How long should you keep bank statements and canceled checks?

In most cases, keep monthly bank statements and canceled check for up to one year. Hold onto any that relate to tax deductions, large purchases or disputes for up to three years.

How long should you keep utility bills and bank statements?

Utility bills and standard bank statements can usually be discarded after one year, unless you need them for tax purposes, reimbursements or disputes. If so, keep them for up to three years.

How long should you keep bank statements before shredding them?

You can shred most bank statements after one year, but hang onto those tied to tax returns, legal matters or major purchases for up to seven years.

Is there any reason to keep old paper bank statements?

If the statements support tax filings, are for a major purchase or back up legal or estate matters, they're worth keeping. If there are no errors and you no longer need them, you can shred them or store them digitally instead.

What records should be kept for 7 years?

Keep any records that support your tax return for seven years. These can include canceled checks for deductible expenses, W-2s, 1099s and donation receipts.

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How Long Should You Keep Bank Statements? Here’s What To Save and When To Shred

July 15, 2025

6 min Read

Written by Taylor Milam-Samuel

Edited by Elizabeth Constantineau

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The time you should keep a bank statement depends on what it shows and why you need it. Here’s a simple guide to help you determine the length of time to keep bank statements and canceled checks.

Document Type	How Long To Keep	Why
Monthly statements, small canceled checks	Up to 1 year	For budgeting or tracking spending
Statements for major purchases, tax records, large checks	1 to 3 years	As proof of purchase or for tax documentation
Loan records, tax-related statements, deductible checks	Over 3 years	For potential audits or resolving legal issues
Deceased person’s bank statements, estate-related records	After death	Needed for estate settlement and legal purposes

Short-Term Records: Up to 1 Year

If you’re wondering how long to hang on to everyday banking paperwork, one year is usually enough. In that time, you can review your purchases, track spending, dispute errors and manage your budget.

In some situations, you might need to keep bank statements a bit longer — but for most people, a year is more than sufficient.

Save These for Up to 3 Years

Consider keeping bank statements and canceled checks for up to three years if you need the documents for proof of purchase, tax support or major payments.

Keep Proof for Big Purchases

If you ever need to cancel a major purchase — like a pricey flight with travel insurance — having your bank statements on hand can make it easier to get a refund.

What To Keep Longer Than 3 Years

Most experts recommend saving tax-related documents, mortgage paperwork and legal records for over three years. The IRS can audit your tax return for up to seven years, so it’s smart to keep your return and supporting documents — including bank statements — for that long.

Here are some tax documents to consider saving:

W-2 forms
1099 forms
Bank and brokerage statements that support your tax return
Tuition payments
Charitable donations
Health savings account contributions
Medical expenses

How Long Should You Keep Bank Statements After Death?

Executors should usually keep bank statements for at least three years, including statements for high-yield savings accounts.

Once probate is complete and the legal aspect is over, beneficiaries can safely dispose of bank statements within three to seven years. Keeping the records ensures you can handle legal or financial issues after settling the estate.

Why It’s Important To Keep Bank Statements

Your bank statements help you keep tabs on your finances, confirm accuracy and record transactions. You might also need to reference your bank statements or canceled checks in the following scenarios:

Identity theft
Fraud
Tax returns
Budgeting
Proof of payment
Bank accuracy
Business expenses

Paper vs. Digital Bank Statements

Paper copies can be risky — once they’re lost or damaged, they’re gone for good. Digital statements, on the other hand, are stored securely on external servers and can be accessed from any device with an internet connection.

While rare, issues can arise if a server is hacked or temporarily goes down. That said, most cloud storage is highly secure. Servers are kept in facilities with limited access and companies use encryption, firewalls and continuous monitoring to protect your information.

How To Store Bank Statements Safely

You should keep important paper documents in secure, waterproof and fireproof storage containers such as a lockbox or safe deposit box.

In addition to bank statements, consider putting the following documents in a safe or lockbox:

Birth, marriage and death certificates
College transcripts and diplomas
Divorce decrees
Insurance policies
Mortgage loan agreements
Passports
Pension and retirement documents
Social Security cards
Stock agreements
Tax returns
Wills

Pro Tip

Scan or photograph important documents and store them on a password-protected hard drive for extra security. This creates a reliable backup in case your paper copies are ever lost, stolen or damaged.

How To Shred or Dispose of Bank Statements

When it’s time to get rid of documents, don’t toss them in the trash. Identity thieves can recover sensitive information from discarded papers. Instead, invest in a shredder to safely dispose of:

Bank statements
Bills
Junk mail with personal information
Old credit, debit and ID cards

You can use a computer with an encrypted hard drive or folder for digital records. When it’s time to dispose of the files, use a digital shredder or data-wiping tool.

Alternatives To Keeping Bank Statements

Consider using a combination of storage methods. Scan important documents and save them to an external hard drive. Keep the original paper documents in a lockbox or safe deposit box.

You can also utilize your online bank account to access statements. According to federal law, banks must provide access for five years. However, many banks offer access for much longer. For example, Wells Fargo allows you to access documents for up to seven years.

Financial tracking apps like You Need a Budget (YNAB) and PocketGuard can also save your spending and budget information.

FAQ

Not sure if you’re keeping things too long — or not long enough? These FAQs cover the most common questions.

How long should you keep bank statements and canceled checks?
- In most cases, keep monthly bank statements and canceled check for up to one year. Hold onto any that relate to tax deductions, large purchases or disputes for up to three years.
How long should you keep utility bills and bank statements?
- Utility bills and standard bank statements can usually be discarded after one year, unless you need them for tax purposes, reimbursements or disputes. If so, keep them for up to three years.
How long should you keep bank statements after death?
- How long you should keep bank statements after death depends on the scenario, but three to seven years is usually reasonable. The statements might be necessary due to legal challenges or issues settling their estate.
How long should you keep bank statements before shredding them?
- You can shred most bank statements after one year, but hang onto those tied to tax returns, legal matters or major purchases for up to seven years.
Is there any reason to keep old paper bank statements?
- If the statements support tax filings, are for a major purchase or back up legal or estate matters, they're worth keeping. If there are no errors and you no longer need them, you can shred them or store them digitally instead.
What records should be kept for 7 years?
- Keep any records that support your tax return for seven years. These can include canceled checks for deductible expenses, W-2s, 1099s and donation receipts.

Allison Hache contributed to the reporting for this article.

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