online statements, which can be accessed through secure online banking platforms. Opting for online statements can help reduce paper clutter, provide quick and easy access to your records, and minimize the risk of physical document loss.

Seek professional advice

If you are unsure how long to keep specific bank records or need guidance on record-keeping practices, consider consulting a financial advisor, tax professional, or accountant. They can give tailored advice based on your circumstances and legal requirements.

By following the tips above, you can effectively manage and maintain your bank statements securely and organized, ensuring that you have access to the necessary financial information when needed.


Understanding how long to keep your bank statements in the UK is essential for financial organization and compliance.

By following the recommended guidelines, you can maintain accurate records, provide evidence when needed, and protect yourself from potential audits or disputes.

Remember, bank statements are crucial in tax filing, financial tracking, and maintaining a clear financial history. Whether you choose to keep physical copies or opt for electronic statements, be sure to organize them appropriately.

Gintaras Baltusevicius

Gintaras is a fintech enthusiast with extensive experience working with startups in various industries, including cybersecurity, SaaS, and aviation. He has a passion for exploring new technologies and innovations in the financial industry and enjoys sharing his knowledge with others.

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