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What is a bank statement?

Understanding bank statements and how they work.

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What is a bank statement?

A bank statement is a document that details and summarises all your transactions, and is prepared and sent to you by your bank at the end of every month. It summarises everything from deposits and withdrawals to any service charges, and shows your ending balance after all the transactions of the month.

These statements help you to learn more about your financial habits and gives you a detailed breakdown of your monetary habits and spending. It can help you to recognise spending habits and track finances, identify any errors or discrepancies to help reduce fees etc and much more.

Key points about bank statements
    • Your bank statement is a summary of all your financial activity for a set time period, usually monthly.
    • Bank statements will also include a beginning and ending balance for the time period it encompasses.
    • Bank statements will detail all of your transactions to help you track finances, identify potential fraud and help to manage fees.
    • Account holders will have the option of receiving a physical copy of their statement through the post or an electronic version via email.

Understanding bank statements

Bank statements contain details such as personal identifying information including your name, address, and bank account number. It also summarises all the deposits into your account, transfers, reimbursements, payments, interest earned and more for the period of time covered by your bank statement.

You can also find information about your bank, instructions for reporting fraud and mistakes and customer service information should you need to call for anything. Bank statements can be sent monthly, quarterly or annually, and this can be changed according to your preferences. All transactions will appear in a chronological order on your bank statements so you can easily understand and remember what you spent and when.

Bank statements for business

If you own a business or have a business bank account, you will receive statements separate to your personal documents. Business bank statements will, similar to personal bank statements, list all of your transactions that have been taken through your business bank account, helping you to see a breakdown of your financial activity.

If you have multiple bank accounts for business use, you should receive multiple bank statements relating to each individual account – for example you may have a personal current account, a business current account, a payroll account and more. Business bank statements will include information similar to that of a personal statement, but will list your business’s information and identifying details instead.

  • Have you thought about Invoice Finance as a way to improve your business' cash flow?

    Invoice finance allows you to release cash quickly from your unpaid invoices.

    As your lender, we can release up to 90% of your invoices within 24 hours. On payment of the invoice from your customers, we will then release the final amount minus any fees and charges. There are different types of invoice financing options available to businesses depending on the situation and the level of control they require in collecting unpaid invoices.

    We are an invoice financing company who offer a solution whereby payments are collected on your behalf managed by our team of expert credit controllers so you can focus on running your business. Our Confidential Invoice Discounting solution is offered to businesses who want to maintain their own credit control processes, therefore this remains strictly confidential so your customers are unaware of our involvement.

    The benefits of invoice finance companies such as Hitachi Capital
      • Boost your cashflow without having to wait up to 120 days for your customers to pay you
      • An invoice finance company with a revolutionary digital onboarding process, giving you quicker access to funds and the ability to take on new business remotely during this lockdown period
      • Release up to 90% of the invoice straight away, and the final 10% when the invoice is settled
      • No need to chase your invoices, we can do it for you
      • 6 month trial period followed by a rolling contract

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Bank statement FAQs

What is an official bank statement?

A bank statement is a document that summarises all of your financial activity and your current balance for a specific time period, prepared and sent to you by your bank.

How can I get a bank statement?

Account holders can access their latest bank statements on their online banking app or through their bank’s website. You can also directly get in touch with your bank to request a physical copy to be posted to your area of residence.

How long should I keep my bank statements?

You may sometimes need access to old bank statements in particular instances such as applying for a loan or even getting a divorce. By law, banks are required to keep records of your statements should you ever need it, although some may charge a fee if you require statements from a few years back.   ​

We have revolutionised cash flow finance with our digital onboarding process

We are an award winning cash flow finance company

Best Invoice Finance Service 2021

Highly Commended Factoring Provider 2021

Best Invoice Finance Provider 2020


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Why choose Hitachi Capital Invoice Finance as a way to improve your working capital

      • A 6 month trial period so you can be sure the product is right for you
      • Followed by a 6 month rolling contract – we don’t tie our clients in for long periods
      • A one fee solution with no hidden fees
      • Award-winning client service by our team of expert Client Managers
      • Our Relationship Management team are in the field to visit you in person
      • We are part of Hitachi Capital (UK) PLC, a company that is going from strength to strength – we’re here for the long term.

Smarter, Faster and Simpler Cashflow Finance with Hitachi Capital

Smarter, Faster and Simpler Cashflow Finance with Hitachi Capital

Smarter, Faster and Simpler Cashflow Finance with Hitachi Capital

Find out how we are revolutionising the way UK SME's access cashflow finance.

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