What is a bank statement?

A bank statement is an official document that summarizes all transactions on your account for a specified period of time, usually one month. It lists all incoming and outgoing transactions, giving you a clear picture of your finances at that time. Bank statements are important to account holders because they help them keep track of their money, monitor their spending habits, and identify any fraudulent activity or payment errors.

The process of downloading bank statements may vary depending on the financial institution you use.

Using bank statements as official documents

Aside from tracking your financial activities, bank statements can serve as official documents verifying your identity and income when applying for a personal loan. It is recommended that you keep your bank statements for future reference. If you can't find them, banks are required by law to keep the statements for at least five years.

Use bank statements to set savings goals

Viewing your bank statement is a helpful way to set savings goals by identifying areas where you can cut back or adjust your spending habits. You can easily access your transaction details and download your bank statements in PDF format.

Each time you download a bank statement, you must specify the start and end period of the statement you want for the statement. The general requirement for accountants is to have annual bank statements.

Bank statements contain a wealth of information for account holders. What it displays varies by financial institution, but typically you'll see the following: