How long to keep bank statements

What to keep, at a glance

Start with what the statement proves. The one-year recommendation is for ordinary US personal records, not a rule allowing you to destroy business or tax evidence. If more than one row applies, use the longer period and check any other obligations before disposing of it.

The 12-month personal guideline is a starting point, not a universal legal minimum. There is no single “throw everything away after seven years” rule either.

US tax and business records: when the clock starts

The IRS retention guidance ties supporting records to the return they support. A statement from December does not automatically become disposable three years after that December. Unless noted otherwise, the periods below run after filing; a return filed early is treated as filed on its due date.

A simple example: you file a return on April 15, 2026. If only the ordinary three-year rule applies, keep its supporting statements through April 15, 2029. That is a review date, not an automatic deletion instruction: an open matter or another applicable rule may require longer.

A firm can choose a longer standard retention policy for convenience, but “we keep seven years” is different from “the IRS requires everyone to keep seven years.” State requirements, an insurer, a lender or an ongoing case can also change what you need. Keep copies of filed tax returns as well as their supporting records.

A bank statement is not the whole evidence file

A payment line can show that money left an account, but not necessarily what you bought or why it was a business expense. Keep the invoice or receipt, the statement and any explanation needed to connect them. The IRS explains that a combination of documents may be needed to substantiate an expense. A spreadsheet conversion does not establish deductibility.

UK, Canada and Australia: business records

Don’t apply the US three-year period to another country. These are the authorities’ starting rules for the records described—not a complete schedule for every company, profession or legal matter.

For example, HMRC says a self-employed person who filed their 2022–23 return online by January 31, 2024 must keep the records until at least the end of January 2029. The five years start at the submission deadline, not at the date printed on each statement.

How long do banks keep records?

In the US, Bank Secrecy Act rules generally require most covered records to be kept for at least five years. That is not the same as a bank keeping every original monthly PDF available to you. The rules allow a statement, ledger card or other record showing deposit-account transactions.

• The bank’s retention period is how long it must preserve a particular kind of record.
• Your online access window is how far back the app or website lets you view and download.
• Your own retention period is how long you need the evidence for taxes, business or another purpose.

These can be different. For one concrete example, Wells Fargo’s statement FAQ says online deposit-account statements are available for up to seven years. After closure, statements and documents may remain online for approximately 90 days. That is one bank’s policy, not a guarantee for every bank or account type.

Before closing or switching an account: download each statement you need, open the files, check that all pages and periods are there, and make a backup. For older or closed-account records, ask the bank what it can supply, in which format, at what cost. Don’t assume a record is gone after seven years—or that a 10- or 20-year-old statement can definitely be recovered.

Paper, PDFs and spreadsheets: keep the source

Going paperless saves space, not retention time. The IRS says the same basic recordkeeping requirements apply to electronic and paper records. Download the original bank PDF when available. If you scan a paper statement, check that the scan is complete, readable and backed up before considering whether you can dispose of the paper; check any requirement to retain an original first.

A CSV is a working file, not a replacement for the statement. Keep the bank PDF alongside the converted spreadsheet and your reconciliation. The PDF carries the bank’s statement period, balances and presentation; a transaction export may leave some of that out. An annual summary should not replace monthly detail you still need as evidence.

For catch-up books, use the bank’s own CSV or accounting export if it covers the months you need. If only PDFs remain, our bank statement to Excel converter makes a working spreadsheet and checks the amounts against the bank’s balances. Then reconcile the statement with your books, or follow the QuickBooks Online import guide. Retaining records and importing transactions are separate jobs; neither replaces the other.

Crossfooted is a converter, not a permanent archive. Save your original statements and download the files you want to keep to your own storage.

A simple archive you can hand to your bookkeeper

1. Group by entity, year and account. For example, a folder named Northwind / 2025 / Checking-4821. Use only the last four account digits in filenames.
2. Save one original PDF per statement period. A name such as 2025-12-31_Checking-4821.pdf is easier to sort than twelve files called “statement”. Use the actual period-end date, especially where a statement crosses two calendar months.
3. Check the set is complete. Compare opening and closing dates, look for missing periods, and open every file. A file that downloaded successfully can still be the wrong account or period.
4. Keep the work beside the source. Put exports, reconciliations, receipts and explanations in the same account/year folder, with names that make the relationship clear. Keep an untouched original.
5. Protect and back up the archive. Use encrypted storage, strong passwords and multi-factor authentication where available. Give access only to people who need it. Keep a separate protected backup and test that you can restore and open a file.
6. Record a review date and the reason. Note the relevant tax year, filing date, applicable rule and any open matter. Ask the person responsible for the records to approve disposal after review.

Handoff checklist: account and period list; all original PDFs; missing periods flagged; converted files labeled as exports; reconciliations and supporting receipts; retention review date and any reason to keep longer. Share through a protected channel, not a public link.

Check storage-location rules too. For example, the CRA says records kept outside Canada and accessed electronically from Canada are not considered records kept in Canada. Don’t assume any cloud folder meets your country’s requirements.

Before you shred or delete anything

• Have the retention periods expired, including any later filing or payment dates?
• Is the statement still needed for an asset, open dispute, audit, estate, insurance or warranty claim?
• Does a client agreement, business policy or other law require longer?
• If replacing paper with a scan, is the copy complete, readable, backed up and acceptable for its purpose?

If you’re unsure, keep it and ask your accountant or legal adviser. When disposal is appropriate, cross-cut shred paper rather than putting intact statements in the recycling. For digital copies, include shared folders, downloaded attachments, trash and backup-retention settings in the disposal plan. Deleting a file in one place does not necessarily remove its other copies.